This is a guest post from Ali Baron featuring thoughts and musings from the real estate industry brought to you by AgentDrive.
Buying to let is still hot in real estate markets across the world – taking the UK as an example, the number of private landlords is rising by at least 100,000 every single year. As a real estate professional, however, what does this mean for you? It means that you’ll want to work to understand the market in order to cater to landlords and individual homeowners looking to purchase more property specifically to let. By understanding the specific needs of this specific market, you’ll be able to make better sales and earn a better reputation while doing so.
Help Them Find the Right Home
While this might already be your job as an agent or real estate company, it’s especially important in this case to consider what makes a home great for letting. Because you know they’re looking to buy to let, you’ll want to ensure the home they buy is also one that’s easy to rent. In order to do this, you’ll want to provide them with guidance surrounding the rental market, such as the popularity of various locations, local school information and even other stats such as the area’s job market and demographics. It’s best to suggest that they buy in a neighborhood of owner-occupied homes, as these often present the highest possible market value. You’ll also like to let them know that it’s much easier to rent a larger home, one that’s comprised of at least three bedrooms, than a smaller one.
Suggest Profitable Upgrades
If your client is going to purchase a fixer-upper, they might as well put a lot of thought into the time and money they’re going to invest in fixing it up to attract long-term tenants. Helping them envision these upgrades during the buying process might help them see the potential of a particular home or opt for a newer one instead. With over 13.9 million individuals living with disabilities in the UK alone, for example, suggesting design features and renovations that can increase the accessibility of the home is a great way to not only increase its value but increase the appeal when attracting future tenants. As an industry expert, you can also suggest changes that can dramatically increase both the value and appeal of a home, such as hot design trends that tenants are looking for or even the incorporation of smart technology that makes the property easier to live in.
Catering to Your Clients’ Needs
Simply selling a home isn’t your job. Finding the right home for your clients’ needs is the task at hand, and if you know that they’re looking to buy to let, you can use your skills and expertise to more adequately meet those needs. Work to understand the rental market in the area where they’re looking to buy and make suggestions based on how you perceive the property will fare well for them overall and in the long-run. Doing so will ensure your client is satisfied with their purchase, which is better business for you.