4 Tips for Attracting Better Tenants For Your Investment Property

 

Property investment should always be considered a long-term proposition for any investor. Property can be a great way to accumulate long-term wealth, however finding and then dealing with tenants or the possibility of having your investment vacant for an extended period, can be worrying. So, how do you attract dream tenants who are going to help you fund and maintain your investment in the long term?

Talk to your friends, family and colleagues

There’s a good chance that people you already know might be able to put you in touch with someone searching for a new rental.  Perhaps they know a property manager who deserves a gold star?  Your ready-made contacts may be able to provide you with some immediate options.

Find a reliable property manager

Managing your own property is time consuming and it can also cause problems if you are not completely aware of your obligations. Finding the right property manager will ensure your investment is managed professionally.

When choosing a property manager, you should ask them how many years’ experience they have, whether they can provide you with a written comparison of rental values in the market, what their process if for reviewing potential tenants, what their fees are, and what representation they will provide you should you have a dispute with your tenant.

Show off your asset

The best way to get your home off the rental market is to have a strong marketing plan. Firstly, make sure your property is in a condition that people are going to want to live.  If it needs a fresh coat of paint, it’s worth the extra money. Make sure the gardens are tidy, carpets are clean and all built in appliances are functional.

Try to ensure your property has a welcoming and inviting feel.  Neutral colours, natural light and an uncluttered space will help to brighten your property.  Don’t forget, always use a professional photographer!

Further to this, you really want to sell people on the amenities that are close to your property.  Think about what your property is close to.  Shops, parks, schools?  These will add value to your property in the eyes of future tenants.

Explore other options

Have you considered renting to the corporate sector?  You can engage with a specialist property manager who can arrange this for you.  In the right circumstances, you could be receiving a premium price for your property.

If you are looking at increasing your property investment portfolio, don’t forget to get in touch with one of our friendly brokers today!