Attracting the right tenants

Your success as a property investor depends significantly on the quality of your tenants. Here's some tips to give you the best chance for worry free renting.

Check out the competition - It’s always good to see what else is out there. Compare your property with other rentals in your area; in particular weekly rent compared to size, condition and location.

Think about what tenants want - Different tenants have different needs. Young families for example, may prefer to have a separate bath or fenced property. Think what type of tenant you want to attract and whether or not your property fits the bill.
If you need some help, ask a property manager for advice on what tenants are looking for.

Attract the right tenants - How your property looks and functions has a massive impact on what type of tenants you attract and also how long they stay for.

Clean - Before advertising your rental, make sure your house is clean and ready to show itself off. If it doesn't present well with the existing tenants living in it, you may want to defer marketing until they move out.

Maintenance, repairs, renovations - Renovations, basic upgrades and having a well maintained property will have an affect on the type of tenants you will attract. For example, you may consider fencing a property if your preferred applicants have pets. Listen to feedback at open homes.

Advertise and market your rental - Effective marketing will increase your chance of attracting the ideal tenant for your situation and your property. The more clearly you state the benefits, the greater the odds of attracting the right tenants. Have a think about dressing the main room professionally - could make your advertising stand out from the crowd and show the potential of the space.

Find the right tenants - It’s extremely important to do the right checks and ask the right questions. Only tenants who have a proven history of paying their rent on time and keep the property in excellent condition should be considered to live in your property.  Its better to wait a short time than take in a bad tenant.

Keep your good tenants - Happy landlords and ‘tenants from heaven’ tend to come in pairs. Tenants expect the property to be in good working order and landlords expect the rent will be paid on time and the tenant to look after their investment. Its a working relationship that needs to be nurtured with respect and good communication.