By Mark Taylor, Principal, Taylors Property Management Specialists
Good tenants are essential in maintaining the value of your investment property, but how do you find the right one? Here are our top tips to attract the right tenant for your investment property.
Good tenants look after your property, pay rent on time and minimise maintenance costs. They are worth their weight in gold when it comes to your investment property, but how do you find the right one from the start?
Avoid unnecessary hassles with our four top tips on how to find a great tenant for your investment property.
1. Find An Experienced Property Manager
Experienced property managers are invaluable when it comes to navigating rental applications, as they know how to find the best possible tenant for your property. A good property manager understands the importance of a tenant who will take care of the property, pay rent on time and be likely to stay for the duration of their lease. They’ll know what to look for in rental applications to set the tenancy up for success.
2. Complete Applications And Reference Checks
Evidence suggests that most property managers don’t even complete reference checks on prospective tenants, but they’re an essential part of finding reliable tenants and giving you peace of mind.
At a minimum, your property manager should confirm a tenant’s employment status and rental history, including if the bond has been returned in full, either by calling references or using professional databases. They should also review the application in detail to look for any consistencies or unexplained gaps in rental history.
3. Focus On The Presentation Of Your Investment Property
A well-presented property will attract a better tenant, so consider if there are any improvements you need to make before listing the property for rent. This might be as simple as tidying gardens or replacing shabby flyscreens, or a new feature that will also command a higher rent, such as new paint, carpet, air-conditioning or a dishwasher.
4. Advertise Your Property Professionally
Good marketing is often overlooked by property managers but advertising a rental is just as important as advertising a sale.
How you advertise your property can play a big role in the number and quality of applications you receive from potential tenants. Professional photography of the exterior and all rooms, great copywriting describing the best features and quality signage all help make your property more appealing to tenants choosing which rentals they’ll inspect.
Choosing the right channel to advertise also contributes to the applicant pool by increasing the chances good tenants will see your advertisement, such as premium placements on popular real estate websites.