When deciding on whether or not to let a property furnished or unfurnished, landlords need to consider their personal circumstances as well as demand from renters, and that includes corporate tenants.
Landlords can do a lot to improve their property’s internal appearance to entice prospective renters, including corporate tenants, and that is where home staging can help, according to Benham and Reeves.
Research by the independent letting and sales agent shows that on average 85% of properties entering the rental sector let within a week having been professionally furnished beforehand.
Home staging, or ‘dressing’, can help by create an aspirational lifestyle; somewhere that people can picture themselves living in, and that is why the London-based firm is recommending this service to its clients, many of which are indeed targeting corporate tenants.
Anita Mehra, managing director of Benham and Reeves, said: “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.”