The Olympics will bring a much-welcomed cash injection to the British economy, and the money will drip through to the majority of industries – particularly the property sector. As the old adage goes; “A rising tide lifts all ships”, and whether your ship needs raising, or you simply want to maximise your property’s rental potential, there really isn’t a better time to do so. Millions of spectators and participants will be flocking to the nation’s capital, and Olympic officials will be moving from within the UK, in an attempt to avoid long commutes to work. In a city where demand already outstrips supply, landlords are likely to see a rental increase of some 200%.
If you are planning to rent out a property during the 2012 Olympics, here is an essential checklist that will help you get the most out of your property.
Now or Never
Although the Olympics will only last a matter of weeks, the people involved in the event will need accommodation for a considerable amount of time leading up to, and after the event has finished. For this reason, if you are serious about capitalising on the increased demand for London property, it is important to start marketing your property as soon as you can.
Provide Value for Money
Although the demand for rental property in London has drastically increased due to the Olympics, people still have high standards and expectations. Maximising your rental ROI still greatly depends on making the best of your property, and making sure that offers good value for money. Don’t forget that there is still a great deal of competition and you are not the only person trying to rent out a property at inflated prices during the Games.
If you want to increase the rentable value of your property you need to make sure it’s in tip-top condition. This includes carrying out any decoration/maintenance work and making sure that the prospective tenant has everything they need for the period they are living there. Alternatively, if you have decided to rent your property un-furnished, it’s important to make sure that that is what you provide. Clear out any grubby old furniture and carpets yourself or, for a quicker turnaround, hire a man and van type service to get the job done as quickly as possible. Remember, Olympic rentals are time sensitive!
Think Long-Term
The people moving to London to work on the Olympics have a far more work to do than you may initially realise. Although the Games will be done and dusted by the end of August, there will still be a great deal of work for those involved, which will easily carry over for many months after. Don’t get carried away by the tenant willing to pay mega bucks for a 2 month rental, when you could potentially make more money by renting it out at a slightly lower monthly fee over a longer period of time. The landlords that make most money during the Olympics will be the ones that realise the time-scale of this epic global event. Make sure you are one of them.
Accept Good Offers
As with all major events and ‘iconic’ celebrations, there is a lot of hype surrounding the Olympics. There’s no doubting that the Games will bring the UK a huge financial injection, but we mustn’t forget just how many people are involved in the event and how far the extra cash will have to stretch. Likewise, you shouldn’t forget that you aren’t the only person renting out a property during this busy time. Of course it would be great if reality lived up to the hype, and your property’s rental value increased by 200%, but you must also keep firm grasp on reality. Any increase in rentable value should be viewed as a bonus, don’t turn down good offers in the hope that something better will come your way – you could be left with an empty property!
Hire Professionals to Help You
Normal lettings agencies are used to working in much different circumstances and may not be equipped to market your property to the people who may be looking for it. Spend a little bit of time researching agencies that have developed an additional service which is dedicated to servicing this ‘different’ market. You may also find completely new agencies which have been set-up to focus completely on Olympic accommodation – don’t be afraid to use more than one service, you’ll soon see who’s best!
Ben covers stories surrounding the property market and also works at AnyJunk, which is one of the UK’s leading house clearance companies.
