Three strategies for attracting new tenants!
There are a few important elements that will help you attract excellent renters to your property with little vacancy, regardless of whether you are considering leasing out your home, your investment is currently unoccupied, or you know your current tenants will be moving out soon. We’ve gathered the top three suggestions for you to ensure you are attracting new tenants and to make leasing a breeze because the longer your property is vacant, the more it affects your income.
- Take high-quality photographs.
We’ve all seen them online — the rental listing with mediocre (or no) photos – I’ve even seen photos ripped from Google Street Maps or, my personal favourite, one with the car mirror still in the image because the agent didn’t even get out of their car to take a new front shot! Quality photos of your property are essential – some agencies charge for a professional shoot with a photographer, while others have the equipment and know how to use it themselves – in either case, quality is important. Using a professional photographer ensures that your photos are well-lit and edited to bring out the best in the shot (not edited to deceive- don’t even get me started on some sales shots I’ve seen). In any case, first impressions matter and attract a much higher click-through rate online, increasing your chances of finding the best tenant.
- Ensure that the property is well-presented.
You’d think this is obvious, but there’s nothing worse than showing up to a new listing to show tenants around, only to find ourselves wading through knee-high prickly grass because, despite our advice, it hadn’t been done before the first open! Maintaining a well-presented property, both in listing photos and when the property is available for inspection, is an excellent way to attract quality tenants and applications from the first open house.
Potential tenants can see how they would fit into the home when the property is neat, tidy, decluttered, clean, and in good condition, with no visible signs of maintenance needs or repairs. If your property is currently occupied and you can conduct inspections before the lease expiration, it is often beneficial for both parties to offer your tenants free lawn mowing or a cleaner to assist them (because this helps you). Happy tenants (even if they are evicted) will go out of their way to ensure you get the property back as soon as possible! Furthermore, any money you spend is tax deductible.
- List on popular websites.
The majority of people find their next home through one of popular real estate websites and social media. Realestate.com.au, for example, receives nearly 20 million visits per month. In terms of social media, take a look around the next time you’re on public transportation to see how many people are on their phones! You must get your property in front of as many potential tenants as possible to lease it quickly. While your photos are being developed, work on the listing copy to ensure that the best features of your property, as well as other important information such as local amenities and the feel of the neighbourhood, are fully detailed.
Make sure you also list well – it’s not uncommon to have 50+ properties available for lease in high-rent suburbs (check out Burleigh, for example. Relestate.com.au, in particular, works extremely well; however, if you don’t use a premier listing (which does cost more to list), you’re already behind those who do. It’s an unfortunate byproduct of online portals capitalising on their success by charging more for these types of services – but making sure you’re on page one of the houses available in your area rather than page 5 is worth it!
Finding a great renter is critical after purchasing the ideal investment property. Follow the steps outlined above to ensure you’re giving yourself the best chance of quickly attracting quality renters. While professional photography and a cleaner are costs, they can help you lease your property quickly and avoid long periods of vacancy, making it a worthwhile investment. If you’re unsure about the process, speak with your property manager because they know how to streamline things, provide valuable insights, and ensure you quickly secure a great tenant.
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Please keep in mind that this article is not intended to provide financial or legal advice. Before making any decisions for yourself, please consult with your professional financial and legal advisors.