How to present your property to attract the best tenants
As experienced investors know, part of the journey investing in rental property is finding quality tenants to look after your property investment. For this reason, seasoned property investors utilise the services of expert property management companies such as IQ Property Management founded by Rachel Kann.
Landlords often come to IQ Property Management having had a bad experience managing property themselves and are just unable to attract the right tenants. With 10 years’ experience, Rachel Kann is able to assist owners with insightful information on how to maximise their return on investment by presenting the property in a way to appeal to long term tenants. Rachel is a firm believer that: “If you present your property nicely, it attracts quality tenants with ease”.
Subsequently, poor presentation usually means it takes longer to rent, puts tenants in a position to negotiate the rent down and will likely attract the wrong tenants or good tenants who don’t enjoy living there, this in turn increases ‘occupancy turnover’ plus ‘vacancy time’ and reduces your return on investment.
Rachel notes that the best way to attract excellent tenants is to: “Make your property appeal as a home”. She also says “If you have the attitude your tenants should put up with a poorly maintained property you will attract tenants with low standards or good tenants who end up not caring too much”.
While making your rental investment appealing might require a bit of upfront expenditure the long term gain will be shown when it rents quickly for the highest market rent, to great tenants who look after the place and treat it as their long term home.
Well maintained properties also generally cost less in the long term as you will have less call out fees to deal with on-going repairs.
Realise the fact that it will be someone’s home and make improvements so your ‘dream tenant’ would want to live in it.”
Ask yourself these questions:
1. Would you live in the property?
2. Could you go and live there happily, long term if you needed to?
3. When you walk through the gate/front door, does it feel like a rental property or a place one can make home?
4. If you lived in the property what basic things would you to do to make it a home?
5. Does it have some comforts that add appeal?
Check off these points if you need to clarify:
1. Is it dry and insulated?
2. Does it have a heat pump and or HRV system?
3. Is there an alarm for security?
4. Is there adequate storage particularly in the kitchen?
5. Is it clean?
6. Is it well maintained?
7. Does it need a repaint and/or new curtains?
8. Are the carpets in reasonable condition (and at least clean)?
9. Are the gardens tidy and easy to maintain?
10. Is it fully fenced (if you want to attract a family)?
Rachel says at all times: "You want your tenants to be proud of your property so they treat it as if it is their own”.