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What Tenants Want

What Tenants Want

By Sarah Lefebvre on May 08 2013
Tagged as:
  • Investing


It’s no secret that having a property that’s attractive to tenants will make your life easier, and more profitable. But how can you maximise your chances of attracting the right applicants for your property? Having the right features as part of your property can potentially make or break a deal. Not only will extra features attract a higher rent, but they are more likely to reduce the amount of time your property is left vacant.

What Tenants Want

But how can you maximise your chances of attracting the right applicants for your property?

How Can You Attract the Right Applicants

It’s no secret that having a property that’s attractive to tenants will make your life easier, and more profitable. But how can you maximise your chances of attracting the right applicants for your property?

Having the right features as part of your property can potentially make or break a deal.

Not only will extra features attract a higher rent, but they are more likely to reduce the amount of time your property is left vacant.

Every week a property is sitting vacant – and this can occur even in periods of low vacancy rates - is almost two per cent of your yearly income that you won’t get back, and for this reason reducing vacancies is crucial for every investor.

It is important to make sure your property is at the top of its game. In a market where there might be 50 or 60 other similar properties available, it is not just about getting top dollar but also leasing your property faster than others.

So, how can you make sure that tenants are competing for your property?

Factors such as market availability, individual income limitations and even the time of year can have an impact.

You should always try to present your property well, price it to meet the market and employ the services of a property manager who can oversee the whole operation.
 

Choosing the most Attractive Property

Some things can be added to any home – appliances, new paint or flooring – but there are many desirable factors that can’t be changed.

This is why it’s vital for homebuyers to consider every aspect of potential properties from a tenant’s perspective.

The first and most obvious consideration is location. Being close to transport and retail centres will increase your rental value, as will a decent view.

Another factor to consider is possible neighbours. You may find it hard to keep tenants if there are rowdy neighbours in the area.

A quick Google search will tell you more than any agent will so make sure you check out the location before moving forward.

A major concern for many tenants especially in the cities is parking – nowadays tenants expect double car accommodation. At the very minimum make sure you look for a place that has off street parking for at least one car.

What to Avoid

Just as there are some things tenants will be willing to pay more for, there are also features that will detract from the value of your property.

A ‘dark’ property will always put tenants off, as will one that’s dirty or in poor condition.

Remember you will not be the one living in the property so dark or brightly coloured rooms are a big turn-off. Try and stay as natural as possible to appeal to the biggest market.

What I Can Change?

If you already have a property and are looking to attract more tenants, there are a few things you can do to improve your chances and lease quickly.

Two items to consider installing are air-conditioning and a dishwasher.

Quality blinds will also go a long way when tenants inspect your property, especially if your potential tenants are shift workers.

Finally a fresh coat of paint and some new fittings such as door handles and light switches can go a long way in having your property rented to good tenants quickly.

For further property investment insights and all the latest property market news visit www.spionline.com.au

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