With choice comes challenges, and just as the property market is deemed a buyers market, we should most certainly treat the rental market the same way. When you search online for a rental property in a popular area you are flooded with choice. And the things we most often forget or are not informed about when putting your investment property up for rent is that tenants in some suburbs have so much choice.
To be competitive in the marketplace you must present your investment as if you were selling it to the tenant. What is going to make a prospective tenant click on your ad instead of the 50 or more ads that are exactly the same? As a renter, former buyers agent and now business development manager I have put together these top tips to help you avoid long vacancy periods and get your property rented in what can be a difficult market.
Ok, yes you may have lived in the apartment with the stained carpet for years and it didn’t bother you, but if you want top dollar you have to sort that out. Paint the walls, get the carpets cleaned, mouldy sealant in showers.. doing the little things can make a big difference.
Just like you did when you purchased the property, tenants do to. They’ll open
wardrobes, drawers, test taps. You may as well get them fixed before someone moves in anyway as this is exactly what the property manager will be reporting to you to fix.
I myself lived in an apartment in Woolloomooloo with an entirely red tiled bathroom, but most people don’t want to. If you’re renovating your property or even freshening it up, try neutral colours. And carpets try and stick to darker colours, you don’t want a tenant accidentally walking some dirt onto your plush pile white carpet.
If there is green space at your property, make sure it’s green. Grass, plants, tidy and trimmed. Tenants have to maintain it anyway.
Having the power turned on in your property means that the property manager can turn on all the lights in the property to show it in the best light.
Have you ever scrolled through property listings and had a little chuckle at horrible photos? You want your property to stand out in the crowd and make people click on it. Have an awesome view? A Masterchef kitchen? Show it off.
Ask your property manager what sites they list on. Some real estates charge
cheaper listing fees but they only list on one site. Depending on what state you’re from sometimes dictates which site you look on. Look for a manager that advertises on multiple different sites to ensure the most exposure as well as doing social media posts.
Your property manager should walk through your property and tell you the things that need to be done in order to assist you with renting your property. One small thing could cost you a tenant.