The rental market on the Maltese Islands has never been so strong. Over the past few years, Malta has seen a mounting demand for rental properties, particularly fuelled by foreign nationals taking up employment in Malta, remarkably within the financial, i-gaming and IT sector. Many have taken advantage of this situation and with the best home loan interest rates ever and a great choice of value properties, they have invested in buy-to-let properties. This has left today’s clients and tenants spoild for choice with thousands of properties on the market to choose from.
Being a successful landlord entails more than just having a property in a good location. Prospective tenants are after the whole package, including a great property, a good location, a modern finish and above all a good landlord. In order to succeed in this lucrative market, the Frank salt Real Estate Letting department has put together a few tips to help you better your odds in getting your property rented out faster.
These are only some guidelines and we always recommend that you contact us should you have any further queries and to discuss the best way possible to rent out your property.
Quality furnishings
When talking about the ideal property, it is often understood that the main selling, or rather, renting asset, is location, location, location. Whilst this is often the truth, it is not always so and there are many other factors that contribute to rent out your property fast. It takes a responsible and attentive owner, a flexible mentality and above all, good furniture and finishings.
Today’s tenants expect contemporary and good quality furniture. They are reluctant to commit to a property that does not come with these, regardless of the property’s other attributes, be it size, location or other. And with the vast choice of good value furniture outlets in Malta, you can easily upgrade the furniture at a minimal expense. This will not only assist you with renting out your property fast, but it will also allow you to achieve a higher return on your rental property.
Interior design
Do keep an eye out for Interior Design ideas from magazines, television, etc. Furniture and a professional sophisticated ‘interior designed’ look is the key to securing higher rent and an immediate let. The right look will rent your property faster and also attract better quality tenants who will care for your property. Do give the property your own personal touch. You will be surprised what magic this will work when you show your property to prospective tenants.
Inventory
Do make a written inventory of the items and condition of property before you accept any tenancy. Give a copy to the agent and to the tenant. Take a video and pictures if necessary.
Slow to rent… Act fast!
Do keep in regular contact with your letting agent. Ask about the number of viewings. If the property is slow to rent it is vital to ask for feedback to establish any problems quickly, preferably within days of the first few viewings. If your property is slow to rent, act fast. Lower the price or have a meeting with the agent to discuss any problems.
Keep your agent up-to-date
Do keep your agent up-to-date with aesthetic changes to your property. Take and send photos of any refurbishment, new layouts, new furniture and keep your agent informed on new commodities such as newly installed AC’s, TV’s security systems, etc. You never know, one of these things could be exactly what the client needs in order to choose your property over the next.
Give incentives for staying
Many tenants give lots of importance to their relationship with their landlords. On a few occasions, a tenant might refuse renting a property if they are not convinced that they will be tended to by the owner when in need. Stop to check on your tenant from time to time and don’t just be the rent collector. Show that you care and offer any help to make the tenants stay as comfortable as possible.
Do not overprice
Don’t be greedy. Many landlords overprice, trying to holud out for months, greedily dreaming of a higher rent. This is a pointless exercise defeating itself based on the fact that the property usually remains empty for months while the owner seeks an unrealistic figure. At the right price, your property will rent much faster.
Language Barrier
When dealing with a foreign client, don’t speak to your agent in Maltese in front of them. The last thing you want the clients to think is that you are both conspiring against them. This makes them feel left out and can create suspicions.
You are not a negotiator
Property consultants go through rigorous and constant training on how to negotiate and finalise a rental. The last thing the client needs is to feel pressurized by both the owner and the negotiator. You may mean well buy you may not approach the subject at hand correctly. Remember that a negotiator, prior to bringing the client to view the property, has been in contact with the clients days, weeks and sometimes months in advance, hence knows how to tackle individual clients accordingly.
Negativity
One of the worst things for a client is having to deal with a negative owner. Be positive on viewings, be happy and make your self approachable. A client would rather deal with someone who is not constantly holidng a grudge or who is miserable. Be friendly, be open and be available.
Making the House Smell Good and Sparkling
Do not leave your property age disgracefully. Between tenancies open windows and balconies, let some fresh air in and let your property soak up a bit of sunshine. Include a couple of inexpensive indoor plants to add to the ambiance. Light a few scented candles before a viewing and make sure the property is clean, fresh and feels like a home. Wash windows inside and out. Clean out cobwebs. Re-caulk tubs, showers and sinks. Polish chrome faucets and mirrors. Clean out the refrigerator. Vacuum and wax floors. Dust furniture, ceiling fan blades and light fixtures. Bleach dingy grout. Replace worn rugs. Hang up fresh towels. Bathroom towels look great fastened with ribbon and bows. Remember that you get only once chance at a first impression.
Improving the Curb Appeal
First impressions are formulated from the time your potential buyers see your property from across the street. If they see it is cluttered, crummy and seemingly old from afar, they might change their minds in inspecting the rest of the property. Therefore, find ways to make the exteriors of the property clean and appealing.
Create Great Focal Points
Every room should have great focal points to make the house more interesting. This can be anything: the window, an art piece, the fireplace, mirrors and more. A room can have more than one focal point. Just make sure they could bring harmony to the various elements used in the interior design.
Accessorise
Make sure you always make the property feel like a home and make sure that when renting a fully furnished property, that all the little bits and bobs are included such as a full set of cutlery and crockery, cleaning tools such as brooms, dust pans, wash clothes, ironing board and iron, a washing machine, a clothes horse and any other day to day utensils.
Paint
It is often best to give your property a fresh lick of paint between tenants. Light neutral colors make small rooms appear larger. Use premium quality paint and remember to patch holes properly and tape woodwork prior to starting. A sloppy paint job can be more detrimental to your bottom line than no paint job at all.