How to attract good tenants
For landlords, finding the right tenant is crucial to the success of your property investment. Keeping a good tenant for a long time means less work, less stress, and reliable income. The goal of every landlord should be to attract and keep high-quality tenants, reducing turnover rates and maximizing profit. So how can you go about securing the best possible tenants?
Here are some top tips on how to appeal to great tenants.
1. Treat your investment property like a small business
Your investment property is just like a business. If handled properly, it can make you lots of money. If neglected, it can cost you money. Behind every successful business is a successful marketing. But before you attempt to market your property, you need to research your target market to ensure you’ve got what they need.
2. Spend time & money on the right features to beautify your property
When it’s time to show your property to prospective tenants, you want it to look good. Tenants looking for a long term home aren’t going to be impressed if your property looks unpleasant, run down, and if repairs still need to be done.
In many cases, tenants will pay more for certain features such as
- Fresh carpet
- Freshly painted
- Having all facilities in working order
- update your appliances
- Thoroughly clean inside and out before showing your property.
3. Market your property effectively
It’s important to understand what tenants in your area look for and emphasise elements that appeal to them.
Every suburb in Melbourne is different and attract different people, the Northern suburbs typically attract the young and trendy, the East attracting families by having some of Melbourne’s best schools, the West having an urban lifestyle and for the South, you have the relaxed bayside lifestyle.
Bad photography and scrappy listing material won’t capture your target audience. You could lose potentially great tenants, some key ideas to remember when advertising are:
- Use quality, high-resolution photographs
- Don’t just list the physical features – aim to capture a lifestyle
- Social media is a huge avenue for advertising, make sure to get your property noticed on there
- Video updates of your property, visuals are everything to prospective tenants
Other options for advertising as well could be newspapers, shop windows and any universities nearby.
Once you’ve found your perfect tenant, the process isn’t over. You must make that tenant’s experience in your property positive, so he or she wants to live there for a long time. Your tenant should be able to contact you or your Property Manager (if the property is professionally managed) in the event of an emergency, as well as for general repairs and general tenancy matters.
5. Keep up with repairs and maintenance
Nothing frustrates a tenant more than a landlord dragging out overdue repairs. When a tenant or Property Manager contacts you to inform you something is broken, you should respond quickly. It’s good practice to already have skilled workers in mind whom you can contact when something breaks. Your Property Manager should have an array of reliable tradespeople on call.
Carrying out regular or preventative maintenance is also important as it can help avoid the unpleasant surprise of major repairs in the long run. Tenants usually appreciate seeing a landlord taking pride in their investment property, which can encourage them to take better care too.
This keeps your relationship amiable, as things are kept up to date and in working order. Take the time to make your property a place your ideal long-term tenant would want to live, and you will reap the benefits.