Vacancy rates have continued to climb in the Perth rental market, with the oversupply of rental properties leaving plenty of choice for tenants. Now more than ever, it is important to assess if you could be doing more to attract tenants to your property.
Focus on appealing to tenants, not investors
As a landlord, your main objective is to have your property tenanted, so it makes sense to appeal to them and not investors.
Tenants typically want a property that is comfortable, low maintenance and good value for money. Therefore, it pays to do you best to meet the wants and needs of prospective tenants, especially in this market where the tenant has a lot of choice.
Invest in professional photography
Like any good marketing campaign, professional photography is one of the best ways to attract tenants to your property.
High quality images that showcase the best features of the rental property and lifestyle that comes with it will help capture the attention of potential tenants.
To give yourself the best chance at leasing your rental property, it is essential that you focus on the presentation of the property. The house will need to be freshly cleaned, including a carpet steam if necessary.
It might also be worth giving your property a fresh coat of paint, which will hide a multitude of sins and give tenants a good first impression. When deciding on a paint colour, we recommend sticking to neutral tones such as whites or creams, that will not date.
Quality fittings and fixtures
It pays to keep your rental property up-to-date and functional with quality fittings and fixings. Aesthetically, stainless steel appliances in the kitchen and bathroom will give your property greater appeal as it appears high quality and more desirable to prospective tenants.
Given the excess of supply in the current rental market, it is important to provide tenants with features that are increasingly becoming must-have items. Air-conditioning is almost a necessity, especially in our climate, and many tenants also look for a dishwasher in their rental property.
Consider allowing pets
It might be worth tapping into the pool of tenants who are also pet owners if you aren’t seeing enough interest in your rental property. As many rentals are not pet-friendly, targeting this segment of the market could give you an edge over the competition.
Keep good tenants happy
Good tenants can be few and far between so if you happen upon one it’s worth doing what you can to keep them happy in their lease. We recommend checking in with them well before the expiration of their lease, to find out if there are any issues that would prevent them from extending their contract.
Enlist a property manager
Many tenants feel more comfortable dealing with a third party, such as a reputable property manager, instead of speaking directly with a landlord. A professional property manager will act as an efficient communication link to ensure problems and issues are dealt with properly and legally.
As a landlord, you can save yourself a lot of time and stress by engaging with a reputable property manager who can quickly and efficiently liaise with both you and your tenant, and are experienced in resolving issues that may arise.
Here at Peard Real Estate, each of our offices offer property management services. If you would like to find out more about how we can help you, visit www.peard.com.au today.