5 Easy Ways to Make Your Investment Property More Attractive for Tenants

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So you’ve done it! You’ve purchased your perfect investment property. It’s ticking lots of boxes – close to amenities and public transport, the floorplan is simple and there’s plenty of storage space.

So what else can you do to make it attractive to tenants?

Price

Tenants are usually guided by what they can afford rather than what they would like to rent so be realistic with your rental price. Yes, you might eventually find someone willing to pay an extra five bucks a week for your property, but if it’s sat empty for three months while you try to find a tenant willing to pay that rate, then it’s a false economy.

Presentation

You wouldn’t want to move into a dirty, messy house and neither do your prospective tenants. The property doesn’t have to be new, (quirky can in fact be an attraction!) but it does need to be clean. You also want to make sure the décor is neutral and the fixtures are relatively modern. So replace the 1980s lampshades with downlights and the swirly carpet with a neutral coloured one, and give it a coat of paint in neutral colours – it’s amazing how fresh a place can feel by changing the decor.

Throw in Some Extras

There are pros and cons to having a furnished or partially furnished house, but even some little additions such as a dishwasher and air conditioning make a difference to some tenants. Fly screens and additional security measures can also make a place more attractive and give your property the edge over another similar one.

Consider Pet-owning Tenants

While there may be some restriction on pet ownership in community or strata titled properties, a pet friendly rental property does have its advantages. Statistics show these types of property are in demand and pet-owners tend to stay longer. Furthermore, some tenants are prepared to pay a bit more for a property that will accommodate their furry friend.

Proper Marketing

It is essential you properly market your property and show it in its best light. Yes, you may get lucky if you put an ad on Gumtree, but in our experience, you need to take some great photos and make sure it’s on all the online rental listing pages too. Open inspections should be at a time to suit the demographics. A good property management company usually has a database of potential tenants to market to; we’ve actually find around a quarter of our tenants without having to advertise properties.

Although figures released by SQM Research last month revealed the number of national residential vacancies rose in September, from 2.3% in August to 2.4%, it is still relatively low. And we’re certainly not having any problems in finding tenants willing to pay  a good rate for rental properties with our vacancy factor well under 1% currently!

If you’d like to know some more quick and easy tips to make your property more attractive to tenants, our team would be more than happy to help out, so give us ring us on 02 4956 9777 or call into our Cardiff office.

Furthermore, if you’re looking for an investment property, as we’ve been in the area for over 40 years we know it exceptionally well – we can tell you the pros and cons of areas and what you can realistically expect on rental return.

We’re always looking at new and innovative ways in which to help you get the best out of your property so let us help you realise your property investment dreams.