Doing up a rental property to appeal to your ideal tenant is the best way to boost your rental return. An ideal tenant is usually someone who pays rent on time, respects and maintains your property, and commits to a fixed, long-term lease agreement.
To attract this person, it’s important to place yourself in their shoes and consider what you would need to live comfortably. What factors would sway your decision to apply for a home or not? Whether you’re an experienced landlord or a newbie, Ray White West End can help your rental stand out in a competitive property market. Keep reading to learn how!
Did you know that real estate listings with professional photography are rented 70% faster than those without?
Price Your Property Correctly
As a landlord, pricing your rental property is a crucial yet sometimes difficult process. While the real estate market constantly fluctuates, elements such as location, size, and the overall local demand will consistently influence your rental price and, ultimately, your popularity amongst home renters.
For example, is your rental close to shopping centres, schools, public transport or main highways? How many bedrooms or bathrooms does it have? Is there a carport or a secure driveway? Does it have a pool?
Other factors that could increase or decrease your rental price include:
- Pet-friendly areas
- Security features
Do Your Research
To better understand how to meet the market, we suggest researching similar properties and locations on the leading real estate websites such as realestate.com.au.
You must also consider your monthly costs as a landlord. These can include your mortgage, maintenance and repairs, taxes and insurance. You want to ensure that you can cover these expenses and still make a profit.
To make this process easier, you can hire a property manager who is experienced in optimising your rental yield.
Our property managers are the West End Rental experts. Reach out to our team today on (07) 3844 4244.
Hire a Professional Photographer
Whilst it might seem resourceful to snap photos with your phone or camera, this can cost you in the long run. Photos with poor quality and unflattering lighting can cause your property to look small, messy and unappealing, leading to more vacant days on the market.
Professional property photographers know how to capture the best elements of your rental to generate interest. Their extensive knowledge in lighting, spacing, colour and angles will enhance your property’s interior and exterior features, making it look bright and inviting. This, in turn, creates a higher demand and rental yield.
So, to increase your profit and attract good tenants to sign the lease, hiring a professional photographer is a no-brainer.
For more tips on preparing your property for rent and decreasing vacancy rates, check out this page.
Ensure the Property is Secure & in Good Condition
Another non-negotiable step in preparing your property for rent is to ensure all maintenance and repairs are up to date. Cultivating a safe, welcoming home for your tenant will set the standard of how they are expected to maintain the property during the lease.
We highly recommend fixing, cleaning or upgrading the:
- Plumbing (toilet, sink taps, pipes etc.)
- Electrical wiring and lighting (bulbs, switches etc.)
- Security doors, windows and locks
- Roof and gutters
- Stairs and railings
- Floorboards and carpet
- Walls and skirting boards
- Cupboards and appliances (stove, oven, dishwasher etc.)
- Any other structural defects.
Having a professional tradesperson or cleaner to perform these tasks will ensure they are done properly and may even be claimable services come tax time. We can organise this for you through our concierge service.
Improve Curb Side Appeal
It’s amazing what a fresh coat of paint or manicured lawn will do when appealing to people looking to rent. Make a good first impression and attract quality occupants by adding some pot plants, tidying up the turf and cleaning your driveway and house exterior. We promise that you’ll be glad you did when it comes to your open houses and inspections!
In saying this, don’t go overboard with the landscaping. Some residents will find it daunting and believe they will need to upkeep the greenery during their lease. Instead, we advise keeping it simple by opting for low-maintenance plants.
Furnished or Unfurnished?
Choosing to furnish your rental may benefit you in the long run, depending on what type of lease you wish to secure. Studies show that 75% of home renters seek a long-term lease and prefer an unfurnished place to make their own. However, prospective tenants such as backpackers, students and working professionals may be willing to pay more for a furnished home.
We recommend striking a balance between furnished and unfurnished so you don’t exclude any potential applicants. Supplying white goods and appliances is an excellent place to start.
Be Cooperative & Open to Negotiation
Sometimes, securing a trustworthy tenant is best done through negotiation. For example, lowering the price for a long-term applicant with a reliable rental history is usually better than choosing a short-term one willing to pay the advertised price.
A fixed lease ensures a steady income from your investment property which will benefit you financially in the long run. It also allows you to form a positive, professional relationship with your tenant from the beginning.
Negotiation won’t always be just about the rental price, though; it could involve:
- Pets and fencing
- Air-conditioning and heating
- Ceiling fans
- Maintenance and repairs
- Security screens or alarm systems
- Kitchen appliances
- Utilities, furnishings and other inclusions.
By being a cooperative landlord, you have a much higher chance of renting your property to a good tenant, ultimately making the most of your real estate investment.
Choose the Right Property Manager
Effective Property Management involves trust, transparency and consistency. Our South Brisbane, Highgate Hill and West End Property Managers provide all that and more. We promise to find your ideal tenant within seven days by harnessing our local knowledge and proven marketing strategies.
Here’s some marketing strategies we utilise to make your rental property stand out from the rest:
- Professional Property Photography – captures your property at its best.
- Digital Floor Plans – produces 30% more enquiries!
- Online Advertising – we are the most googled real estate agency in Australia, with more than one million visitors each month!
- Tenant Portals – we use databases with over 50,000 potential residents.
- Public Signboards – promotes your property 24/7.
- Accessible Service – we accept walk-in enquiries, phone calls and emails.
To learn more about our property management services and strategies, please visit our service page.
Ready to boost your rental value? Reach out to our friendly team today! We look forward to achieving your property investor goals.