If you’ve just purchased an investment property or you’ve had one for a while, you understand the importance of having the property tenanted. A vacant property is not producing any rental income and this could personally cost you thousands of dollars in mortgage repayments and other expenses such as rates.
If you want to rent out your property fast and attract quality tenants, here are 12 great tips to consider.
1. Understand The Current Rental Market In Your Area
Make sure that know the state of the current rental market in your area. Is there an oversupply or under supply of available rental properties? What type of tenants are current rentals attracting?
Also check whether new infrastructure has been built or is being planned in your area as this may have an impact on the type of tenants who are looking for properties to rent.
2. Ensure Your Rent Is Affordable For The Type Of Tenants You Want
Do your research to find out what similar properties in your area are being rented for and the type of tenants who are renting these properties. Your property might be ideal for a young family however the majority of rental properties in your area might be apartments which are being rented to single professionals who are sharing with others.
In this case you will need to price your property in a range that a young family can afford as apartment dwellers would not generally be interested in renting your comfortable family home.
3. Update If Necessary
If your property is looking a bit tired and outdated, it might be time to give it a little cosmetic face lift. Generally a new coat of paint and some new floor coverings can make all the difference between your property sitting vacant or being snapped up by the first tenant who inspects it.
However, do make sure that you don’t over capitalise on any improvements that you make.
4. Find Out What Key Features Tenants Are Looking For
Do a little snooping around other similar available rental properties in your area to see which key features are attracting tenants. Is installing a dishwasher, updating kitchen fixtures or putting in air conditioning going to make your property rent faster?
These type of conveniences are now almost a necessity and definitely what potential tenants are looking for. And if your property is fairly low maintenance, that’s a bonus too.
5. Make Sure Your Property Looks It’s Best On Inspection Day
Make sure your property puts its best foot forward on inspection day to attract that dream tenant. Have the property professionally cleaned and looking its best.
Also ensure that the outdoor areas are clean and tidy. Make sure the garden is well maintained and the lawns neat. If you’re garden is a bit overgrown, it could deter potential tenants because they might consider it to be too high maintenance.
6. Have Plenty Of Great Photos Both Inside And Out
These days most tenants prefer to have a look at a property online before they inspect it in person. Ensure that you have plenty of great, professional looking photos of all the features of your property both inside and out.
7. Make Your Property Pet Friendly
Around 63% of Australians own a pet so if you have a strict no-pet policy on your property you will be alienating a large portion of the population. Understand that most pet owners are responsible and treat their pet as part of the family.
Ensuring that your property is pet friendly will make it attractive to a large portion of prospective tenants, many of who may well be looking for a long term lease.
8. Engage A Good Property Manager
Ensure that you engage a good property manager who can showcase your property to prospective tenants well. A good property manager will also understand what tenants are looking for and will advise you what you need to do to rent out your property fast.
9. Consider Offering A Week’s Free Rent For Signing A Longer Lease
Keeping a current tenant for a long period of time is much more cost effective than having to find new tenants every six months. You could consider offering a week’s free rent if the tenant signs a 12 month or even longer lease.
This is definitely worth the investment to ensure that your property is tenanted longer.
10. Think About Offering A 12 Month Netflix Subscription Included In The Rent
If there’s an oversupply of rental properties in your area you could consider an additional extra like a 12 month Netflix subscription included in the rent. This will make your property stand out from the rest and be more attractive to prospective tenants.
11. Consider Including Regular Yard Maintenance In The Rent
If your property has a sizeable yard you could also consider including regular yard maintenance in the rent. This could even be arranged and managed by your property manager and would be very attractive to busy professionals or young families who don’t have a lot of spare time to care for the garden themselves.
12. Encourage Tenants To Stay Longer By Offering A Lower Or No Rent Increase
As we said earlier, retaining a current tenant for longer is far more cost effective than having to find a new one. Consider offering your current tenant a lower or even a no rent increase if they sign another 12 month lease.
Many tenants would be happy to stay longer if they know that they won’t have to fork out more for rent each month. Also make sure that you attend to any regular maintenance requests promptly so that your tenants feel comfortable having you as their landlord.
If your current investment property is vacant, follow these 12 top tips to ensure that you attract quality tenants fast. Above all else, look after the great tenants that you have and they will care for your property and may never want to leave.