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Leasing a property in a renters market

It’s fair to say that 2020 has been a challenging year, and the rental market hasn’t been immune. When it comes to leasing out your property today, many landlords will need to take a slightly different approach to make their real estate stand out from the pack. It’s a renter’s market, but that doesn’t mean your house or apartment won’t find an enthusiastic occupant. Here are some suggestions for rental success.

Fix any maintenance issues or cosmetic imperfections
Tenants are fussier than they were a year ago, and are likely to find fault with neglected and run-down properties. A little TLC can go a long way. Small fixes can have a big impact on the overall appearance of your property, so if you have been putting something off, now is the perfect time to get on top of it.

Focus on excellent marketing
Images are likely to be the clincher when it comes to leasing your property. “These days the ‘visual appeal’ is such an important point,” says Ivy Mao, the Head of Property Management at Noel Jones’ Mitcham office. “We request the landlord to invest in professional photos to achieve the best look.” At the same time, when it comes to the property’s description “wording is vital, it needs to be simple and clear to read”.

Consider concessions for a terrific tenant
Negotiation can be the key to securing a fantastic occupant. Adjustments such as making your property pet-friendly or allowing small changes or alterations could mean a potential long-term tenant wants the keys to your property. Hear out any suggestions and then take time to consider if they are workable for you.

Get an honest agent and appraisal
A professional opinion on your property’s rental value is vital to secure that much-wanted tenant. If the pricing doesn’t meet market expectations tenants will go elsewhere. A reliable real estate agent will “communicate to the landlord, tell them the truth about the current market condition and what kind of property people want to rent and live in, including things that need to be done or can be improved,” says Mao.

The right agent will be motivated to secure the right tenant for you, and should have a suite of services to connect you with them. Noel Jones has a trusted record of property management success from listing your property, to leasing, often within quick timeframes, and then professional management of your property.

Our REIV accredited, fully trained property agents are across current market trends and legislation changes. They are also expert financial managers of your asset and offer lower than average vacancy rates and comprehensive tenant checks.

To find out how we can help you best manage your investment property contact your local Noel Jones office today.

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