7 ways to make your rental property stand out in a changing market
Part 1 of the Schwarz Landlord Advice series.
Calling all investment property owners and landlords. Did you know we can help you to rent well?
We have the knowledge and the experience to help make your property as profitable as possible over the long term. And we would like to share some of that know-how with you.
The first question we’d like to help answer is: “in a changing rental market, what do you recommend that an owner does to make their property stand out?”
Our Property Management Team shared their insights….
1. Have it well presented.
Not only are you going to find that your property is snapped up faster, you may see tenants willing to pay more for an attractive looking property. Thoughtful presentation tells prospective tenants that you care about the property and understand what they want in a rented home.
2. Do repairs and maintenance.
If your property is well maintained, it shows that you are a reliable landlord who is prepared to take care of any issues with the property. Also consider that no tenant wants to take on a property that already looks problematic or in decline. A lick of paint is often a good (and relatively affordable) way to breathe new life into a property.
3. Do a detailed clean before you show the property.
As above, let tenants see that you understand they deserve a well-presented and cared-for place to call home. A detailed clean is an easy way to spruce up a property that looks a bit jaded. Doing this sets the standard for the condition you’d like the property to be returned to you in.
4. Good photos draw people to the opens.
Think about how your property will be marketed. Most people look at the photos first. Would you yourself find it appealing at first glance? Can you use different furnishings to dress your place for success? Remember: the more people we can attract to the opens, the more chance of finding good tenants willing to pay the worth of your property in rent.
5. Only show your property at its best.
On open day make sure the property is presented at its best. If works are still underway or haven’t started yet, don’t show the property. Rushing in this case could cost you in the long run – losing the interest of otherwise potential tenants.
6. Have the right price from the get go.
That’s another excellent reason to have a good real estate agent to advise you. We can help you understand the current property market, including the potential rental value of your property, what prospective tenants are looking for, and their expectations.
7. Don’t rush in to advertise.
As above, if you rush you risk turning off potential tenants with a property that isn’t ready to be marketed. We understand the time pressure of needing to pay that mortgage, but not every property is the same and needs to be marketed uniquely and correctly. Not only do you want to attract tenants, you want them to be the right tenants who stay as long as possible.
That’s all for this week. Next week, we’ll share some of our insights into what tenants really want in a home.
Our final tip for making your property stand out – choose Schwarz! At Schwarz, we’re more than just property managers. We can take care of everything. That includes the usual maintenance, inspections, and all the other ins and outs of your investment property too, such as: landlord insurance, water and council rates, and strata fees. We’re also there to advise you and to help tenants feel comfortable.
We believe that helping to manage your property begins with finding those great tenants – and continues with keeping them. It also means making life easier for you.
After all, if you’re going to do something, do it well! Call us today to find out more.