In 1907 the Scout motto: “Be Prepared” was formulated … 113 years later in 2020, such a simple but effective motto can be applied to many aspects of life, including the property world. During these difficult times it is important that a landlord’s preparation for a property coming to the market is thorough, in order to maximise the probability of a successful letting in such turbulent and uncertain times.
In the wake of the corona virus pandemic, potential office occupiers are faced with a wide range of relocation options. The pandemic may lead to a more flexible office culture with an encouragement to balance working from home with more traditional office hours. This could lead to downsizing, location shifts, a growing popularity in business parks and a move away from the public transport fed city centre space. In this difficult and changing market there are ever increasing incentives to encourage occupiers out of the back bedroom and back to traditional the office. As in any market, but now more than ever, a landlord must be prepared to compete to give their property a better chance of letting.
First impressions count, the property must “stand out from the crowd”, listed below are a few simple but effective ways this can be achieved:
- Any improvements or additions to the property, such as additional cellular offices, meeting rooms etc, which were put in place by the previous tenant should be removed. It is important for a prospective tenant can see what space is available and how they envisage tailoring the property to their needs.
- The landlord should consider aesthetic improvement works, taking into special consideration the front elevation and entrance to the property. Relatively simple but effective restoration to the paintwork, signage, fencing and frontage can make all the difference.
- The property should be regularly monitored, so that it is permanently kept to a high standard and remains secure during the marketing period.
- The property should be in a clean and tidy condition. Previous tenant’s goods should be removed, together with any signage. A thorough professional clean is also generally beneficial.
- Ensure all the services are regularly monitored; lights are working and there are no redundant cables on show; background heating and plumbing should be maintained especially in the winter months to ensure systems do not seize up and become damaged.
All the above preparation will help to ensure a good first impression from prospective tenants.
It must be stressed to landlords that good marketing expenditure could lead to a successful letting and result in a minimum void period. A landlord should employ the best methods of exposure and, with the help of an experienced agent, employ tools such as:
- Curating bespoke marketing particulars detailing the properties location, description, size, services and terms.
- Skilled photography and videos taken of the property to showcase the space and stand out from the crowd.
- Marketing Boards to clearly identify the premises and boost its profile in the area.
- Bespoke advertising in a range of regional and local publications.
- Targeted mailing / E-mailing of the property to relevant companies and agents in the surrounding and wider area.
- Internet Presence is vital, the property’s marketing brochure should be published on property websites, agents’ websites and a variety of professional social media platforms.
- Scale floor plans of the property often assists in the marketing of the accommodation. To aid occupiers to visualise how space can be used in a property, an indicative space place can be useful.
Once the prospective tenant has viewed the property and expressed an interest in taking a lease the letting agent should give the prospective tenant answers to any questions and liaise with both parties throughout the process to a successful completion. Nolan Redshaw’s Agency team are prepared for the uncertain times ahead and are happy to advise Landlords wherever required on how to prepare their property for its next letting.
NR Insights 