While the current housing shortage may be something that remains synonymous with the UK market, it is something that also impacted on the U.S. and other nations too. This suggests that Britain is setting seminal trends in the global property sector, which is bad news given that the UK could suffer from an estimated shortfall of 1.8 million rental homes in 2017.
This may encourage some home-owners to consider renting a property that they no longer have a need for, although they will need to take several steps to ensure that it is suited to the rental market. To achieve success, you can also heed several lessons from commercial property owners, who are experts at purchasing spaces for long-term lease.
3 Lessons That You Can Learn From Commercial Property Developers Renting Out Your Home
With this in mind, here are three specific lessons that you should look to take on board: –
Offer Serviced and Furnished Spaces
If businesses are looking to relocate or lease their first commercial space, they are ideally in the market for fully-serviced and furnished spaces that are within budget. This is why service providers such as BE Offices have become so popular in recent times, as they deliver flexible and serviced spaces that can cater to variable commercial needs.
The same principle can be applied to residential properties, as potential tenants can usually save money and reduce the cost of relocating by seeking out furnished homes with a superior value proposition. By providing a furnished rental home, you can therefore reduce the amount of time that the property sits on the market and reduce its long-term profitability.
Make Location a Key Watchword
If you are looking to invest in real estate for the specific purpose of entering the buy-to-let market, you will need to make location a key watchword. Of course, the same can be said when buying any kind of residential home, but it is particularly important if you are to access a profitable and desirable rental property.
This is something that commercial property developers have genuine expertise in, as they only ever build or purchase structures which are located in central areas with excellent transport links. This guarantees a high level of demand and boosts the long-term appeal of the property, while minimising operational costs over time.
Drive a Minimalist Ethos and Neutral Design
In order to reduce their cost base and appeal to as broad a client-base as possible, commercial developers tend to adopt a minimalist design ethos that focuses on essential features and amenities. Similarly, they also implement neutral tones and colour schemes throughout, in a bid to create open spaces that appeal to all businesses.
The same principle should be applied when creating a residential rental space, as open and minimalist interiors create the illusion of space and offer genuine incentive to tenants. By also restricting the use of colour and textures, you will not alienate interested parties and create greater demand for your property.
The key, of course, is to strike the ideal balance between cost management and delivering a functional space, but this is something that commercial developers have been doing for generations.