Top tips to make your rental stand out above the rest
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.
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.
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.