Investing in a property is a great opportunity to build your wealth. But if your rental property becomes vacant even for a short period of time, this can have a huge effect on your income.
So how can you make sure that your property attracts good quality tenants all the time, despite the competition with other rental properties? We have laid out simple but smart ways you can find quality tenants so your property won’t remain vacant for long.
Know what you want in a tenant
Do you have an idea what kind of tenant you’re looking for? Is it okay if the tenant smokes or has a number of pets? Having a criteria in mind can help you when it comes to making an ad listing for your property. It helps to have your own definition of a ‘quality tenant’ for your investment property.
Emphasize the best features
More likely than not, you will have competition against other properties. To stand out from the crowd, make sure to emphasize and describe the unique features of your property. An outstanding ad can capture the attention of many potential tenants. For example, you can include in the description the relevant features you have such as the location, amenities, and the number of rooms and bathrooms. Don’t forget to add adjectives for a more compelling description.
Take good quality photos
Photos are usually the things that people see first. To make your photos look nice remove unnecessary items, make sure that the unit is clean. Photos should be clear and steady. You can also take advantage of 360 degree photos for a more immersive experience, or even offer a video tour of your rental property. Consider hiring a professional to take photos for a better result.
Maintain the property well
Obviously, a well-maintained property will always attract good tenants. You should make an effort to make your property look as presentable as possible to prospective tenants. Performing regular maintenance will ensure that your property is well-kept all the time. If something breaks, a quick response to repair it will ensure you that a quality tenant will stay longer.
Hire a good property manager
Let a professional do the job for you. They can market and advertise the property on different platforms, find the quality tenant you are looking for, handle the maintenance and repairs, collect the rent for you, and provide other services.
Once you have found your quality tenant, make sure to keep them happy so they stay longer in your investment property. A happy tenant will ensure a good rental yield.
11 April 2018
A cosmetic renovation can be a better solution to improve your rental property at a cheaper price and you don’t even have to alter the structure of the house.