It is important as an Investor to understand that you are competing with other Investors in the market, both on price and the quality of your property. The following tips are useful whether you are an experienced Investor or just starting out.
Simple changes to your property can sometimes add value as well as making it more desirable and attract the best tenants.
Here are 10 tips that will assist you in the process of attracting great tenants whilst giving you the opportunity to achieve maximum return on investment:
- First impressions are lasting impressions. From the street to the inside of the property, it is vital to have the property well presented. Overgrown gardens and lawns as well as simple things like a coat of paint or new carpet can make a huge difference to first impressions.
- Consider freshening up or updating the kitchen or bathrooms if they are looking tired and dated. Kitchens and bathrooms are often the two most important areas of a property when tenants are searching for a property.
- Know what it is that tenants are looking for in a property. Some of the items high on the lists of tenants wants in a property are;
- Security Screens
- Ceiling fans
- Remote controlled garage doors
- Be open to allowing pets at the property. With 63% of Australian households being pet owners, you may be ruling out an opportunity to get that excellent Tenant in place.
- Be open to the requests from tenants. This could be something as simple as a small garden shed or adding a ceiling fan to the property. These things can add value to your property but also can give the Tenant a feeling of value that you as a Landlord are open to their requests.
- Attend to maintenance promptly. Maintenance can often not be arranged to be attended to by the Property Manager until instructions have been received from the Landlords. It is therefore important to respond with instructions promptly so the maintenance can be arranged. Leaving maintenance unattended for weeks, months or not all can leave your Tenant feeling frustrated and undervalued and result in them looking elsewhere come lease renewal time.
- Be flexible and take the advice of the Property Manager in regards to the terms of a lease agreement. A short term lease is maybe better than no lease in a slow market.
- One of the most important factors in owning a rental property, Landlord insurance. It is extremely important in the overall context of owning a rental property. Landlord insurance is a must and is essential for peace of mind. However, due diligence is required as all insurers are not the same.
- Engaging the right property manager is a must. Your property is a highly valuable asset so you must trust that you have the right person for the job. Our Property Managers pride themselves on being up to date with the latest legislation and being able to provide you with the attention to detail that you as an investor deserve.
- Don’t have preconceived ideas about the type of Tenant you would like in your property. Ultimately you do have the final say in regards to a tenancy application. We carry out references and checks on all applicants to ensure we are locating you the best possible tenants for your property. Trust your Property Manager to help you make a decision.
Anita Genrich, Orbit Property