If you’re looking to attract top quality tenants that will treat your investment property as if it’s their own home, these expert tips show you the way.
Leah Calnan, director of Metro Property Management, says finding top quality tenants for your investment property comes down to three key criteria.
A change in tenants is a good opportunity to review the presentation of your property. The properties always need to be clean and tidy and the gardens neat.
It’s the little things that prospective tenants notice, Calnan also points out: what condition is the carpet in? What about the blinds? Do all of the hot plates work on the stove? And why does the fan in the master bedroom always get stuck on the highest setting?
“Owners, especially those who have never lived in the property, need to ask – would I be happy to live here?” Calnan says. If the answer is no, approach your property manager for their guidance on which repairs and renovations you should attend to as a priority. “The presentation at the beginning of a tenancy also sets expectations for the tenant,” she adds.
An owner and/or real estate agent needs to be clever in the marketing of the property, taking into account the nearby amenities and targeting the marketing campaign accordingly, Calnan says.
“If the property is close to schools, target families. If the property is close to local hospitals, then target the hospital staff,” she explains.
“It’s important to stop and take a look at who best suits the property and then tailor your marketing to that demographic, because if you market your property too generically, you run the risk of completely missing your target audience.”
Setting the right price for your property is very important, particularly in an area where the rental market is slow. Set your price too low, and you’ll miss out on valuable rental income week. But placing an unrealistically high price tag on your rental can see your property sit empty for weeks while you try to secure a tenant.
“Many owners are very hesitant to reduce their asking price, even if it means the difference between leasing their property or not,” Calnan says. “If you’re having trouble finding a good tenant, you could reduce the rent by $10 to $20 per week and end up with a happy tenant in their property and, more importantly, money in the bank.”