Find Good locations, find good tenants
Location, location, location. You’ve heard it before but for rental properties it’s never been truer. Today’s renters want to live close to where they work, study and send their children to school. They want to avoid traffic woes, have easy access to shops, entertainment and activities, be close to transport links and live in a safe area.
Proximity to the places where we spend our time is the most important factor in choosing a rental property.
Features and Maintenance
Tenants, particularly good ones, are now asking property managers more questions about a property’s features. Are the windows double glazed? Is there underfloor heating? Is there off street parking? What about storage space? Is it insulated? Is there an alarm system?
Maintenance is also critical. Keep on top of repairs and when your property is between tenants. Take the opportunity to give it a spruce up with a coat of neutral coloured paint, a thorough professional clean and make sure the garden is well-tended.
Not only will this help to attract new tenants but your tenants will also take better care of your property if it is well cared for.
People like to come home to a nice environment after a day at work. Renters know that properties under professional management will be well maintained and that repairs will be taken care of quickly.
“A good property manager will take note of the state of the property during inspections so that repairs can be proactively managed. In most cases, maintenance is more cost-effective than repair.” says Bellette.
Along with making your property more attractive to tenants, property managers remove much of the risk associated with your investment property. They do this by ensuring that your legal obligations are met, that tenants are appropriately screened and rent collection is effectively managed.
Appliances matter to good tenants
In today’s market, tenants’ expectations for provision of appliances are growing. Heat pumps are a priority. Dishwashers appeal. In apartments fridges, freezers and washing machines are expected. In major centres where there are high student numbers, high immigration or a transitory population, inclusion of appliances will help to secure tenants and raise rental return.
For landlords with multiple properties, to maximise returns, keep an eye out for retail sales, purchase appliances on special and simply store until they’re needed.
In summary, in today’s market:
buy in the right location
provide good appliances
have high-quality features
and keeping your property well-kept
This combination will improve occupancy rates and attract a rental premium, delivering higher yields for your investment.
It might cost a bit more in the short-term but doing these things will pay dividends in the long run.
Source: Harcourts International