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As a landlord, how do you stay ahead of the game, to benefit your property investment? Meeting the expectations of quality tenants is the key to success.
In a competitive rental market, quality tenants expect a lot from a property, and rightly so. In Australia’s busiest cities at least, they’re certainly paying for it. When you meet these six crucial elements, you’re in a fantastic position to attract, and keep, the quality tenants you need for a successful journey as a landlord.
The problem with being a tenant is, you generally can’t make changes to a rental property. This is easily solved, by presenting tenants with a well-maintained, aesthetically pleasing property from the outset. Furthermore, when you offer perks you’ll stay a step ahead of the competition. These include good street appeal, garages or onsite parking, outdoor entertaining areas, an appropriate amount of bathrooms, storage options and neutral colour schemes.
Whether it’s a studio apartment or a suburban family home, tenants generally have the freedom of choosing lifestyle locations - so the majority do. Easy access to transport hubs, schools, shopping centres and recreation is at the top of the list, with bonus points for ‘walkable’ suburbs. Savvy investors look to growth areas, where quality tenants naturally flock.
While it’s important to set a rental price to benefit your investment, it won’t matter if you can’t find tenants who can afford to pay it. Even if you do, properties listed above fair market prices tend to have higher vacancy rates, which isn’t good news for long term investments. A simple Google search helps you check comparable properties within your location, however your property manager or financial services team can access specific data, to ensure you set the right price for you.
Savvy investors look to growth areas, where quality tenants naturally flock.
When the plumbing goes haywire, tenants expect, and are entitled to, an immediate response to have it repaired. Then, there are all the niggling issues, like door handles that keep falling off and misbehaving air conditioners. When landlords and property managers are diligent in looking after their concerns, quality tenants are much more likely to commit to long-term leases and even pay premium prices for them.
Although an investment property might be your prized possession, tenants aren’t likely to view it the same way. While good tenants will maintain your property responsibly, it’s unrealistic to expect a rose garden to flourish, for example. Keep landscaping basic or include gardening, pool or other regularly required maintenance services in the rental price.
On top of paying rent, energy bills are a big expense for tenants. These days, most people search for energy efficient fixtures, such as LED lights, four or five star energy- rated air conditioning, draft-proofing and efficient window coverings.
As a landlord, providing tenants with what they expect upfront ensures you avoid common pitfalls and stay ahead of the game.
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