Small Rental Property? It’s GOT to Be Furnished and Staged…02 Jul 2021
When space is small, it’s even more important to present it properly to the market – whether that’s the rental market or the sale market…
In this case study, I was asked by a sourcing client to find them a buy to let with a very tight budget- £60,000.
We managed to source (off-market) a bijou (ok so it’s pretty small!) 1-bed tenement in a decent suburb of Glasgow (Cathcart) – it was fully compliant already so minimal spend for the client. But it did need to be staged – because it’s small, lots of tenants can’t visualise what can fit in the space, and that can lead to voids in the case of rental properties and slow and low offers if it’s on the sales market. Its also important that you do the staging from the outset and don’t take the delayed approach (“let’s wait and see how it goes without it…”) – because if you don’t stage small properties from the outset, they can go “stale”- i.e they sit on the market for too long.
Have a look at the before and afters on this little flat – it really shows how much more appealing it looks with the furnishings in it.
Let’s look at the figures:
Purchase Price £60,000
ADT, Fees and Spend to get Rental Ready £4,500 (inc. our staging fee £150 plus VAT £180)
Total Spend £64,500
Rent Achieved £500pm (tenant moved in within 3 / 4 weeks of completion)
Yield over 9%.
Great result for this client – we sourced it, turned it around and staged it, and achieve a fast result for this client.