There is no second chance to make a good first impression.
We recommend the following top 3 tips be considered when you are seeking new tenants for your investment property.
Tip 1: Presentation
Promoting the property in its best condition will achieve the best possible tenant.
- Consider the street appeal; tidy or landscaped gardens, mow the lawns & edges, secured gates & fences, fresh paintwork, clean windows & leaf free guttering.
- Always aim for bright, light and airy feel. A fresh coat of paint freshens up a property, keeping it modern and fresh. We recommend a white or neutral colour scheme as it will have the widest appeal, and tenants can simply add colour to the room with their own furnishings.
- Consider a Professional Clean, if the property has been vacant for 2 weeks. Include the carpets and blinds. Consider air fresheners to eliminate any possible odour if the property is locked up.
- Air Conditioning, a Dishwasher, and Garage doors with remote control access are all becoming expected and high priorities for prospective tenants.
Tip 2: Price
This can either make or break your annual return.
- We do strive to achieve the highest rental return on your investment property, and we complete intense market research on the current rental conditions, comparable properties and suburbs statistics. We will recommend a listing price to you.
- Often other agents will tell you your investment property is worth more than the actual market rent per week. They tend to do this to allow them an opportunity to be more successful at listing your property and gaining a new management; then they might reduce the property after you have committed to their service.
- If you wish to set the asking rent return, keep in mind not over price the property too high above the market value, or you will be doing yourself a disservice.
- If there are enquiries, but there are no prospective tenancy applications and all pre-leasing tips have been considered, it will come down to price. It is better to receive 90% of current market rate, instead of 100% of nothing.
- Renting your property in a timely manner will create higher investment returns, together with fewer and shorter vacancy periods.
- For every week your property is sitting there vacant, there is a loss of 2% of your annualised rental income.
Tip 3: Promotion
- Research has proven over 84% of rental enquiry is directly from the internet, select the agent who advertises on multiple website portals;
- Ensure Premium For Lease sign boards, this indirectly targets passing traffic who may be neighbours with friends or family seeking a new property near themselves.
- Tenant database, and tenant matching service. We currently have over 1000 prospective tenants on our tenant database, that we can directly market your property to.
- Have a Marketing & Advertising plan to allow for: Accurate advertising, show the property in its best light, including but not limited to professional photography, a short and sharp yet detailed property description, use of floor plans, 360 virtual tours and live property inspections.