Finding someone to rent your investment property is easy.
But finding tenants who will be reliable, honest and treat the property as their own requires an entirely different approach. We looked at current real estate trends to discover the seven things that will attract the right kind of renter.
- Flexibility on pets: We’ve put this at the top of the list for a reason. Because so many residential landlords don’t allow pets in their properties, being flexible on this point could make a huge difference in the type of tenant you can attract. Remember that you don’t have to agree to any application you’re not completely comfortable with.
- Options to personalise: One of the biggest draw cards for renters who are well past the share house stage is the option to make their mark on a property. Of course, any of these small-scale improvements (such as repainting a wall or simply hanging picture hooks) need to be done with your consent, but try not to rule them out entirely.
- Security: Good tenants are looking for security in both senses of the word. They want to know their possessions are safe, and they want to be sure that signing a 12-month lease means just that – without any surprise requests to vacate. This is why shorter leases for less than 12 months can backfire, as these tenants are more likely to see the property as just a place to stay, rather than a home.
- Heating and cooling: Even if your tenants don’t need to use heating or cooling for much of the year, having the option to do so makes a property that much more desirable. If air-conditioning is not an option, consider ceiling fans.
- Tech readiness: With TV streaming quickly taking over from free-to-air, tech-savvy tenants will be impressed if you can offer a dedicated powerpoint and phone/internet port in a central part of the house.
- Function (not design fussiness): Updating your bathrooms and kitchen with the latest in interior design does offer an initial wow factor, but don’t go overboard just for the sake of looks. Simplicity, quality and function are much more appealing to a tenant who knows what taking good care of a home really involves.
- Open communication: This last factor is all about creating a sense of shared responsibility for the property, from those first negotiations through to the end of the lease. If you and your property manager are up front and responsive, your tenants will tend respond in kind and bring up smaller issues before they become problems that have to be dealt with urgently.
Of course, there are other factors tenants will focus on that you may not have complete control over, such as the size of your property, the view and the floor plan. But by focusing on the smaller factors you can control, you’re much more likely to find – and hold onto – the right kind of renter.