Five Ways That Landlords Can Make The Most of Property Viewings
Selling a property can prove to be a major task that requires a lot of attention and planning. You may have your property listed on the market for sale but may be impeded by lack of good prospective buyers or those who find your house not very appealing.
Fret not property owners, as this gloom only seems to be temporary. There is good news for landlords who’ve residential properties already listed for sale or are planning to. A report by the Central Statistics Office, Ireland, says that the national residential property price index has risen by 8.44% during 2018 till October fuelled by a strong demand and subsequent shortages of supply of residential properties.
The icing on the cake is the fact that the average house prices in Ireland has taken a leap of 5.5% year-on-year growth in 2018, to €254,000 as per a report by Daft.ie, Ireland’s numero uno Property Website.
That means, there are not just plenty of genuine buyers who’re interested in your property, but it could also fetch you a great price, provided you play your cards right.
Wondering what can be done? Here are some 5 tips on how landlords can get the most out of property viewings and find the right buyer for their property.
- Neutral Tones for the Win
It goes without saying that colours evoke different emotions and moods in people. While some colours make one feel homely, others may find it a bit intimidating. So, the safer bet is to opt for neutral colours that appeal to the likes of all.
Beige, Ivory, Taupe, Black, Grey and shades of White (soft white, off-white) usually fall under the neutral shades of colours. Decorating your property in these shades allows the visitors to visualize how the property would look with their preferred themes and colours. It is like presenting your property in a blank canvas for the buyer to visualize and experiment.
But it’s not that they are without excitement, as they can have different undertones, such as a slight tone of Pink, Tan or Gold. Choose wisely on what colour your walls, flooring, and furnishings will be.
There are two ways in which neutral colour tones work — either it can be a neutral-only coloured room, or it can be used as a backdrop for another dramatic colour tone. Some tips on using neutral tones:
- Paint your walls with a neutral colour and follow it with furnishings which are of the same colour, but a slightly darker tone. Use a further darker tone for the flooring (carpet or rugs) and other accessories. In this way, not only does your room stand out, but it also has a harmonious composition which is sure to please your potential buyers.
- The other option is to use neutral shades for a backdrop. In recent times, shades of Grey have become extremely popular among designers for living room as they create a chic and urbane space. Couple this with beige or soft-white furnishings and have a single bold element to stand out, such as a bright feature wall or some exotic cushions. This popular trend will definitely up your property appeal.
- Concentrate on the Kitchen and Bathroom
Kitchens and bathrooms are a hot commodity for buyers. In fact, they are some of the most important aspects which potential buyers consider before zeroing in on a property. However, you the landlord know pretty well that these are the places that tend to go through a lot of wear and tear and are highly susceptible to damages and repairs. Staging them has to be one of your top priorities, as not only do they appeal to the likes of buyers but also boost your resale value.
Let’s start with the kitchen.
- Dated cabinets make for a dingy kitchen but replacing them completely with new ones can cost quite the capital. Instead, it is best to reface or give the cabinets a facelift. Opt for simple ones with a neutral or light colour tone which will give the kitchen an airy and open feel.
- Hardware can become rusty and dirty with use making for a very dull appearance; replace them with low-profile simple ones that suit well to the cabinet. Let it neither be too modern nor too rustic. Apart from brass, you can go for nickel, bronze or black ones.
- Clean up your windows to allow proper natural light into the kitchen; and if the frames are broken, try and replace them. Broken shutters and frames can raise doubts of safety and maintenance, and prospective buyers wouldn’t want that.
- If natural light isn’t sufficient, add lamps and pendants at pivotal and aesthetically pleasing locations.
- It is important to keep a clean counter space and not go overboard with collectibles. Be it baskets or storages, keep it minimum and simple.
- Countertops are a great consideration because it is one of the most striking elements of the kitchen. Buying quartz and manufactured stone countertop which is more durable and appealing than granite is a definite trade-up for your visitors. But fret not, as they cost almost the same as that of granite. However, stick to simple colours and patterns.
- Last but not least, even if there is no major overhaul, make sure that your kitchen looks clean, free of oil stains and grease.
With that done, here are some pointers for your bathroom space.
- Check your existing bathroom and see for all the possible repairs and plumbing works you need to undertake. Once done, prioritize on what needs to be done and how much it costs. Evaluating beforehand will allow you to keep your expenses within budget while also giving you an idea of its return.
- When staging your bathroom, opt for neutral colour tones for the plumbing and fixtures. Not everyone likes vivid patterns and dramatic colours.
- There needs to be ample light in your bathroom. Invest in good lighting sources like sconces, pendants, and shading devices to protect from glare and shadows.
- Bathroom storage is another important factor which the buyers consider. If your bathroom doesn’t have enough storage, consider buying cabinets or shelving units. Good storage makes your bathroom look handy and well equipped.
- Use removable decorative items like rugs, towels, vases, and candles to augment your space.
- Home Staging
Preparing your home for viewings and showing it in its very best to buyers is the very goal of home staging. Given the competitive real estate market, home staging can actually make all the difference in a house that sells and one that doesn’t.
With Home staging, buyers can look at a property without the hindrance of clutter or dirt and can actually visualize living in such a place.
A well maintained and clean house will readily attract the likes of prospective buyers. But it does not stop with a clean house; home staging extends to much more. It follows with de-cluttering which is storing away of personal items and clearing of clutter to create an empty space.
Hiring a professional for home staging can definitely give you high returns. Home staging concentrates at every aspect of the house – from creating a welcoming entrance to selecting suitable interior furnishings which will readily complement your home and creating relaxing areas that will appeal to a wide audience and offers them an aspirational lifestyle in that given property.
- Fixing the Price of Your Property
Standard & Poor’s, the rating agency, predicts that the pricing market of homes in Ireland will continue to be strong over the next 3 years until around 2021.
Thus, knowing the true value of your home in the market and to price it accordingly is prerequisite for easy selling. Overpricing your property can lead to loss of interest in buyers who would look into other better-priced properties in the nearby locality. You would have your house left unsold which, in turn, can ultimately end with mortgage rejections once the assessment period starts.
To know the value of a property, start with checking the real estate prices and listings around your property. Talking to other sellers can also give you a clear idea about the range of prices. Generally speaking, setting your property value 5-10 percent above the market value can actually take you closer to a beneficial selling price for your home.
If your home is adorned with additional features and facilities, price it a bit higher. But for more accurate estimations, it is better to seek the aid of a local home appraiser, or a property valuator.
Setting a reasonable price at the initial stage itself will help the buyers build a sense of trust on the sellers and thereby incline them towards buying your property.
- Be Accommodative of Viewing Requests
Now with your property all set for viewing, the next step you can do to get the most out of the viewings is to have flexible viewing hours. Not everyone can visit your house within a fixed time schedule. Some may have kids or elders who can visit only at a given time or may need to travel long distances to visit your place.
If you can accommodate viewing requests at different times, such as during weekends or outside working hours, you can attract a larger audience. The easier you make it for the visitors to view your property, the more you are in luck at finding the right buyer.