Offer a home, not just housing
Almost every landlord offers a place to live, but very few offer a place where you feel at home. That is exactly why you need to stand out – and it doesn't even have to cost much money.
In books and at all kinds of talks we keep coming across the word “empathy”. And that is exactly what your future tenant will appreciate. Already when planning the furnishing or renovation of a flat, we need to have a clear picture in our heads of who is going to live there one day.
In a studio flat in the city centre with no parking, it will be a young working person, a student or a couple. A larger flat that also comes with parking, on the other hand, may suit a family or an older married couple. A young person has no problem using public transport, carrying the shopping home by hand or taking the stairs if there is no lift. They do, however, have higher expectations when it comes to the equipment and features of the flat (smart TV, fast internet).
It was in exactly this kind of flat that we once, back in the design studio, had to decide where to put the fridge. The kitchen was small and the best solution was a mini fridge without a freezer. Looking at that fridge, my mind went back to my student days, when I had the very same one in my room. And I couldn't buy frozen pizza, chips or ice cream. Because I didn't have a freezer. Because nobody had thought of it. The decision was made: the fridge would go in the hallway – young people don't like cooking when they get home, and on top of that they love frozen food like pizza or ice cream.
Another example is the bathroom. Originally it had a bathtub, but the flat's target tenant is a single person or a couple without children. Wouldn't a shower suit them better? Of course, this isn't a rule – young people like baths too – but most of them choose a shower because it is more practical and uses less water.
Another important thing is fibre-optic internet. Don't leave it until the last minute, though. In older apartment buildings the only internet option is often UPC. Unlike other providers, UPC doesn't connect you with a standard fibre-optic cable but with a coaxial one. So if your builder runs standard fibre-optic cable all through the flat, it will be of no use to you. That is why you need to sort out the connection during the renovation. The trouble starts when UPC's coaxial cable hasn't been brought into the flat, and it gets even worse if the cable box is on a different floor from your flat. In the first case they “only” have to drill through a wall of your freshly renovated flat. In the second case they also have to break open the wall in the corridor or run the cable in surface trunking. For that you will need the building manager's consent. The whole process can take several weeks, which will please neither your tenant nor you. Fortunately, this problem doesn't arise in new builds.
After a renovation we usually also equip the flat with all sorts of small items such as bed sheets, duvets, towels, pots and pans, crockery, tea towels, glasses, kitchen utensils and so on. Most landlords don't do this; it isn't the norm here. Yet it is precisely this investment of up to EUR 300 that can set you apart from everyone else. You will often end up with a much better tenant who appreciates this standard. Many people will object that at a time when there are 5 applicants for every flat, this investment isn't worth it. But the market will turn again one day, and you are building your reputation as a good landlord right now.
What other options are there? Countless – just sit down and think about what would make you happy in a rented flat. For example, when we hand over a flat, we give our tenants a “welcome pack” with basic toiletries and cleaning products. On top of that, we provide them with first-class property management that can solve any problems in the flat quickly and efficiently. We can offer it to you and your tenants too – property management.
Finally, let's not forget one rule – if you furnish a flat nicely, there is a better chance that the tenant will treat it better too. Think about it from your own perspective – when do you get out of your car more carefully? When you park next to a shiny new car without a single scratch, or next to an older one where another scratch wouldn't even show?
And how else can you make sure your flat stays in good condition? Regular inspections and a two-month deposit certainly won't hurt. The relationship with a tenant has to work both ways: you offer a home, and they pay the rent on time and take good care of your flat.
