How to attract and keep quality tenants
As a property investor, attracting and retaining high calibre tenants is paramount to the success of your investment.
Generally speaking, a good tenant will be one who pays their rent on time, takes care of your property and meets all the requirements of the lease agreement.
But there are also a few things you can do to give your property the best chance of drawing a great tenant. Here’s how:
We would all like to think that people ‘don’t judge a book by its cover’ but in reality, first impressions matter. And having a quality home will attract quality tenants.
Making your property look its best doesn’t have to involve a huge financial outlay.
Mont Property Business Development Manager Nicholas Cole said a deep clean and some basic maintenance will improve the presentation of any property.
“Minor updates like painting stained or peeling ceilings and eaves, high pressure cleaning of pavers and mulching gardens can make the world of difference to how prospective tenants perceive the property,” he said.
If your budget allows, bigger ticket renovations and maintenance will also help attract a good tenant and best possible rent price.
“Upgrading the kitchen and bathrooms can be sure-fire winners when seeking longer term tenants, as well as replacing carpets, repainting or switching out light fittings to make the home more modern.”
Above all, ensure all the fixtures are clean, dust free and in good working order. And if you don’t have time, enlist the help of professionals to do the hard work for you.
It’s also a good idea, if you can afford it, to turn your attention to special features that might make your investment property most appealing.
“Everyone likes to live in a nice, comfortable home so it’s worth considering what you may be able to provide to make your property more enticing,” Mr Cole said.
Would air conditioning or heating or more storage make the home more attractive to tenants? Are the blinds and window treatments effective and do they block out the sun, particularly in the bedrooms?
Sometimes including garden maintenance like a regular lawnmowing service might appeal to time-poor tenants to ensure the upkeep of your investment. Or allowing pets on the lease could help accommodate animal lovers?
Professional photographers are adept to presenting properties in the best light, so having quality photographs as part of your marketing strategy will be a worthwhile investment in time and money.
Couple that with the expertise and sound business acumen from a knowledgeable property manager, a comprehensive marketing plan and some catchy advertising copy and you’ll be on your way to finding the best tenant in the market.
Price on point
Settling on a realistic rental price is one of the most important considerations as an investor. What you charge in rent is a balancing act – it’s about finding the ‘sweet spot’ when it comes to determining a competitive rent in the market.
Be sure to conduct thorough research of online property portals to see what similar properties in your area are being rented for. A good property manager should also be able to corroborate this information for you and have comparative examples on hand.
Screening of applicants
A well-informed property manager can be a blessing in helping to find a good tenant, so spend time researching agencies to ensure they have a good track record in managing rentals.
Property managers should also have systems and databases to check an applicant’s tenancy history to help avoid undesirable tenants, and often they have a good local network so will know people who are seeking quality rentals.
If finding quality tenants for your rental property is important to you, speak to the property management experts at Mont.