Making your Property attractive to Tenants
Attracting Tenants is crucial if you want to get a return on your rental property investment. If you don’t have an attractive property, you are unlikely to being able to charge rents at market rate or attract “desirable” Tenants.
A little money and care spent on preparing your Property for rent can make all the difference.
So – what makes a Property attractive to Tenants?
Quite simply – pretty much the same things that will attract potential Buyers!
Renters will typically be look for:
- Properties that present well and are clean, well maintained and safe.
- Properties that are not going to require a substantial cost to maintain on top of rent
- Close to amenities (Schools, Shops, Medical) and transport
- Value for money
- Pet Friendly or Child Friendly depending on their circumstance
- Good storage/Built-ins
- Number and size of Bedrooms
- Entertainment/Living spaces
- Good Internet connection and/or Cable
When putting the house on the market, make sure you factor in some marketing funds – the better advertised – the better your chances of attracting a Tenant. Have the Property maintained while it is vacant. Curb appeal is very important. If the Property looks dishevelled from the road, many Tenants will disregard and not bother with an inspection. Make sure the rubbish bins are brought in and put away.
Go through the Property and fix up the small details – missing or broken light fixtures, scuffed or chipped walls and doors, torn fly-screens, etc.
Neutral interiors are always more attractive and just as when you sell a Property – bathrooms and kitchens can be the deciding factor.
If you have the funds – make sure there is a dishwasher and good quality stove-top and oven. Nowadays there is a growing trend for double door refrigerators. Does you kitchen allow for this or do you have a small alcove that limits the size of refrigerator? This could be a deciding factor.
Think of the target demographic of people who are likely to rent your Property. What sort of things do you think they would consider as being beneficial? Does your Property have what it takes to attract these Tenants?
Spending a small amount of money to attract good Tenants at market rent makes more sense than having a vacant property for weeks or months on end.