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:
- 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
Renee Chad is an active property investor and owner of Diligent Property Management.
