Every Landlord dreams of the best and most reliable tenant. However, these quality Tenants also dream of the best rental properties. This article is a guide on how to make your investment property attractive to these ‘best’ of tenants? Usually, a well presented property, appropriately priced and located in an area of high demand will often win tenants quick.
Besides, a well maintained and well presented property will actually save you money in the end; in that it will attract better tenants who will wish to stay longer furthermore be happy to pay market rent in good time throughout the course of the tenancy.
Make the property presentable
So, before you your property vacant- ensure you take time and go through your property and see what needs to be attended to. More often, clean carpets, freshly painted walls, a thoroughly cleaned property needing no immediate repairs will win hearts. In addition, a tidy garden also ensures that your property attract quality tenant that you seek.
Market your property
Marketing your property appropriately can be a lifesaver. Always try to advertise your rental property in as many mediums as possible. Remember that the greater the exposure, the more people you are likely to attract. Note that during marketing, professional photos and video can make such a huge difference. Professionally taken photographs can often be the difference between renting out your property fast to quality tenants or it remaining vacant.
Leave no room for complacency
Complacency is no option here; if your property has been advertised for more than several weeks and is still available, take action. You need to understand what factors may be impacting on its desirability and do something about it. Sometimes you will find that once a property has been listed for more than several weeks’ potential tenants won’t even consider renting it as they may think that there is something wrong with the property.
Check your pricing
How appropriate is your property pricing; is your property overpriced when compared to other current available properties? Are their properties offering more for less? If so adjust your price accordingly and do it now! Every week your property sits vacant will cost you more than just a small reduction in the rent.
Timing is everything
Finally, investigate the current demand; are there a lot of similar properties currently for rent in the area? How long have they been listed for? Sometimes the rental market is outside of our control and if there is currently a lot of available stock in your particular area then it is more important than ever to ensure that your property is presented at its best.
The general idea is that a poorly presented, over priced property is only going to attract one type of tenant and it may not be the tenant you want! Instead, this tenant ends up costing you money in lower than market rent, vacancy, rent arrears and damage.