What Do Renters Look For in a Property?
When you buy a property for yourself, you know what you want and can go out and find it.
Things are different when looking for real estate to invest in and generate a rental income from.
The number one thing is to ensure there are always tenants that want to live in your property. The last thing you want is extended vacancies.
So how can you ensure that the property you invest in will be popular with tenants?
You need to put yourself in their shoes and view things from their perspective.
Of course price will be an important factor for all renters, yet it is not the only one.
In a crowded market, you can make your property stand out by ensuring it has a winning combination of qualities that are attractive to tenants.
Access to public transport
If prospective tenants have a car, a car park may be a big point in your favour - especially an off-street park.
However, buses and trains could be even more important. Many renters are relaxed about where they live, as long as they are close to public transport.
These major routes make it easy to reach employment and education zones. Being close to a bus or train stop is an excellent quality for an investment property.
Don’t underestimate the importance of a decent cup of coffee. Cafes, bars and restaurants are a big drawcard for all tenants.
Look for a property that is close to great coffee spots to appeal to students and professionals alike.
Similarly, families that rent may be attracted to places that are close to schools, parks and other child-friendly points on the map.
No tenant is the same and everyone has different ideals, yet in general, all renters appreciate space.
It's a simple fact. No one wants to live in a cupboard, but everyone loves having lots of cupboards to store things in.
Even small properties can be made to seem spacious with some strategic rearranging, and those that do have a bit more living room shouldn't be humble about it.
If you wish to appeal to a broader pool of tenants, you may want to consider allowing renters to keep pets at your property.
Many people have a cat or dog, yet not all landlords allow them. This means that if you are pet-friendly, your property could appear more attractive for renters than others.
Any reservations about what pets might do to your property can be taken care of with some strict rules for your tenants.
Things that work
Just as landlords want hassle-free tenants, renters want a hassle-free tenancy experience.
As the property owner, you can help them to achieve that.
You can make their life easier and improve the odds that they will stay longer by ensuring that all appliances and systems are in good working order.
Further, don't let them form a bad first impression.
A reliable landlord
No matter how well prepared you think you are, there will always be times when things stop working or the unexpected occurs.
In these situations, most tenants would have reasonable expectations. They would want a landlord who takes action quickly, whether that be through arranging repairs by a third party or through getting involved themselves.
If you provide timely and consistent service to tenants, chances are that they will repay you with a longer tenancy and a good relationship.
There is always the option of hiring a property manager to take care of the day-to-day needs of your tenants. If you don't have the time to do this yourself, this could be a great option to ensure they are kept happy.