As competition in the rental market gets stiffer, landlords have to do more to get their property noticed by quality tenants. Here are some tips for landlords on how to improve your rental property and make it stand out.
Keep the price fair
Pricing your property well means striking the balance between maintaining sufficient income and setting a competitive rental rate. Set your rate too high and you’ll put off tenants who know what they should be paying in the relevant area.
How you can meet the market:
- Understand rents in your area
Find out what other landlords are charging and what the market rate is for a property like yours.
- Get professional advice
If you have a property manager, talk to them about what the rent is for similar properties and where the market currently is and may be going.
Keeping your rent fair and in line with the market will help you attract tenants and potentially enable you to get consistent cash flow from your rental property.
Highlight your best features
When you list your property for rent, keep the description clear and accurate. Be transparent and specific about the number of bedrooms, bathrooms and car spaces, features of the property, the rental cost and whether you accept pets. Providing as much detail as possible helps you attract tenants that are best suited to your property.
While it’s important to list the essentials, don’t forget to sell the stand-out features of your property. If the property is new or recently renovated, mention that. If it has high-end appliances, is close to public transport or is within walking distance of amenities, point that out also.
Put yourself in your tenant’s shoes and highlight the strengths of your property that someone might be looking for in their next home.
Invest in quality photographs for online listings
A strong description could put you ahead but it’s often said that a picture is worth a thousand words. Aim to grab potential tenants’ attention with photographs that present each room in the best light and capture the best features of your property.
Tenants often make their first selection through online listings. Often photographs of the property determine whether it’s worth skipping brunch for an inspection.
Quality photography could increase the number of people who turn up at an open inspection and assist in getting your property leased quickly. It can therefore pay to engage a professional photographer who will be able to give you high quality shots.
Present your property well
When a tenant looks at 10 similar properties, it’s likely that the one that’s in the best condition will stand out. A clean and well cared for property gives tenants the confidence that you’re willing to take on maintenance and repairs.
Refresh a tired property
If your investment property isn’t as new as others on the market, it might be time to make some improvements. Even simple, inexpensive fixes like laying new carpet, replacing taps or putting on a fresh coat of paint can go a long way to increasing your property’s appeal.
Keep it clean
Not everyone has the capital for renovation but everyone can put in the elbow grease to make sure their property is clean. Presenting a clean home that’s free of dust, smells and leftover rubbish from the previous tenant will help potential tenants see the property as their potential new home. It also sets the standard for the condition you expect the property to be left in when the tenant moves out.
If your property has been vacant for a while, a good tip is to open up all the doors and windows and give it an airing out before an open inspection. That way, you’ll minimise any stale or musty smells that could put off potential tenants.
Make a good first impression
Don’t forget that the outside of your property is what makes the first impression. Keeping the exterior neat and tidy will assist with your property’s kerb appeal and potentially charm potential tenants before they even step inside.
This includes common areas such as entrance gates, gardens, pathways and driveways, if your property is an apartment, villa, townhouse or unit. Ask your strata or building manager for permission to tidy shared outdoor areas if necessary.
Engage the right property management team
A great property management team can make your life easier by helping to ensure that your property is well-maintained and repairs are attended to promptly.
Your property manager can also offer insights into the property market, highlight opportunities to boost your rental growth and help with your property investment journey.
As tenants will be dealing with your property management team, one with a good reputation could give you an edge.
To find a good property manager, you may want to ask family and friends for recommendations or check out online reviews from tenants and fellow investors. It can also be a good idea to hire a property manager that works in the same suburb as your investment property. That way they may possess valuable local knowledge. Most importantly, remember that you’re looking for a long-term business partner, so do your research, interview candidates face-to-face and choose someone you think you’ll be able to work with.
Get more tips for landlords
With these tips for getting your investment property noticed, you’re on way to attracting great tenants, so you may also want to find out more about your rights and responsibilities as a landlord.
Thinking about buying an investment property? Invest some time in learning more.