4 Ways to Secure the Best Tenant
Having your property tenanted is the key component to getting a return on your investment let alone maximising your return on investment. That doesn’t mean you should take anyone. Part of getting the most out of your investment is finding a great tenant.
Here are 4 tips to help you secure the best tenant possible.
Make your house shine
What people can see from the road is your front cover, your first impression that you only get once, so make sure the lawns are mowed and the garden is tidy. This will increase the number of tenants at your inspections. Secondly you need to scrub your house from top to bottom. It will surprise you with how many rental properties are dirty and not maintained. Your house will REALLY stand out to better tenants if it’s nice and clean. Tenants are required to leave the property in the same condition they received it. That goes both ways if it is left clean or dirty. If it’s broken, fix it. It can really impact on how long it takes to secure a tenant for your property if the little things are overlooked. This may seem obvious or unnecessary even, but all the small things add up and tenants are good at noticing when owners don’t care enough about their property.
To lower your vacancy period, ensure that your property is marketed well. You could have a beautiful house that presents well in person, but if your marketing is done poorly, it will cost you. Pay that little bit extra to appear higher on search results on realestate.com.au and Domain.com.au so you have more visibility. Make sure you have an excellent description of your property that is well written and accurate. Include property features (bedrooms, bathrooms, car spaces), nearby parks/shops/schools, and any other features that will sell your property. This should be backed up by excellent images and digital floorplan.
Keep it fresh
Earlier we touched on making sure all your property was clean and up to date on all repairs. This goes a little further than that. At some point in its life, your property will need a face lift. Often, property investors shy away from refurbishing their property, thinking that all the spend will not be recouped. If you want to attract higher quality tenants and keep getting those higher rents and lower vacancy period, you need a property to match. A property will deteriorate over time with multiple tenancies so every now and then, needs a lift.
A property will, on average, need to be updated every 4 to 6 years. You need to make sure you are budgeting for a sinking fund to cover these kinds of expenses. Things that could occur over this time include:
- Hot water system replacement
- Replacement of whitegood/appliances including stoves, clothes dryers, dishwashers etc.
- Painting both externally and internally.
- Replacing floor coverings and window coverings.
Expenses incurred in improving your property to make it attractive to tenants may be tax deductible, talk to your accountant first.
Have a good property manager
A property manager should be aiming to help you get the best tenants as soon as they can. They are there, after all, to help you maximise your return. They do this by asking the right questions at open homes, replying to all enquiries that come into the office straight away, processing applications within 24 hours, doing in depth background checks through TICA, rental and employment references and the list goes on. You want a property manager in your corner that is as passionate about your property as you are.
If you’re after assistance with tips on preparing your property, give the team at Link Living a call. 07 3899 8311 or 0432 565 556.