Top tips to make your rental stand out above the rest

Pilbara News - - Property - Sa­man­tha Jones Sa­man­tha Jones is the Dig­i­tal Editor at the Real Es­tate In­sti­tute of Western Aus­tralia.

With rental list­ings hov­er­ing above the long-term av­er­age right now, com­pe­ti­tion to se­cure ten­ants has in­creased.

So what can you do to make your rental prop­erty stand out in this mar­ket?

We spoke to the Real Es­tate In­sti­tute of WA’s Prop­erty Man­age­ment Net­work co-chair­woman Kathryn Massey to find out her top tips for at­tract­ing ten­ants.

Rent

Ms Massey said a few years ago, when va­cancy rates were low, it would have been un­usual for a prop­erty to re­main va­cant for more than one week, but things were dif­fer­ent now and in­vest­ment prop­erty own­ers needed to price their rental prop­er­ties ac­cord­ingly.

“Ten­ants will search for prospec­tive prop­er­ties us­ing price as their main re­quire­ment,” she said.

“If no one is ap­ply­ing to view your prop­erty it is more than likely be­cause it is over­priced.” Ms Massey ad­vised own­ers to speak with their REIWA prop­erty man­ager about what was a fair and rea­son­able rental price in this mar­ket and to be re­al­is­tic about pric­ing ex­pec­ta­tions.

“If you’re hold­ing out to achieve a higher rent, this will ac­tu­ally be cost­ing you money,” she said.

Pre­sen­ta­tion and im­prove­ments

Ms Massey said the ap­pear­ance, pre­sen­ta­tion and main­te­nance of your rental prop­erty are paramount to at­tract­ing ten­ants.

“Why would some­one want a prop­erty that is look­ing tired when they can have a brand spank­ing new one with the same ameni­ties?” she said

Streetscape is very im­por­tant too, with the ex­ter­nal ap­pear­ance of your in­vest­ment prop­erty vi­tal to a good first im­pres­sion.

Mar­ket­ing

The mar­ket­ing of your rental prop­erty is crit­i­cal to its suc­cess.

Be sure to dis­cuss with your prop­erty man­ager up front what they have in mind to help at­tract ten­ants.

Ms Massey ad­vised in­vest­ing in pro­fes­sional pho­tog­ra­phy when mar­ket­ing your prop­erty and pay­ing ex­tra to high­light your prop­erty on web­sites.

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