For any property investors, finding a tenant can seem like a stressful prospect. However, if you break it down into some key steps, the process is simple and will lead to leasing your property quicker and to better tenants, ultimately increasing your investment returns.
Ensuring the property is appealing to prospective tenant is obviously important, but there are several other key steps to get your property leased. Understanding your blind spots will protect your investment.
- Improve street appeal
Let’s face it, first impressions are everything. Ensure your property gives a positive feeling to any prospective tenant by, making sure the pathway is clear and that everything visible from the kerb, including doors, gutters and windows, are clean in good repair. Make sure the garden looks healthy and touch up any external paintwork that needs freshening.
- Be strategic with your viewing time
Experienced property managers will hold inspections at the times your property presents at its best. For instance, this might mean setting viewing times after dark to show off a glittering city view. Or, if the property is positioned on a noisy street, hold off on conducting inspections until after peak commuting hours.
- Ensure Rent is comparable in the market
Comparing your property to others on the market will reveal useful information. You might find that you need to reduce your rental expectations or make improvements to the property in order to be competitive with other similar properties.
- Invest in quality photography
Good photography makes all the difference when leasing your property. Blurry photos, poor composition, and unflattering angles can turn renters off before they’ve even stepped through the door. Ensure beds are made, benchtops are free from clutter and straighten curtains or blinds. The cost of a photographer should be tax-deductible as well.
- Do a detailed clean
Enlisting the services of a professional cleaner could pay you back very well if it attracts a new tenant sooner. Have a detailed cleaned prior to taking photos, or before inspections, and have the tenants maintain the standard to ensure the property is presented in its best light.
- Be proactive with repairs
Everything that needs to be fixed, should be fixed. This includes leaky taps, broken light fittings, damaged fly screens on doors and windows, and even loose doorknobs that need tightening. Not maintaining a property leaves a bad taste in tenants’ mouth and leads to higher vacancy.
- Take the Stress out of gardening
If your investment property has a significant garden attached to it, consider hiring a gardener. Not only is it tax deductible, but the cost of long-term garden neglect can be steep. A gardener will also ease the pressure on potential tenants to maintain their new home, adding further appeal to your property. Where possible reduce the size of gardens to ensure they are easily maintainable.
- Use a property manager
It’s important to consider whether your time is best spent finding and managing tenants or whether this is best left to the expertise of the professional. Property managers are worth their weight in gold when things go wrong, and their advice will end up saving you in the long run.
- Avoid listing in peak rental times
Avoid listing from late November and through December. Many people will be too busy to house-hunt until the New Year, so listing your property during the Christmas season would risk your property remaining vacant, potentially for over a month. Instead, structure your leases so they become due in late January or October.
For more information and assistance in leasing your investment property, contact Lever Property here.