It is becoming harder to rent out properties in many parts the country. This is particularly true in major capital cities that have easy access to amenities and are well-off. Landlords are responsible for presenting their property in the best light possible to attract quality tenants.
It can be difficult to make your rental property stand out in a crowded market. However, you will be able attract the best tenants that could benefit later. These are seven ways to make sure your rental property is top-notch.
1. Highlight the property’s best features.
Potential tenants start their search online for new places to live when searching for a place. Advertising is a great way to get your message out. If you can afford it, hire a real estate photographer to capture your property’s best features. Professional photos make your property more attractive online and increase inquiries. You can stage your property to attract potential renters.
When coming up with write-up, make sure to provide an accurate description of the property – including the number of rooms, size of the home, specific features, and rental cost – but do not leave out critical attractive points such as if the property is recently renovated, if the appliances are brand new, or if pets are allowed. You can also include what amenities – including public transport, schools, hospitals, and shops – are nearby.
2. Positive impressions are important.
Your streetscape is often the first thing tenants see when they visit your home. A well-kept façade goes a long way in attracting potential renters, so make sure the lawn, garden, path, and fencing are presentable. If you are renting out an apartment unit, speak with the strata corporation to make sure the common areas – including stairwells, elevators, and driveways – are well-maintained.
3. Make sure the property is in good condition.
A well-maintained property is more appealing to tenants. During your inspection, make sure the property is neat and clean. A clean property is a plus for potential renters. It shows that they are willing to do the work and sets the standard for how the property should look when they move out.
4. Identify your market.
Your rental property’s features should match the needs of your target demographic. If you have families as your clients, features such as large living areas and kids’ play areas will be essential to attracting tenants. You can do your own research to get an idea of what features are most valuable and common to similar properties.
5. You must ensure that your property meets safety standards.
One of your main responsibilities as a landlord involves ensuring that your rental property meets current safety standards. Check that your plumbing and electrical systems are in good working order before you let tenants live there. You should complete any maintenance or repairs before tenants move in. This will save you money later.
6. Negotiations are possible.
Flexibility is key to finding the best tenants. Tenants must take care of your property and pay rent on time. Your neighbours must be treated with respect. You want fair market rents, and the ability to increase depending on market conditions. Longer-term leases are preferred by tenants who want security and certainty. Negotiating a tenancy agreement requires good faith and reasonableness. This will enable you to achieve a win/win situation for both you as well as your tenant.
7. There are many options for the right property manager.
Your property management is the responsibility of a property manager. You need to find trustworthy, dedicated people who will help you find the right tenants. Apart from day-to-day management for your rental property, they can help your screen potential tenants, give you advice on the latest regulations, and identify ways to increase your property’s value. Before you hire the right candidate, it is a good idea interview several candidates.