A property that sits vacant while you look for tenants can really hurt your cash flow, but it’s a problem many landlords face.
Regardless of whether you have hired a Property Manager or you are leasing the property yourself, use these strategies to improve your chances of attracting tenants.
Make it convenient
Make sure it’s easy for potential tenants to contact you and view your property. This means responding quickly to enquiries and creating convenient open home times. Opening your property after hours and on weekends will bring more people through the door than restricting openings to business hours.
Create a good first impression
Great photos that highlight your property’s features can make all the difference to whether your online listing attracts attention. Have a look at your photos from the point of view of a potential tenant and consider whether they present a good first impression – are the images well lit, do they show more than one room, are the best features on display?
Take the time to ensure the property is clean and the maintenance up-to-date before you open for inspection. For tenants to picture themselves living there you want them to like the property from the moment they walk through the door. Be sure to ask for feedback from everyone who views the property so you can find out any negative issues that could be rectified – does it need more storage, is the kitchen outdated, are the carpets smelly?
Ask for the going rate
It’s a common mistake for landlords to overprice their properties in an effort to maximise rental return and then end up having to drop the price after weeks of losing money on a vacant property. Tenants know what other similar properties are charging and overpricing your property by even a small amount is an instant turnoff. Not sure what to charge? Go to a property portal like realestate.com.au and use their search criteria to find comparable properties and their prices.
Make your advertising count
Think about the main benefits of your property and be sure these are reflected in your advertisement heading and copy. Why would a tenant choose your property over another – perhaps it is close to the beach, light and sunny, near transport, good views, security access? Focus on the most suitable tenants for your property and pitch your advert to what they want to hear. Use a variety of advertising mediums like web portals and social media hubs, and don’t forget the networking power of family and friends.
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