For first time landlords, and even for experienced property investors, finding a tenant can seem to be a stressful process. Westons Property & Co. is here to provide a simple breakdown of key elements from enlisting an experperinced agency, to implementing a strategy for property inspections, to have your property leased as quickly as possible with a smooth transition from beginning to end.
1. IMPROVE STREET APPEAL
First impressions count. To maintain street appeal, make sure the pathway is clear and that everything visible from the kerb – including doors, gutters and windows – is clean and in good repair. Make sure the garden looks healthy and touch up any external paintwork that needs freshening.
2. SET STRATEGIC VIEWING TIMES
A savvy strategy employed by experienced property managers is to hold inspections at the times your property presents at its best. For instance, if the property is positioned on a noisy street, hold off on conducting inspections until after peak commuting hours.
3. REVIEW COMPARABLE RENTALS
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 to be competitive with other similar properties to ensure you secure a tenant quickly.
4. INVEST IN QUALITY PHOTOGRAPHY
Professional photography makes all the difference when it comes to appealing to a potential tenant, after all this is the first impression your property will have and increases your chances of having a successful inspection . Dated photos and unflattering angles can make your property look old or small and potentially turn renters off before they’ve even stepped through the door. Make sure your property is looking its best for photos – beds made, benchtops free from clutter can make a real difference.
5. Professional CLEAN
Although this initially may seem expensive, enlisting the services of a professional cleaner could pay you back ten-fold if it secures a tenant sooner. Have the property deep cleaned before taking photos, or before inspections this ensures your property will be seen in its best light. It also ideal for your ingoing inspection as this ensures that your property will be handed back in the way it was received, making re-letting a breeze.
6. BE PROACTIVE WITH REPAIRS
Falling behind on even minor repairs could see tenants move your property to the bottom of their pile. Everything that needs to be fixed should be fixed. This includes leaky taps, broken light fittings, damaged fly screens on doors and windows. A tenant doesn’t want to move into a property where they can see potential issues.
7. MAKE GARDENING & POOL MAINTENANCE STRESS-FREE
If your investment property has a sizeable garden or pool, consider hiring a gardener/pool maintenance company. It is tax deductible and will also ease the pressure on potential tenants to maintain their new home, adding further appeal to your property.
8. 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 professionals who are experienced and up to date with rules and regulations of the property industry. Also, keep in mind that some insurers require a property management agreement to be in place as a condition of insurance.