With Brexit causing hesitance amongst non-UK tenants within the rental sector, independent lettings and sales agent, Benham and Reeves, has looked at the benefit of presenting a property to tenants already furnished with the help of a letting agent.
Its data found that on average 85% of properties entering the rental sector let within a week having been professionally furnished beforehand.
The initial selling point of an already-furnished rental property is the time and hassle that the landlord saves. By furnishing through their letting agent the whole process is kept under one roof, improving quality and consistency.
It also means that a landlord can receive tailored items to fit their property and, while a high-street furniture store will take between six to eight weeks to return these goods, it can take as little as two weeks through an agent.
Landlords also get a furnished flat with the addition of an interior designer for the same price, with the quality of light and space available all taken into consideration and the whole process working seamlessly.
What’s more, the designer will take into account other units in the development to deliver a unique offering based on the latest influences from Pantone, fashion and lifestyle trends.
“Furnishing a property is about doing it well and thinking about who you want to attract as a tenant,” Anita Mehra, managing director of Benham and Reeves, comments.
“Yes, it can add rental value in some instances, but this is often a common misconception and should not be the overall objective of a landlord. The focus should be on letting the property quickly and to a high quality of tenant and by doing so, the financial side of your investment will look after itself.”
She adds: “If you want to attract top corporate professionals, then you have to provide the wow factor that makes your property more attractive than anything else being offered in the same building.”
“This is key and by making the applicant fall in love with your property, they want it on the spot. This is the driving factor behind well-furnished properties letting so quickly, as in a competitive space like the London rental market, there’s no time mess around otherwise it will have gone to someone else.”