How to find the dream tenants for investment properties
Over the past two decades, purchasing investment properties have made a great deal of money for some Australians by providing their owners’ with a constant stream of steady income. If you currently own an investment property, or are in the market for one, be aware that there are a number of different factors that can impact your return on investment. Of those considerations, having good tenants is of upmost importance.
According to the Australian Bureau of Statistics, over 30 per cent of the Australian population rent rather than own properties. With this much competition how do you attract potential tenants to your property, and then keep them for the long haul?
Consider amenities and facilities that are attractive to tenants
Put yourself in the shoes of your dream tenant. What would they look for in their ideal rental property? Think about the type of tenant you would like to attract and aim to deliver a lifestyle that suits them. Try to consider the local businesses and organisations that are useful to nearby residents. Transport, education, entertainment, retail, employment prospects, recreational areas and the surrounding community can all have a huge impact on how a prospective tenant or buyer would perceive your investment property.
The better your property, the better your tenant
A property that is well kept and presented will increase your chances of attracting a tenant that takes pride in their home. Consider taking the time to improve and renovate key features of your property. Sometimes, small tweaks to your home – air conditioning, fresh carpet or paint, recently purchased appliances or other minor adjustments – can really enhance how a tenant values your property and drive up your rental income as a result.
Marketing and Advertising
The next step is to consider the different channels you wish to use to find your prospective tenants. As it is important to reach the right audience, be sure to do your research on the most popular ways tenants are using to find rental properties and then focus your promotions on these resources. Try to develop the most attractive profile for your home as you can by ensuring that any property listings are clear, comprehensive and filled with high-quality photography.
Do your research on applicants
It is incredibly vital to learn as much as you can about all of your rental applicants before you make your decision on whether or not to accept them. The applicants’ current and former landlords are handy resources in providing insights into previous rental history.
Because of the fluid nature of the rental market, finding a good low-maintenance tenant is exceptionally desirable. Tenants who rarely complain, continually pay their rent on-time and maintain the property at a high standard represent a valuable asset for landlords.
It can be a really useful to introduce yourself and have a friendly discussion with your tenants when they first move in to help them understand that you are approachable. Try to always respond to any of your tenants’ enquiries as soon as they arise and occasionally touch in with them to ensure they are happy with their living conditions. By making tenants a priority you can gain a reputation as a good landlord that will only make your investment property work easier in the future.
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