5 ways to improve your chances of renting out your investment property
An occupied property is an earning property. Discover 5 of the simplest ways to ensure your rental property is quickly filled with a qualified tenant. A rental property can be a highly profitable investment, provided it is consistently filled with paying tenants. Vacant periods are arguably the biggest stress for landlords, particularly those responsible for a bond repayment. You can take some simple steps to help fill your property with a suitable tenant , not all of which need to cost you money. Here are 5 ways to help attract the right tenant.
- Keep the surrounding area clean and attractive
Overflowing bins, unswept leaves and dirty walls will leave a bad first impression on would-be tenants. It’s vital that the area around your property is kept clean, particularly in the case of flats or units within a complex. If other occupants are contributing to the problem, set up a meeting to discuss the problem with the groundkeepers and work out a solution. Place some plants if possible, pot plants will do. Greenery makes a property look homely and more attractive to possible tenants.
- Research local rent prices
It’s essential that you familiarise yourself with the prices that other landlords are charging for similar properties. Your tenants will be viewing multiple options and overpricing will immediately remove your property from their list of options. Also consider the equipment and furnishings available in your property and any utilities included in the price. This leads to our next point:
- Offer paid utilities
Even if it is an inexpensive service, including basic utilities in the rental price can make your property seem considerably more appealing to the budget conscious tenant. Be sure to mention if garden services and/or a laundromat are available free to tenants.
- Advertise early
Advertise the property as soon as possible and never make the assumption that tenants will be renewing their lease agreement. With the frantic pace of life, it’s easy to leave advertising too late and then have to manage viewings and new lease signings while your property is standing vacant.
- Get to know your tenants
Finally, take the time to get to know your tenants and speak to them frequently. Having an open channel of communication has numerous benefits. It ensures that tenants will feel comfortable with alerting you to any problems with the property and promotes negotiation, instead of hasty actions. Making friends with your tenants can be one of the most effective ways of securing longer occupancies and reducing tenant turnover. Checking potential tenant’s employment, pay slips and credit record is vital to the application process. No point letting your property to the “nicest” tenant if they can’t afford the rent.
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