This week we sat down with Jeremy from London Residents Club following a busy 4 months since the launch of the Dunstable Mews property on their platform. A newcomer on the short-let market, the landlord came to Jeremy looking to increase the rental yield of this picturesque house in a quiet mews and provide a better alternative to long term tenants.
At a glance, what can you tell us about the current performance of the property?
This three-bed Paddington property is doing extremely well on the short and mid-term letting market - our guests love it! Since it has been under our management (approximately 4 months), we have grossed £40,000 in bookings, an average of £10,000 per month.
Working on data trends in the Paddington area along with a detailed client brief, the Homewings design team chose a contemporary glam look for this house to create a cosy family getaway location within the heart of West London. The soft colours of the furniture and subtle lights create a warm atmosphere in the property - qualities that have been reflected in the reviews received so far!
What are your first points of reference when marketing a property in London for short-let clients?
Location is always at the forefront of our minds when considering a property for short-term rentals. Not just the proximity to central London but to a transport hub or place of interest. In terms of aesthetics, we favour a balance between pragmatism and a beautiful curation of furniture, artwork and useful amenities. When actively marketing our homes online, we consider four factors: number of photographs, the order of the photos (we like the guest to be "led" through the home in gallery), the quality (high res, of course) and, most importantly, that the photos reflect reality; no over-editing or photoshopping!
What do you class as a success for the properties you work with?
That our owner members and guests are delighted with our service. We consider a rental successful if the guests leave happy, feeling that the home was excellent value for money, exceptionally clean and that the reality of the home matched the online listings. We have done our job right with our owner members when we achieve their desired level of flexibility, occupancy, income; and we return their home to them as they left it!
Is there such a thing as a bad property for the short-let industry?
It's all about price-point. You get what you pay for.
Get in touch with our short let manager, Paul, at email@example.com to see how we can help increase your rental yields and occupancy rates.