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March 9, 2016

How to make your rental property stand out from the crowd

Renting out a property can be very competitive, so you want to make sure you attract the right type of tenants.

BY PAUL WILSON

Though marketing your property may fall under the responsibility of your property manager, you still need to communicate your expectations when it comes to getting the right tenants.

Doing so will help empower your property manager – they may be great at the admin behind managing your property but might not have the flair for marketing.

Whether you have a property manager or not, you need to be proactive – landlords need to do everything they can to attract enquiries from the right type of tenants.

Here are our top tips to attract the best tenants…

The property description

When it comes to the property description, you need to find the balance between too much and too little information.

Not enough information may frustrate prospective tenants and look like you have something to hide. You need to communicate the features and benefits of the property, and really sell the sizzle.

Put yourself in the tenant’s place and think about what you would want from a home, because you are selling it as a home, not temporary accommodation. Tenants are looking for comfort, convenience and stability.

Noteworthy features include things like air conditioning, ceiling fans, recent renovations, pet-friendly, a dishwasher, heating, a pool, car accommodation and storage.

Some other key benefits are locality (distance to schools, shopping, transport, etc.), a fast broadband area, and easy access to major highways or central business districts.

When writing your description, be clear and concise, highlight things that are important to tenants and play up the benefits they’ll receive by renting your property.

Visuals

Your photos should complement and enhance your description. They’re the first thing the prospective tenant will look at and are what will draw them to your listing.

Be sure to clearly depict the features and benefits you’ve listed in your description.

People generally spend a lot of time in the kitchen and bathroom, so it’s a good idea to include photos of these areas – particularly if they’re large or recently renovated.

Presentation and inspections

If you’ve successfully attracted interest with your listing, the final part of the marketing process is the inspection itself.

At the inspection, good presentation is an absolute must and is the most influential factor for tenants in making their decision.

Good presentation will make for a good inspection, but there needs to be congruency between the description, the photos on your listing and what tenants see when they arrive.

Of course, your property needs to be spotless inside and out, but you should also think about the small cosmetic enhancements you can make.

If you have the luxury of the property being empty prior to inspection, you can do a bit more to ensure it’s as presentable as possible. A fresh coat of paint will go a long way to making a place look new and clean, and a neat garden and mown lawn are essential.

Also, make sure you fix anything that’s broken as tenants will be on the lookout for things like this.

It can be a little trickier if your property is currently tenanted, so it’s a good idea to get the co-operation of the tenants. Give them notice as early as possible of any maintenance appointments and upcoming inspections.

In essence, you need to make your property as attractive as possible – both physically and when representing it in your listing.

A little effort will go a long way in attracting the right type of tenants and will make your job as landlord much easier in the long-term.

The amount your property attracts in rental income, as well as its presentation, reflects the value of your property. Following the above tips will not only assist in securing good long-term tenants but will also underpin the overall value of your property as well.

 

 

About Paul Wilson

Paul Wilson has more than 15 years’ experience as a successful property investor and mentor. He is best known as the founder and director of We Find Houses, We Find Finance and Educating Property Investors.

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