Your investment property is one of your most valuable assets – it goes without saying that you want a quality tenant living there. In addition to guiding you on pricing and marketing strategies, a good property manager will work with you to ensure your rental ‘ticks the boxes’ for the type of tenant you’re looking to attract.
Things to consider:
- Think like your target market
Think about the type of tenant likely to be interested in your property. Singles, young professionals and families have different priorities – it’s important that your rental appeals to the audience you’re trying to reach. Is your investment close to local schools? Well connected by public transport? Ensure you market it accordingly.
- Invest in extras
Quality tenants have high expectations of the ‘must haves’ when considering a rental property. While new carpets and a fresh coat of paint always make an impression, today’s tenants are also hoping for air conditioning, broadband and a dishwasher. If you’re renovating the bathroom and hoping to appeal to families, adding a bath could be a sensible investment; likewise, turf or paving might be a good choice for outdoor areas in a one bedroom unit.
- Consider your timing
When it comes to the rental market, there are peaks and troughs throughout the year. If a 12 month lease will mean your property is potentially vacant at a quiet time, consider offering a 15 or 18 month lease. Your property manager can guide you regarding timing your lease to best take advantage of periods of high demand.
At Greg Hocking, we’re here to help you maximise your rental returns. Contact your local office for more information about our professional, proactive approach.