As a landlord, I have learnt through trial and error that skimping when kitting a ‘buy- to-let’ property is a false economy, it doesn’t attract the right clientele and cheap doesn’t stand up well to wear and tear. If your property can’t attract tenants the resulting void periods can prove very costly and in these troubled times good tenants need to be looked after. So I tend to go for quality, it makes Dollars and Sense (or Pounds and Pence).
So how does that relate to Multimedia systems and Landlords?
Well assuming that you have read my article Reasons Why A Multimedia System Is The Way To Go, you’d realise that we are going through a digital revolution (yes even you, after all you are reading this blog ) and multimedia systems are a window into a digital world.
You read it here, maybe not first, but soon media centres will be the prime entertainment source for most homes, it makes sense. To many tenants an internet connection is as important as plumbing and electricity. Most homes have a stereo system, telephones, gaming consoles, books and photo albums. Just imagine how a tenant would feel knowing that the apartment s/he is looking at has content storage and delivery for all those services, including a digital library of films, music and books available. (There is a lot of free published work in the public domain) Yes it is raising the bar, but it is all about attraction.
Humans are visual creatures and media centres provide you with oodles of visual real estate complemented by a crystal sound output. I find at viewings it is a strong talking point and often a deal clincher especially with children.
A lot of the time your property is on the market competing with others in the area. In my case I had 3 properties all in the same development coming onto the market at the same time as 37 other units. As you can imagine the estate agents went into a feeding frenzy. The bathrooms and kitchens where all kitted out by the developer and so there was very little difference between units.
I decided to install a Spectrum Multimedia System in one of the apartments, I proceeded to market it at £300 per month higher than the other two. (That is an extra annual return of £3600, more than covering the installation) Not only was it the first to go but the tenants have been there for 3 years and counting. Now I install Spectrum systems in all my properties, (sitting rooms and bedrooms) and here are some other advantages.
- It shows you care about your tenants, a very strong attractor.
- It increases the rental value of the property including the deposit taken.
- It pays for itself .
- Like I said it is a conversation point
- It gives your tenants more entertainment choices.
- It is the future
- It reduces voids
- It decreases the rental cycle
- It adds a wow factor to the property