To get the highest possible rent and attract the best possible tenants, you need to understand exactly what tenants look for when searching for a rental property. With this particular knowledge, you are well in the direction of happy investing and with pleased tenants.
Location is important to potential tenants well before they consider the style of home or even the type of dwelling being offered to rent. If you have already purchased your investment property, there is not much you can do about the location. Suppose you’re nevertheless looking for an investment property. In that case, several points to keep in mind should be exactly how close or how far aside are local amenities, for example, schools, shops, public transportation, employment opportunities, sporting facilities, private hospitals, ocean, water, parks and so on If the property is on the busy road or in a silent street or cul hun sac and if the property provides any views, breezes as well as the aspect of the property. Careful consideration of points is most valuable whenever determining purchasing an investment house.
The rental amount will even determine the type of tenants who do look to rent the property. The marketplace rent needs to be fair compared to what is available in the surrounding neighbourhood. For instance, a tenant won’t spend $500 per week for a house when ten from the same property are available for lease at $400 per week. Among the benefits of employing a good house management company to manage your home is they will have ready a CRA (Comparative Leasing Analysis) and know exactly what is achievable and what is not.
Most tenants are security mindful, and they want to know they will be harmless on the property and so on their belongings when out and about. Things like deadlocks to the front side and rear doors, safety measures screens to all windows and doors and in many cases, an alarm system provides the tenant using a piece of mind. Most tenants like properties to be fully fenced to the rear and aren’t stable and to have a gate on the return of the property. This may give them peace of mind knowing youngsters can safely play in the rear end yard of the property, plus the property is secure.
The property or home needs to be in good maintenance and clean and maintained, showing prospective potential renters you are willing to provide a harmless and inviting property that they can call home. The property’s maintenance should be considered an ongoing investment (and not a cost) of being a property investor. This may enable you to achieve a higher hire figure per week and entice great tenants who will handle your home as their own. Should your property has dripping shoes, torn flywire or protection screen mesh, needs a colour or has overdeveloped gardens, it will be much less attractive to quality tenants. By trading some money in your property, you may be surprised how quickly your investment decision can be recouped.
Another important element is the properties temperature within and out. Air conditioning and ceiling fans are important in a hotter climate, and heating is essential in a cooler climate. Renters will know if they are looking at a condo or townhouse and the sleeping rooms are upstairs; they will be sizzling in summer and frosty in winter. They will look for stuff like a separate air conditioning unit in the master suite or at least ceiling fans. If the principal living area in the house gets the hot sun beating throughout on that side of the property all day long in summer, they might expect air conditioning equipment. The same applies to the outside. Do they offer a patio and if so, would it be large enough that the tenants could comfortably entertain under but not so small they need to be seated inside when their associations or friends visit? Your home should also be airy and have enough windows to read the breezes as this rides in and saves on energy costs intended for tenants.
The size of the rooms is also important though tenants are looking for a rental property. They need enough room to enjoy living in the home perfectly. Typically the bedrooms don’t need to be the scale of Buckingham Palace but will need to fit more than a bed. Child bedrooms need to be large enough for the bed and wardrobe (if there are no built-ins) and a place for a desk as most teenagers now have pcs or a television in the room. Some tenant will also need to view their lounge suite, and other furniture will easily fit in typically the rooms provided. The same most still apply, whether it’s a smaller two-bedroom townhouse or possibly a large five-bedroom property.
The investment property also needs always to be low maintenance and easy to take care of. In a house, tenants no longer want to spend many of their weekends mowing lawns, trimming hedges and looking after honour-winning rose bushes. They would like to enjoy themselves; therefore, low maintenance of gardens are essential. If there are garden bedrooms at the property, make sure they are stinging and mulched. This makes it simpler for the tenants to cut and whipper snip the actual lawn and weed your garden bed. If you have gorgeous gardens and lawns throughout the entire property, pay for the gardener to maintain them. Not every tenant will have the same interest in gardening that you may have. When the property has a pool, I might strongly recommend employing a pool organization to maintain the pool. This might sound expensive, but in my experience, it may help you save thousands over the long term.
An issue that is becoming more important in the current ever-changing world is the atmosphere. With rising energy costs, tenants are now looking for leasing properties to minimise their energy and water costs. Items such as solar or even gas hot water systems in opposition to electricity are becoming more important to tenants. Low wattage or energy-efficient light globes on the property will also make any difference when tenants pick out two similar houses. The vital features today are rainfall tanks, as tenants will be charged for the water consumption at home. If a normal water tank is plumbed in the house to run the bathrooms and washing machine, this will preserve the tenants a lot of normal water usage and money.
To sum up, if you have bought a property, you may not be able to do much in regards to the location, but there is a really few ideas that will help you not simply increase the income the property results in but also attract a great renter who will look to stay for some time and as a result will reduce yours in your rental property rate.
Hi, my name is Jerry Savage, and I’m the primary and director of Loganholme Best Agents a real estate firm located at 6 Belbora Road, Shailer Park, QLD, Australia. We specialise in house sales and property operations. We have been in business since 03 and were asked to the Best Agents member networking in late 2009. We are enthusiastic about helping people, and each of our focuses is on aiding our clients create wealth by raising their returns, minimising their own risk and giving them extraordinary customer service. We are here to serve our clients and help all of them in any way we can with some of their property needs.
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