You never get a second chance to make a first impression. It is critical when a prospective Tenant inspects your property.
Renting your property faster adds up to higher investment returns, together with fewer and shorter vacancy periods.
Tip 1: Presentation
Presentation is vital to achieving peace of mind with the right tenant.
To create an attractive street appeal by attending to gardens, mow & edge lawns, clean the windows, concrete, gutters and outside paintwork.
Repair or replace items at the property as part of a general maintenance program. Have an Electrician inspect wiring, power points and even the electrical appliances for compliance and safety
Keep it modern and fresh by maintaining the paint work and floor coverings. We recommend a neutral colour scheme as it will have the widest appeal.
Have the property professionally cleaned on occasion when it’s vacant to include carpets & blinds. This will also rid the property of odours such as cigarette and pet smells.
Energy efficiency & Air Conditioning is hig
h on the list of priorities for prospective tenants.
Tip 2: Promotion
Research has proven 85% of rental enquiry is now from the internet so ensure the presentation of your property makes the best impression.
Advertising is not cheap so to get value for money and maximize the property’s impact on the market photography, description and placement is vital.
Tip 3: Price
Thirdly, but just as importantly is Price. This can either make or break your annual return.
We would all love to achieve above market return on our investment but sometimes you are doing yourself a dis-service by pricing the property out of the market.
If you have the enquiry but not the applications and you have ticked all the other boxes it will come down to price. It is best to get 95% of current market rate, instead of 100% of nothing.
Each week the property is vacant you are losing 2% of your annual income.
Make sure the market appraisal for rent is well within the market supply and demand curve. The tenant is the consumer and they are in the market place viewing what is available and comparing all of these factors when making their decision where to live. Make sure you are comparing apples with apples when establishing the right market rent for your investment.