Attracting and retaining the right tenant for your investment property should be one of your most important objectives.
Rental vacancies are low but that doesn’t mean property owners can relax when it comes to choosing tenants.
Good tenants are still the key when it comes to maximising the return on your property investment. Consider the following recommendations when looking to attract and retain the right people for your property.
1. Be fair: Rental prices have sky-rocketed around the country but that doesn’t mean you should jack up the rental on your property. Use the average price of rental properties in your area as a guide: if you go too high you’ll limit the number of applications you receive.
2. Think about how you advertise your property: Focus on the best features of your investment property and don’t forget to include the attractions that are close by, for example shops, schools, pubs, restaurants and public transport.
3. Check references: Ask all applicants to provide a reference from their previous landlord and give them a call. You’ll need to ask questions about the condition of the property on the tenant’s departure, whether or not they paid rent on time and if there were ever complaints from the neighbours.
4. Make your property pristine: When applicants are inspecting your property it’s essential that it’s in tiptop order if you’re hoping to attract the best tenants. Fix all problems and make sure the property is clean and gardens are neat and tidy. Splashing out on a fresh coat of paint is well worth the effort.
5. Be a good communicator: If your chosen tenants are keeping the property in good order and are meeting all their repayments on time they’re well worth hanging on to. To make sure your tenants stay satisfied, keep on top of any repairs that need to be made, investigate any requests and give your tenants plenty of notice if you are going to call around or make an inspection.