Enhance your rental income in 2024

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You’re a landlord in 2024 and you want to boost your property’s return on investment before you bring tenants on the scene, but are not sure how to get started. Sims Williams can help.

You need to first establish what type of landlord you are so that you can create a tailored plan to enhance your rental income and ultimately boost your return on investment. From our experience we’ve learned that there are three main types of landlords: 

The professional landlord – typically owns a portfolio of property that follows a tried and tested blueprint.

The first time landlord – perhaps recently decided to dive into the pool of property investment. They might not yet have a property, or have very recently purchased a buy to let property.

The surprise landlord – someone that has unintentionally stepped into the role as a landlord for a variety of reasons, and has no experience but has a property available to rent.

A key piece of advice we share with any landlord is that unfurnished property is your friend, and that you need to strike the right balance between offering a high quality, well presented property without breaking the bank to do so. A common misconception with first-time landlords, or those with little experience, is that you need to completely redecorate and buy tenant-friendly furniture. This is not the case. 

Our experienced professional lettings team is here to support you throughout the entire process, providing guidance on how to best prepare your property before putting it on the market. An unfurnished property gives tenants a blank canvas to personalise and make their own, allowing them to choose their own furnishings. By doing so, as a landlord, you transfer responsibility for the items to the tenant, including repairs and replacements. Sometimes, all that’s required before listing your property is a fresh coat of paint or minor repairs. It’s essential to attract long-term tenants who will care for your property. If your property isn’t ready for the market, with issues like scratches from pets, a faulty extractor fan, or scuff marks on walls and stairs, it’s challenging to expect tenants to treat it with respect. Tenants invest a significant amount to reside in your property, so setting clear expectations from the outset is crucial.

Professional landlords

Oftentimes, professional landlords will have a tried and tested strategy they adopt when adding a property to their portfolio that involves only spending where necessary, with the focus being on generating a higher yield and avoiding pitfalls such as void periods through presenting their property perfectly to market. For example fitting a modern kitchen or updating the main bathroom to attract longevity tenancy agreements. What these types of landlords will require from our friendly lettings team is a market appraisal and update on the current market trends. 

Jo Mallett (MARLA), Sims Williams’ Lettings Branch Manager shared

“the current shortage of property is putting landlords in a good position. We are seeing more people moving in together as a way to save costs. Applicants are also increasingly more aware of EPC ratings and running costs, so much so that this is now a significant factor when choosing a property”.

In addition to this, we offer FREE rental property portfolio health checks for landlords across our area, including full market valuations, detailed local rental assessments and access to expert financial and professional tax advice.

Call our Lettings team on 01243 836055 or email chichesterlettings@simswilliams.co.uk to arrange your free, no obligation Property Portfolio Health Check.

The first time landlord

There’s a lot to consider when you first start out as a landlord but ensuring you use a reputable, and experienced lettings estate agent to support you along the way is the best start you can give yourself. For details of the areas we cover, please click here.

For Sims Williams, managing a rental property means finding a tenant we would be happy to have living in our home and protecting our landlords’ property investments. We often find that first time landlords focus so much on this that they end up spending more on the property as if they were living there and risk forgetting about the yield on their investment. This is where we come in and help you get the most from your rental property investment. 

We spoke to Jo Mallett (MARLA), Sims Williams’ Lettings Branch Manager who shared her top tip for first time landlords:

“Ensure the property is in good condition – this attracts the right sort of tenant that will maintain the property to the same standard. Neutral decoration throughout will make it appealing to everyone. Treat the property like a business and try to detach yourself from the property if it was your home. Consider, and research, the legal compliance requirements – Electrical Installation Condition Report’s, Energy Performance Certificate’s, Gas Safety Certificate, smoke alarms and carbon monoxide detectors. Whether you want to leave furniture – again compliance – pre 1950 or must have labels and certificates if furnished. From experience, unfurnished properties are more appealing to tenants”.

In addition to focusing on the tangible property and the presentation of it, a significant part of being a reputable landlord involves keeping on top and in the know of the complex legislation that affects rental properties. Our dedicated lettings service is registered with ARLA Propertymark and our professional lettings team supports our landlords with all of this too. 

Getting started with letting? Get in touch with our friendly lettings team today.

The surprise landlord

People might find themselves as a circumstantial landlord. For example, a couple starting living together and one property is no longer required. Another example is inherited property. As an investment opportunity they might decide to rent this ‘surplus’ property out but note that as part of the mortgage terms, any lender associated with this rental property must be notified of the intent to let. 

Similar to the first time landlord, standing at the starting line can seem overwhelming but we are here to help and we’re committed to building strong relationships with the clients we serve. We can guide you through the process of preparing your property for market through securing your first tenants, and sustaining them long term. 

The properties that are often being considered as a rental property are undoubtedly set up as a current home so there will likely be some work required to adapt it for the rental market. There are also some fundamental landlord responsibilities that must be addressed prior to any start of tenancy. Read our blog: ‘Understanding UK Rental Property Responsibilities’ as an introduction. Our lettings team will be able to highlight these to you and discuss ways in which to effectively prepare your property before launching it to market and enhance your rental income.

We offer a comprehensive full lettings property management service for landlords who want to get on with their ‘day job’ or pursue the hobbies they enjoy. This is often appealing to landlords who fall into this category. Click here to see full details of our services, fees and charges.

We have been helping landlords to rent their properties for 40 years and we’re committed to working with landlords across Arundel, Bognor Regis, Chichester, Walberton and the Six Villages to help you make the most out of your time and money spent, while keeping our focus on securing high quality tenants. 

For expert advice on all things property or for a free no obligation market appraisal, do contact your local Sims Williams office. We are here to guide you through every step of your journey, providing professional advice, support and guidance you can trust. 

 

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What our clients say

Great Professional Service, With Personal Touch

Sims Williams have provided full lettings property management for our portfolio of flats in Chichester and Bognor Regis for several years. We have always found them to be professional and thorough and would recommend them to other landlords .
Andrew & Hilary - Landlord - Mar 21st, 2023

Fabulous Service Thank you

We bought a wonderful house in Burpham through Sims and must compliment the entire team on their professionalism, follow through and continuous efficiency. Tamsin, Emma, Lynne & Helena, thank you all for your amazing work. House buying is stressful but helped when communication is clear and efficient, Sims excelled in this area. Linda & Mark x
Linda & Mark - Buyers - Nov 29th, 2021

Amazing Service

Sims Williams we had amazing service from everyone, kept us informed all the time, Especially Mel. We would highly recommend Sims Williams to Everyone.
Ian & Patsy - Vendors - Feb 4th, 2021

SALE OF MY PROPERTY

Service very good, staff very helpful and courteous.
Jane L - Vendor - Jan 25th, 2021

Open and Genuine

I can't rate this company highly enough. They were open and genuine with me throughout the sale of my property. Once an offer was accepted, this company really shone. Mel kept me and my buyer updated throughout and kept us connected with everything that was going on. I would highly recommend to anyone looking to buy or sell their home.
Felicity - Vendor - Mar 10th, 2021

Excellent Letting Team

The Chichester team has been managing our seven West Sussex rental properties for the last few years and we highly recommend them. Efficient, knowledgeable, organized, and pleasant to deal with. The service they offer is great value for money and leaves us confident that our tenants and properties will be well looked after.
JB Properties - Landlord - Dec 13th, 2023

One Word - Fantastic.

We don’t normally write reviews, but on this occasion we had too. In life you get what you pay for, whilst I’m sure that there are cheaper agents out there; if you want a stress free move with knowledgeable, friendly and dedicated agents, that give excellent communication, then look no further than Sims Williams. We dealt with John, Annie and Vanessa, we sold and purchased through them. The Team in the Bognor Branch is fantastic, we couldn’t of hoped for better agents to support us through the journey which wasn’t always the easiest but they communicated to either side of the chain fantastically, keeping stress to a minimum and helped us through the bumps to complete in 11 weeks. A big thank you to you all, and in the future we wouldn’t look anywhere else. Sam and Lisa.
Mr & Mrs Poston - Dec 7th, 2021

Super Service

Back in August 2022, we decided to sell our house. After having several estate agents in, we decided on Sims Williams and we are so glad we did. Michael was so thorough in detail and within a week (seriously!), our house was on the market with photos done and viewings arranged. We had lots of advice from Michael and any queries we had were answered promptly. When the house was SSTC (which also happened after only one viewing!), Karen then took over and was also extremely efficient, keeping us up to date all the time. This gave us absolute reassurance that Sims Williams made us their priority. Honestly, we can't thank all the staff at Sims Williams enough for making the sale of our house such a smooth process, having heard that selling your house can be really stressful. Thank you Sims Williams! We will certainly recommend you to anyone who wishes to sell their house.
Mr & Mrs Wong Vendors - Oct 21st, 2022

Making dreams come true

Our experience with Sims Williams Letting Chichester has been phenomenal. Patient and efficient as well as understanding our personal needs and situation. Jo and the team have all assisted us to find a home. We are new to the UK and all our questions were answered and processes were explained. Everything went smoothly. Finding a home in the UK, we were told, would be really difficult and we were so worried... Sims Williams made it easy. Liaising with the landlord on our behalf and within a week we had a home. I am beyond impressed and highly recommend them. Thank you so much for making a rather stressful time in our lives that little bit easier.
Zita - Tenant - Jul 8th, 2023

Highly Recommend!

My family and I can’t thank John Richards-Wyatt and his team enough for all their patience and help with the sale of our family home. From the initial meeting a year ago to the conclusion recently they have shown compassion and understanding with a very emotional sale. Thank you.
Jones Family - Vendor - Feb 6th, 2023