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Whether you are an experienced investor or buying your first rental property, the following tips are useful for all property investors. It is also important as an investor to understand that you are competing with other investors both on the price and the quality of your property whilst the rental market has an oversupply of houses.
Some simple changes to your property can sometimes add value as well as attract the best tenants. Our property managers will always promote your property to the best of their ability, however they are limited by the savvy tenant who has a wide range of houses to choose from.
Some tips below will help you in the process of attracting good tenants as well as achieving the best price for your property.
1. Presentation is everything. First impressions both from the street as well as inside can certainly be detrimental for the savvy tenant. Overgrown gardens and lawns as well as simple things like a coat a paint or new carpet can make a huge difference to first impressions.
2. Consider some major renovations if the kitchen or bathrooms are looking tired and dated. These 2 areas are high on the list of important features that tenants rate when viewing properties.
|3. Think of the tenant's needs. They maybe just like you with their wish lists of appliances or luxuries that can be found in most other rental properties. Some examples are dishwashers, security screens, ceiling fans, internet connections, air-conditioners as well as remote controlled garage doors.|
4. I have mentioned this one before but be liberal in allowing pets. These days many tenants have pets and by disallowing these onto your property, you may be ruling out a very good opportunity to get that excellent tenant. I believe most people with pets look after them well and therefore are usually responsible in other areas of their lives.
5.Be flexible with the needs of prospective tenants. Small additions that they need or want such as erecting a small garden shed, or painting a feature wall can tell a tenant what type of landlord they are likely to encounter.
6. Attend to maintenance promptly. I know this is organized through our property managers, however if no approval is given or weeks and months go by without nothing being done, a good tenant will have some idea of future issues and maybe inclined to look elsewhere.
7. Be flexible and listen to our property managers with regard to lease terms. A short term lease is usually better than no lease in a depressed market.
8. This has been mentioned before and 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.
9. Engaging the right property manager is a must. Just as you must trust your salesperson when and if you ever sell your investment property, so is true of the person and company that looks after your valued piece of real estate. We have a highly valued team of property managers that will certainly look after your property as well as keep you informed and up to date with all the different facets of property management.
|10.Don't discriminate and have preconceived ideas about the type of tenant you would like in your property. Ultimately you can dictate to your property manager yes or no with regards to a tenancy application, however there are good tenants in all different genders, classes, ages, and family units. Trust your property manager to help you decide.|
Although not exhaustive, these are a few ideas to help the property investor achieve peace of mind with a good tenant in situ that will maintain and look after your investment.