How To Attract Good Tenants For Your Investment Property
By Steph Elliott
Finding good tenants is the key to achieving your property investment goals. Good tenants pay their rent on time and take care of your property. As a property investor, this means less vacancy, higher returns and peace of mind that your rental income is secure. If you want to attract quality tenants for your investment property, here’s what you need to do.
1. Improve Your Property’s Appeal
Good tenants know what features they want in a home and won’t settle for anything less. If you want your property to stand out in the rental market, you should invest in maximising its appeal. Consider what features you could add or upgrade to attract your target tenant. For example, you could improve the home office space, update the internet connection, renovate the outdoor area or add storage. Your property manager will use their local market knowledge to advise on in-demand features that can maximise your property’s appeal and attract a better tenant.
2. Set A Competitive Rental Price
Setting a competitive rental price for your investment property is a crucial step. If the price is too high, it may result in long vacancy periods. Or, if it is too low, it may attract tenants who are unable to renew their lease if you increase the rent. In both instances, your rental returns are impacted. That’s why your property manager is the best person to set your property’s rental price. Since it is their job to keep up to date with local market trends, conditions, demand, demographics and comparable rental properties, they can determine the right rental price so that you secure quality tenants.
3. Use A Targeted Marketing Campaign
If you want to attract good tenants that suit your property, you need a targeted marketing campaign. Your marketing campaign should appeal to your target tenant and include strategic online and offline advertising tactics, professional photography and detailed descriptions that highlight your property’s sought-after features, layout and nearby amenities. Your property manager should work with you to create a personalised marketing plan, so your promotional activities help you find the right tenants and achieve the set rental price.
4. Conduct Thorough Tenant Checks
Making sure that prospective tenants meet your criteria is an important step in securing quality occupants. Your property manager can oversee this process by accepting rental applications, verifying applicants’ income and employment history, checking their rental history and contacting references. They can also evaluate applicants using a national tenancy database. This thorough tenant screening process can help you select the best tenants for your investment property.
5. Carry Out Regular Maintenance & Repairs
When it comes to attracting and retaining good tenants, regular maintenance and repairs are key. Quality tenants look for clean and tidy homes because it gives them peace of mind that the landlord clearly takes care of the property. Once your tenants have moved in, you should continue carrying out regular maintenance. Make sure that any reported issues are also promptly repaired. Doing this will help maintain a good relationship with your tenants and keep your property looking its best.
At ManageMe, we can help you attract and retain quality tenants for your investment property. We can assist with improving your property’s appeal, setting a competitive rental price, strategically marketing your property, conducting thorough tenant checks, and managing your maintenance. If you are looking for a professional Gold Coast property management agency to help you maximise your investment potential, contact us today.
Before making any financial decision, you should seek independent financial advice from a licensed financial advisor.
