Whether you are thinking of leasing out your property, your investment is currently vacant or you know your current tenants are going to be leaving soon, there are a few key factors that will help you attract great tenants to your property with minimal vacancy. The longer your property is empty, the more it impacts your income, so we’ve got the top three tips for you to make leasing a breeze.
1. Get good quality photos
We’ve all seen them online — the rental listing with average photos (or no photos at all) – I’ve even seen photos ripped off google street maps or, my favourite, one that still had the car mirror in the image as the agent didn’t even get out of their car to take a new front shot! Quality photos for your property are imperative – some agencies charge for a professional shoot with a photographer, while others have the equipment and know how to use it themselves – either way, you want quality. By using a professional photographer, your photos will be well lit and edited to bring out the best in the shot (not edited to deceive- don’t get me started on some sales shots I’ve come across). Either way – first impressions matter and attract a much higher click through rate online, which greatly increases your chance of getting the best tenant.
2. Make sure the property is well-presented
You would think this is a no brainer – but there’s nothing worse as an agent showing up to a new listing to show tenants through, and we have to wade through knee high prickly grass because despite our advice, it hadn’t been done prior to the first open! Keeping your property well-presented, both in the listing photos and when the property is available for inspection, is a great way to attract quality tenants and applications from the first open home. When the property is neat, tidy, decluttered, clean and in good condition, with no visible signs of maintenance or repairs – potential tenants can really see how they would fit into the home. If your property is currently tenanted, and you’re able to have inspections prior to the lease ending – often it’s beneficial for both parties to offer your tenants a free lawn mow, or a cleaner to help them (because this helps you). Happy tenants (Even outgoing ones) do go the extra mile to make sure you get the property back with minimal fuss! Plus, anything you spend is tax deductible.
3. List on high-traffic sites
Most people find their next home online using one of the popular real estate websites and social media. For example, realestate.com.au has almost 20 million visits per month. As for social media – next time you’re on public transport, have a look around to see how many people are on their phones! It’s important you get your property in front of as many potential tenants as possible so that you can lease your property quickly. While your photos are in progress, work on the listing copy making sure the best features of your property, plus other important information such as local amenities and the feel of the neighbourhood, are detailed.
Make sure you also list well – in high rental suburbs, it’s not unusual to have 300+properties available for lease (check out Point Cook for example). Relestate.com in particular works really well, however, if you’re not using a premier listing (which does cost more to list), you’re already starting behind those who are. It’s an unfortunate side effect of online portals capitalising on their success by charging more for these types of services – but, making sure you’re on page one instead of page 5 of the houses available in your area is definitely worth it!
After buying the perfect investment property, finding a great renter is important. Follow the steps above to make sure you’re giving yourself the best chance to attract quality renters quickly. While getting professional photography and a cleaner is an expense, these costs can have your property leased quickly and avoid long periods of vacancy, making it a worthwhile investment. If you’re feeling unsure about the process, talk to your property manager as they know how to streamline things, provide valuable insights, and make sure you secure a great tenant quickly.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.