If you have been an owner of an investment property for any period of time, then you will understand that good long-term tenants are worth their weight in gold! Good tenants do more than just pay rent on time, they care for your property like it was their own and give you great peace of mind. Having a tenant that is the right fit for your property Is what every landlord hopes for. While an experienced property manager will thoroughly screen applicants and assess their suitability, there are still several things that landlords can do to attract quality tenants. Getting a quality tenant in your property takes more than just putting a lease sign in the front yard and hoping for the best.
Here are my top tips for attracting great tenants;
Stands out for the right reasons.
One of my ultimate bugbears is when property owners insist on using old photos, usually taken from a phone to save money on professional photos. Grainy, blurred and unflattering photos can be a common site on some agents’ web pages, which does nothing to attract anyone. If your property listing is the worst looking one on the web page, then you can’t expect to get the best results. In a crowded rental market, these details can make a huge difference. I think this puts tenants off because it can give the impression that if a landlord is not willing to spend money to market their property properly then they also won’t be willing to spend any money to maintain it. These days a set of professional photos only cost around $150 and they can be reused if needed. A well-presented property listing will lease your property quicker and can save you hundreds of dollars per week in lost rent, so it is well worth the expense.
Deal Breakers.
I can’t live without my dishwasher or my air conditioning, these are my deal-breakers. Most potential tenants will have things that they can’t live without either. If possible, it is a good idea to look at what extras can be added to your property to boost its appeal. Your property manager should be able to give you some tips on what tenants look for. It doesn’t always need to be major items like split systems, sometimes even some extra storage or new blinds can go a long way.
The price is right.
It is really important that the asking rent is in line with the current market. A property priced too high can sit vacant for an extended period, while if you price the property too low you will not be getting the best possible rental return. It takes an experienced property manager to get this balance right. I have had conversations with landlords in the past that suggest setting a slightly higher price hoping that this will attract a better tenant. This strategy does not work. Tenants spend a lot of time looking for the perfect property, they do their research and have a good idea of market rents A savvy tenant will not overpay just because they can afford to do so.
Presentation.
Presentation matters, I can’t stress this enough! If you are trying to lease a property that still has a tenant in situ and the property looks untidy, it may make sense to hold off until the property is vacant. While the vacating tenant will need to leave the property in clean and tidy condition this is also a good opportunity to do any maintenance or upgrades, so the property is looking it’s very best. A fresh coat of paint or a garden tidy up can work wonders. Don’t forget that property maintenance is usually tax-deductible, it also increases the value of your property so don’t be afraid to spruce the place up a bit when need be.
Dog people.
In WA more families now have dogs than ones that don’t. We just love our pets. On the flip side, fewer owners will allow pets in their rental property than ones that do, so this means a lot of pet owners can struggle to find a rental property. While there is much debate on both sides of the argument ( full disclosure, I am a dog Dad) I believe that a well-managed property with tenants that have a good history poses little risk. In my experience, I have had some great tenants that have had pets without any issue. Being flexible on allowing pets may open you up to some great long-term tenants.
Speak to your property manager
If you have been having trouble attracting and keeping good tenants, then there is every chance that you may not have the right property manager working for you. As a property investor attracting and retaining good tenants can vastly affect your rental return, minimal turnover means fewer agency fees, more rental revenue, and income consistency.
Our team of senior property managers have the experience to guide you through this important process to save you time, money and peace of mind.
Written By Ben Broadley