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Renting out your property can be a competitive endeavor, especially when faced with thousands of other landlords vying for the attention of potential tenants. In certain suburbs, higher vacancy rates and an abundance of rental properties can further intensify this competition.
So, how can you ensure that your property stands out and attracts the best tenants quickly?
Here are our 7 essential tips:
Invest in professional photography and staging to showcase your property in the best possible light. High-quality visuals can significantly enhance its appeal and attract more potential tenants.
Over 98% of rental properties in Australia receive rental applications online, as it saves time and is very convenient. Consequently, great digital presentation will help your property attract a large number of rental applications.
When you are trying to attract tenants, make sure that the power is on so that lights can be used. Lighting is an essential part of good photography. You want great photos to promote your property to potential tenants.
With the right appliances, decor, and usage of space, significant value can be added to your property.Consider Staging and Styling which declutters and depersonalises your property to accentuate its positive qualities. This attracts more tenants who will pay higher rents.
Conduct thorough market research to determine the optimal rental price for your property. Pricing it competitively can attract more interest and expedite the renting process.
A residential tenancy agreement (also known as a lease) is a contract between a landlord and a tenant. To help you get the best price, think about the terms that can be negotiated in the lease including:
The best tenancy agreements generally happen when the landlord and tenant are reasonable and negotiate in good faith. Landlords and tenants should be considerate of each other and compromise where possible.
While you don’t want to undersell your rental property, it is important you don’t alienate prospective tenants by asking too high a price or have your property sit vacant for an extended period. Remember that one weeks’ missed rent at $700 will quickly add up to more than $14 less per week asking price.
Utilise a diverse range of marketing channels, including online platforms, social media, and local advertising, to reach a wider audience of prospective tenants. Highlight unique features and amenities to capture their attention
It is absolutely critical when writing your property description, you highlight items that are important to tenants. Tenants value features like entertainment areas, air conditioning, ceiling fans, car accommodation, solar panels, water tanks, pet-friendly, a dishwasher, heating, a pool, recent renovations, etc.
The target rent must match your description. A premium property being rented at $1,200 per week needs to be advertised with high quality photos and a great description.
Put yourself in the tenant’s shoes – they are looking to lease property in their price range that is comfortable, safe, convenient and offers stability. Make sure to communicate that your property meets their needs. .
Allowing pets with responsible tenants may result in a longer term tenancy with fixed rental increases. This gives peace of mind to both the tenant and the landlord. To ensure your property is protected if you do allow pets, you can have the tenants sign a “Pet Agreement” whereby the tenant takes all responsibility for their pets. The correct Landlord Protection Insurance is also important when it comes to approving pets
Simplify the application process to make it easier and more convenient for potential tenants to apply. Utilize online application forms and digital document submission to expedite the screening process.
Promptly respond to inquiries and communicate effectively with potential tenants. Providing timely and helpful responses can instill confidence and encourage them to proceed with renting your property.
Offer flexible viewing options to accommodate the schedules of potential tenants. Consider virtual tours or video walkthroughs to allow them to explore the property conveniently from anywhere.
It’s important to ask the property management company ‘What systems and processes do they have in place to ensure:
Keep in mind that tenants must leave a property as they found it. Make sure your photos show that your property is clean and tidy so tenants know what to expect.
Do not wait to do all your repairs at once. Attending to maintenance as the need arises, rather than one larger outlay, will safeguard your property’s long-term capital value. This will also spread the cost of repairs and allow you to claim deducations in each tax year.
By implementing these essential tips, you can increase the visibility of your property, attract quality tenants, and expedite the renting process, ultimately achieving a stress-free rental experience.
