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

Professional and highly recommended

We have been with Sims Williams (Chichester branch and recently Bognor Regis) for many years and they look after our rented properties very well. The property/ Letting managers (David, Nicola, Jo & Sheila) are professional, helpful, good communication, excellent follow up and always put us at ease. We are very happy with their service and highly recommended them. Thank you for looking after us.
Gee- Landlord - Aug 18th, 2023

Great service

I found Sims Williams to be an excellent company, providing a great service in a friendly manner making me feel very comfortable that everything was being done to get me exactly what I required.
Alan - Tenant - Feb 24th, 2022

Great Customer Service!

Emma and Helena at Sims Williams gave exemplary customer service. We dealt mainly with Emma. She responded to questions and emails in a very timely manner which was very helpful to us being out of town. She made sure we were kept informed during the purchasing process and was very effective in prompting others to help things to move forward. She is very polite and professional and is an asset to the Sims Williams team. Our overall experience was very positive and we will use their services again.
Zoe & Mark - Buyer - Jul 9th, 2021

Fantastic service, extremely helpful staff

Fantastic team, David has been most helpful since the beginning with securing the tenancy, walking us through the process and answering all of our questions. He made sure our moving-in was as smooth as possible even though we were running late.
Francesca and Adam - Apr 9th, 2022

Excellent

Excellent letting agent, Jo has been brilliant and lovely to deal with, the communication from her has been fantastic. The whole process of viewing the property to signing the tenancy was quick, efficient and smooth. Would highly recommend Sims Williams.
Rachael - Tenant - Oct 7th, 2022

MY RENTAL EXPERIENCE

Really helpful and efficient. Nothing too much trouble. Excellent service. David Vawdrey is highly efficient and charming to deal with. thank you
Flora - Tenant - Jul 13th, 2020

Satisfied customer

Been letting our house through Sims Williams for nearly 8 years. We have had four tenants, and the service has been excellent under the supervision of Jo Mallet. The house has always been let very quickly between tenants who have always been thoroughly vetted, very stress free for us. Would recommend.
Margaret - Landlord - Jun 6th, 2023

Excellent Service

The whole team and Karen and Calum in particular are very professional and kept me informed throughout a difficult purchase, don’t go anywhere else!
Dave - Buyer - Mar 6th, 2021

Superb Service

Sims Williams were great with me right from the start of the process through to completion. They were patient in explaining things to me and demystifying some of the jargon as a first time buyer. They were always happy to go the extra mile and add nice touches, such as offering to visit the property to check the kitchen appliances on my behalf when away and giving me a thoughtful complimentary gift on completion. But most importantly they were efficient and got things done. I'd have no hesitation in recommending them and Megan who was in charge of my move was terrific.
Diavid-buyer-2022 - Feb 8th, 2022

The Service Is Always First Class

From initial discussions on suggested property types and values to eventual marketing and sales progression, the service is always first class. Their local knowledge means their valuations are always realistic, well researched and achievable.
Simon Arch – Owner S A Construction Ltd -