Many of us might assume that presenting a property for rent is similar to presenting one for sale, but there is a key difference.
Of course a property for sale should be attractively furnished to make the most of the space, the light, the architecture – enhancing its best features. Buyers often favour neutral colours and décor so they can envisage their own belongings there.
But they’ll also pay attention to the condition of a property, how well it has been maintained and what work needs doing.
Understandably, they like high quality bathrooms and kitchens – but they will usually be happy to change these if they are not to their taste.
Buying a new home is a long-term decision and most people are prepared to improve a property gradually after they move in.
Furnishing a rental property – what do you aim to achieve?
Furnishing a rental property has a slightly different objective and aims for an instant impact. When a prospective tenant views a rental property, they’ll be looking at its location, its proximity to public transport and its amenities, as a buyer would.
But they’ll expect to see a show-home standard of presentation too. Most tenants rent a furnished property, so the furnishings should give the property a real ‘wow’ factor – they are part of the package – so the landlord should pull out all the stops to make sure the interior of their rental property meets expectations.
Furnishings – an essential part of a rental investment professional landlords who have bought their property as a rental investment usually recognise the importance of investing in stylish furnishings to complete the picture.
They know it is pointless spending large sums of money on a brand new apartment and then skimping with cheap, tatty furnishings.
An accidental landlord, one who is renting out their home on a temporary basis, perhaps while they are working away, might not see the bigger picture though.
If they have lived in a property for some years, tired furnishings might seem perfectly acceptable. But a tenant paying a significant sum in rent each month will expect value for money – and that means stylish, co-ordinated and comfortable furnishings.
Roadside appeal
Naturally, kerb appeal is important. When a tenant arrives for a viewing, they’ll expect the outside of a property to mirror what they find inside. A shabby exterior won’t hold out high hopes for the interior! So the façade should be smart, well-kept and freshly painted to avoid putting tenants off before they even set foot inside the property.
Kitchens and bathrooms
An old, shabby kitchen or bathroom is extremely off-putting to tenants – they won’t be able to put it right themselves so will probably just walk away and find another property. A smart, contemporary kitchen and luxurious bathroom on the other hand can really influence a tenant’s decision so it is worthwhile investing in these.
If you own an older property, it is even more important to make sure it is refurbished and well presented, to beat stiff competition from any nearby new build apartments. Smartly furnished properties always let more quickly than ones with tired, mismatched furniture. Improving the bottom line.
For many tenants today, particularly corporate tenants, renting is a lifestyle choice and furnishings are all about creating a lifestyle. They’re almost as important as the property itself.
The standard of presentation will affect how quickly a property rents, for how much and whether a tenant stays long term. So the investment pays for itself surprisingly quickly.
This column was written by Marc von Grundherr, the Lettings Director of London-based lettings agency Benham & Reeves Residential Lettings.