Within the current competitive rental property market it is critical for owners to have core points of difference to build a competitive edge to other properties on the market and secure a tenant quickly. Attracting great tenants starts with marketing and advertising the property professionally – many professional real estate photographers are very reasonable (e.g $150 and you keep the images) with properties achieving more interest, hits on the internet, better first impressions and a quicker tenant in place.
Vacancy periods are costly to owners - holding on for an extra $15 per week is a false economy, given you have essentially lost $400/week rent (as an example) compounding as each week slips by. Accordingly, it is critical to ensure you are asking market rent for your property achieved through undertaking a comparative rental analysis.
Key attraction factors for tenants based on our research include:
Renee Chad is an active property investor and owner of Diligent Property Management.
- Air conditioning – the top request for tenants in hot, humid Queensland
- Fans in each bedroom as a minimum if there is no air conditioning
- Location – tenants prefer properties located close to infrastructure such as shops, cafes, restaurants, bus/city cat services, parks, schools (although not across the road from schools or on main roads)
- Pet friendly properties – this secures many long term tenants and with a comprehensive Pet Agreement there are seldom any issues
- Light airy ambience, clean and tidy with storage space
- Car park, carport and/or as a last resort access to street parking without incurring fines
- A well maintained property – this relates to both owners (to budget for this) and property managers (to follow through on maintenance issues)
- Modern bathroom and kitchen – tenants are well informed and no longer accept significantly dated properties i.e. circa 1970’s tired kitchens and bathrooms – owners can secure great modular kitchens and bathrooms at very reasonable prices
- Security – to have the opportunity to secure longer leases – this relates most frequently to families with children
- No discrimination based on age, gender, family type, ethnicity etc when putting in an application to rent your property – tenants are astute and can work out if discrimination is taking place overtly or covertly
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
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