For first-time landlords, and even for experienced property investors, finding a tenant can seem to be a stressful prospect.
Making sure the house is appealing to prospective tenants is important, but there are many other tangible steps you can take to get your property leased. From knowing when to enlist professional help, to strategically planning when to open the property for inspection, here are some tips to help you get your property leased as quickly as possible.
Improve street appeal
First impressions count for everything. 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.
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, this might mean setting viewing times after dark to show off a glittering city view. Alternatively, if the property is positioned on a noisy street, hold off on conducting inspections until after peak commuting hours.
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.
Invest in quality photography
Good photography makes all the difference when it comes to appealing to your target audience. Blurry photos, poor composition, and unflattering angles can 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 and straight curtains or blinds can make a real difference. Consider investing in a professional photographer; remember, their rate should be tax-deductible, and you can use the photos for years to come.
Do a deep clean
While it comes at a small cost, enlisting the services of a professional cleaner could pay you back ten-fold if it attracts a new tenant sooner. Have the property deep cleaned before taking photos, or before inspections, and have the tenants maintain the standard to ensure the property is presented in its best light.
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, and even loose doorknobs that need tightening.
Make gardening stress-free
If your investment property has a sizeable garden attached to it, consider hiring a gardener. Not only is it tax deductible, but the cost of long-term garden neglect can be steep. A gardener will also ease the pressure on potential tenants to maintain their new home, adding further appeal to your property.
Prioritise flooring upgrades
A fresh and clean atmosphere inside the house will immediately make it easy for the tenants to picture themselves living in your property – and this starts from the ground up. The ATO assumes the life of carpet is around 10 years, so use this as a guide and aim to replace the carpets every decade or so.
Use a property manager
According to The Australian Landlords Panel, around 23% of landlords self-manage their properties – even though most landlords are working full time. 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 professional. Also, keep in mind that some insurers require a property management agreement to be in place as a condition of insurance.
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Source: Terri Sheer
Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of CENTURY 21 Australia, others employed by CENTURY 21 Australia or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold CENTURY 21 or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the CENTURY 21 Australia network.