In a nutshell, attracting top quality tenants translates to research, research, research. As a starting point, it’s a good idea to thoroughly investigate your rental market first.
Property Is A Business
If approached logically, your property portfolio has the potential to deliver a large return on your investment. However, failing to understand the fundamentals of your finance could result in disaster and end up costing you dearly. The low-down is, if you want to attract a specific tenant profile, you need to know all about who they are and what they’re looking for. In other words, as the business owner, it’s in your favour to meet the needs and expectations of your customers.
There are some features that tenants will prioritise and pay a premium for. Before you let loose with all the trimmings, look at lifestyle compatibility; the last thing you need is to blow $10K on a brand new kitchen if your prospective tenants fit into an eat-out way of life.
Here are some key features to consider that are highly cost effective and have highly perceived preference in the market:
● New carpet
● A fresh coat of paint
● Ensuring all bits and bobs are operational
● Air conditioning and heating
● Up-to-date Internet Facilities
Know Your Competition
There are loads of rentals out there. Research those that match your own property and check out what they have to offer. This will give you hints and allow you to hone in on where to spend your money on updating things and could save you a lot of anguish.
Making the effort upfront can make all the difference. We’ve put together a failsafe list of marketing actions that need to be put in place, every time:
● Professional high quality photography
● A Floorplan
● Get crafty with your property descriptions, don’t just list the features.
Finding the right tenants for your property isn’t rocket science. Take a few simple steps to focus in on getting the right people and your property portfolio will manage itself.