WHAT MAKES YOUR PROPERTY ATTRACTIVE TO A TENANT?
Published on September 30, 2015
When renting out a property you need to position your property in a way that it will most appeal to tenants. There is a lot of competition vying for the attention of prospective tenants and you must ensure that your property stands out. You need to ask yourself, “What would add more value to my property and why should tenants choose it over the rest?”
There are a number of factors that affect a tenant’s decisions when choosing a property. First, you have to consider the suburb or area where it is located. What is unique about the area? Why would people choose to live there? Next is the access to public transport. Is it conveniently close to the bus stop or the train station? What shops or establishments are close to the property? Can you provide car accommodation or off-street parking at least.
Below is a list of several items that can make your property more appealing:
Does your property have security screens? Window locks? An alarm system? Security is one of the most important factors that tenants consider when looking to move into a new property. This will also affect a tenant's ability to get contents insurance if the windows and doors do not have locks.
Add an extra bedroom
Depending on the area and the demand, adding an extra bedroom can increase the rental return on your investment property. This can also be a one of the best renovations to increase the value of your property. Can you convert the study into another bedroom? Or perhaps change the configuration to easily add an extra room?
Add extra storage
This is one feature most landlords neglect to include as an added feature to their properties. It is important to recognise the tenants’ needs and by simply adding an expansive storage cage in the car space, this can make a whole lot of difference. This could be as simple as ensuring every room has a wardrobe or a small storage space under stairs. Providing storage solutions could increase the desirability of your property.
Light up your property
The lighting sets the mood of a room. Make it as homely as possible for the tenants. Make sure that the evening light is warm and relaxing to the eyes, meaning, not too bright and not too dark. During the day, open the curtains for the sunlight to stream inside for a more natural glow. The lighting varies for every room though. Perhaps adding a skylight can assist with allowing natural light into a property. A dark property with no natural light is not all that appealing to most tenants.
A fresh coat of paint
Do not underestimate what a fresh coat of paint can do. It might not be the only thing that matters, but appearance is what initially draws prospective tenants towards the property. Both the exterior and interior will look sparkling new with the help of paint. Remove the old, flaking paint and clean off any mould or mildew before applying new paint to make sure it will last longer. Painting the ceilings and walls with a white or neutral coloured paint will give the property a bright and clean effect.
It is important to consider allowing pets if the property permits this. Majority of Australian households have a pet, which means a large percentage of the rental market is looking for pet-friendly properties. Pet owners are most likely willing to pay higher rents for this and tend to hold longer leases.
These are just a few things you can do to make sure your property gets rented out faster. But aside from these, it is always best to enlist the services of a reliable property manager to ensure all of these details and concerns are foreseen and handled appropriately.
By Lauren Robinson from