How to Rent Your Property
If you are looking to rent out your vacant unit there are a number of things you can do to increase the appeal of your property to assist find a tenant. Like with most relationships it can also involve some ongoing maintenance to keep them and ensure that your investment continues to generate capital.
If you are keen to see your real estate investment reap rewards then keeping it presentable is job number one. If it is vacant and you are showing potential tenants through, be sure that before they inspect, the carpet is clean, the windows are washed and the kitchen and bathrooms had a thorough scrubbing. You may like to think about setting up some basic guidelines for cleanliness with tenants so that they keep your property in tip-top shape for when they leave.
Nothing would turn away potential renters faster than a home that is in disrepair. You should spend time looking at ways of keeping your property appealing by installing a more water-efficient toilet or painting the walls every few years. These little things will ensure that your property remains profitable as an investment.
Approach your exterior with the same philosophy and make sure that things like letterboxes aren’t falling apart and stair railing paint isn’t peeling. All these things will guarantee a positive attitude of a potential tenant when they approach a property, whether it is a unit or a detached home.
Another way to secure a tenant’s short stay is overpricing on weekly rent – so be sure that you are charging a competitive rate. Do the research and recruit a real estate agent to advise you on what you should be getting.
Offer incentives or deals to try and entice renters to remain your tenants. For example to encourage a renewal of the lease, you could offer a month’s rent at a reduced rate. Get to know your tenants, because by removing that landlord/tenant barrier and creating a more friendly relationship, you guarantee a greater chance that the renter will renew their lease.
Installing devices that are suited to the location of your rental property is another way to retain existing tenants or attract new ones. Installing a security system can often give tenants a sense of peace and will be a higher priority in some areas. Other devices like a heater which can be attractive in a suburb that gets quite cold, is another way of increasing the appeal of your investment.