To furnish or not to furnish – 85% of furnished properties in London let within a week
Independent lettings and sale agent, Benham and Reeves, has looked at the benefit of presenting a property to tenants already furnished with the help of your letting agent and how it can help landlords get ahead in a market currently overshadowed by Brexit uncertainty.
Brexit has brought a hesitance amongst non-UK tenants within the rental sector with many unsure on the repercussions on either their status to work or their company’s intentions to stay operating within the UK.
Despite this, rental demand remains robust but data from Benham and Reeves shows that on average 85% of properties entering the rental sector let within a week having been professionally furnished beforehand.
But what are the other advantages and why do tenants prefer a furnished property?
The initial selling point is the time and hassle that the landlord saves. By furnishing through their letting agent the whole process is kept under one roof which ensures and improves quality and consistency.
It also means that a landlord can receive tailored items, such as curtains, 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 through your agent.
The quality aspect is also important and while items may be available cheaper via a UK based Sweedish or catalog store, they do not provide the durability required.
You 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. Not only this, but the designer will take into account other units in the development to deliver a unique offering based on the latest influences from this year’s Pantone, fashion and lifestyle trends.
Managing Director of Benham and Reeves, Anita Mehra, commented:
“Furnishing a property is about doing it well and thinking about who you want to attract as a tenant. 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.
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.”