How to attract the best tenant for your property?

21 May 2022

Finding quality tenants doesn’t happen by chance.

There a few things to consider if you’re serious about doing everything you can to attract the best tenants for your investment property – well before you even put the home in the hands of a trusted agent.

First impressions matter

Ensuring your property ‘looks the goods’ will set you ahead of other rental homes that may be a bit lacklustre in the presentation stakes.

This includes making sure all the fixtures are clean, dust free and in good working order.

“Presentation is everything,” said Mont Property Business Development Manager Nicholas Cole. “Attention to detail can pay dividends when it comes to attracting quality tenants.

“No one wants to come into a home where appliances aren’t working or they’re dirty and dusty so it’s important to check the basics before taking through prospective tenants.”

“It can even be as simple as when you have a home open, open the blinds so the property has a nice, light, bright feel. Some agents just don’t have that care factor, but at Mont we believe in attention to detail.”

Mr Cole said carpets could be a sticking point with prospective tenants so it’s a good idea to make sure they’re professionally cleaned, or even consider replacing if they’re past their used by date.

“If the carpets are old and stained, I find that’s a huge factor for most people. They don’t have to be new but it needs to be clean and in good condition.”

Size up a local agent

One of the key requirements to finding a good tenant is selecting a good, knowledgeable agent who knows the lay of the land.

Ideally, this would be an agent who is familiar with the local area and the rents that can be achieved there.

Mr Cole said agents should have an in-depth understanding about their local patch, in particular with significant rental market nous.

An element of flexibility was also key to success, he said.

“At Mont, we’re very flexible and that’s something we do a little bit differently to others. We do make ourselves available during and after hours.”

As a landlord, it’s also worth making inquiries about the agency’s networks. They should have systems and databases that enable them to check an applicant’s tenancy background to help avoid undesirable tenants.

Value add

Consider attractive add-on features such as air conditioning and heating, a dishwasher, storage space and pet-friendly options if you want to create a rental that ticks more boxes than just a roof over your head.

Allowing a prospective tenant to envisage a less stressful home life might help you get a more quality tenant on board, or a longer tenancy, if that’s what you’re looking for.

Invest to market your property properly

Remember the old saying: “a picture paints a thousand words”?

It’s important to create visual interest for prospective tenants and make the space alluring so market your property properly.

That means paying for targeted advertising and professional photography that will show your property in the best possible light.

“One thing that is really important is a good set of marketing photos so be guided by your agent on a professional photographer to help out,” Mr Cole said.

“At Mont, we use a trusted photographer who has a track record in creating beautiful images to make your property look the best it can in our advertising campaigns.”

Current conditions

Perth’s current competitive rental market means prices are at a significant high and stock levels are extremely tight. So, it’s likely you will get an overwhelming response when you list your property for rent so long as it presents well and is priced appropriately.

CoreLogic’s latest Quarterly Rental Review, released in April, shows rental prices in Perth have surged by 6.6% in the past 12 months and the median rent is now $496.

Mr Cole said it was important to be realistic when considering a rental price for your property and weighing that up with the type of home, its condition and location.

“Anything modern or renovated, or feels fresh and clean is still moving really quickly and achieving really good prices, but you do need to be realistic about the price setting,” he said.

If finding quality tenants for your rental property is important to you, speak to the property management experts at Mont.

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