How to attract the right tenants
1. Do your homework
Check out the competition
It’s always good to see what else is out there. Compare your property with other rentals in your area; in particular weekly rent compared to size, condition and location.
Think about what tenants want
Different tenants have different needs. Young families for example, may prefer to have a separate bath or fenced property. Think about what type of tenant you want to attract and whether or not your property fits the bill. If it doesn't, you may want to consider making some changes. Ask a property manager for advice on what tenants are looking for.
2. Attract the right tenants
How your property looks and functions has a massive impact of what type of tenants you attract and how long they stay for.
Clean
Before advertising your rental, make sure your house is clean and ready to show prospective tenants. If it doesn't present well with the existing tenants living in it, you may want to defer marketing until they move out.
Repairs and renovations
Renovations, basic upgrades and having a well maintained property will have an impact on the type of tenants you attract. For example, you may consider fencing a property if your preferred applicants have pets.
General maintenance
The upkeep and on-going maintenance of your investment is key to acquiring and retaining good tenants and can help achieve increased rental returns. Read our cost effective tips to increase rental returns article.
A well looked after and well-maintained property increases your chances of attracting and retaining quality tenants. A property that appears neglected, is in need of repairs and cleaning, will take longer to let than other properties.
3. Advertise and market your rental
Effective marketing will increase your chance of attracting the ideal tenant for your situation and your property. The more clearly you state the benefits, the greater the odds of attracting the right tenants.
Our property managers know what tenants want and are experts in marketing rental properties.
4. Find the right tenants
Only tenants who have a proven history of paying their rent on time and keep the property in excellent condition should be considered. Therefore, it’s extremely important to do the right checks and ask the right questions. So how can you find, and more importantly, keep such tenants?
Our property managers are experts in finding the right tenants. Not only do they interview and screen prospective tenants, but they do all the credit and background checks for you.
5. Understand the laws and your rights
There are a number of legal requirements when it comes to residential tenancies and a number of rights and responsibilities that landlords need to be aware of.
Our property managers understand the legislative ins and outs - so can take all the legal stress off your hands. When you leave your property with Barfoot & Thompson, you are leaving it with a company that is licensed under the Real Estate Agents Act 2008.
6. Inspections and property maintenance
Conducting regular inspections is one of the best ways to avoid disputes. Our property managers conduct thorough inspections on a regular basis for our landlords, so they can be sure their property is in good hands.
7. Keeping good tenants
Happy landlords and 'tenants from heaven' tend to come in pairs. Tenants expect the property to be in good working order and landlords expect the rent to be paid on time and the property to be well looked after. Find out what landlords can do to keep tenants happy.
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Your success as a rental investor depends significantly on the quality of your tenants. By employing an experienced and licensed property manager to carry out diligent tenant screening and maintaining a well looked after property, you’ll be on track to acquiring and retaining excellent tenants.