While there is a rental property shortage on the Northern Beaches at the moment and vacancy rates are hovering around the 1.5 per cent mark, if you own an investment property you still need to take the right steps to attract tenants you can rely on.
While there is no single method that guarantees success when it comes to leasing homes, understanding tenant expectations and leveraging the property management skills of an established and effective team can make a significant difference.
Here’s a quick guide to help you attract and retain the most reliable tenants:
Understanding tenant expectations
To attract dependable tenants who are willing to pay a premium to lease your place, focus on the following:
- Present an appealing and well-maintained property: Tenants who are willing to pay more are looking for properties in excellent condition and that deliver a fantastic first impression. Regular maintenance and prompt repairs are crucial to achieve this. If your place is becoming a bit dated, look at what you can upgrade (taps, door handles, light fittings, etc.) for a more contemporary look.
- Convenient amenities: Features such as a dishwasher, ceiling fans, built-in wardrobes and air conditioning are on tenants’ must-have lists so consider adding these to your property. The other factor is space for a washing machine, even if it is in a bathroom or so-called ‘European Laundry’ built into a cupboard space.
- Appealing outdoor spaces: A balcony or outdoor area is a significant draw if you’re leasing an apartment. Ensure these spaces are aesthetically pleasing and easy to manage, and highlight them in your listing.
How to quickly find quality tenants on the upper Northern Beaches
The goal of your investment property is to make you money and the longer it is unoccupied, the lower your returns will be. If your place is about to be vacant, you’ll need to have the next tenant lined up and ready to move in as quickly as possible. Here’s how to ensure the right applicant appears within a matter of days, not weeks.
Present your property:
- Invest in photography: High-quality photos will showcase your property’s best features and make it stand out from other listings. Your property manager can arrange for pictures to be taken and have them edited to add an inviting blue sky outside the window, for instance. More is more when it comes to photos: if you share plenty of images, people will spend longer looking at the ad.
- Consider a fresh coat of paint: A new layer of paint can revitalise your property’s appearance, making it more attractive to potential tenants as they step through the front door.
- Update the carpet: Even if your place is a little older, new carpet or flooring gives a much better first impression (and the cost can be tax deductible).
- General tidy-up: Pressure washing and tidying can significantly enhance the property’s overall look.
- Write the right description: Your listing needs to clearly spell out the benefits for tenants. Talk to your property manager and make sure they mention district views, proximity to shops and bus stops on the Northern Beaches, etc.
Enhance kerb appeal:
- Maintain the exterior: If you’re leasing a whole house, ensure the front of the property is inviting. Many prospective tenants drive past before attending an inspection, so first impressions matter.
- Landscaping: Well-maintained gardens and clean driveways will make people feel positive about the property as they walk up to the front door. Tenants will appreciate a low-maintenance outdoor space.
Engage an experienced property manager
Having a property manager as your intermediary appeals to tenants for a couple of reasons. First, it means they will receive a quality contract that protects their rights. Second, a competent property manager also gives them a more reliable, ‘round-the clock point of contact.
For you as the landlord, the benefit is a well-presented advertisement and property management team vetting that will attract the type of tenant you want. You won’t face the stress of trying to sort through applications and conducting background checks, which can take a lot of time. Once the tenant moves in, you can look forward to regular payments from your property management company and let them take care of any issues that arise.
Investing in the process of finding a good tenant will pay off because you’ll feel more confident your place is being looked after and it’s likely your tenant will remain in the home for longer. If you work with an experienced local property management team, you’ll also have peace of mind your lease is in accordance with current legislation and any issues will be resolved quickly.
Need to find tenants for your Northern Beaches property?
Get in touch with the team at LJ Hooker Mona Vale today. We’re here to help.