Every day your investment property is empty you are losing potential income, therefore, you should do everything you can to attract and keep quality tenants. Simple fixes and improvements in both functionality and design can help you quickly find, and keep, the best tenants for your property.
Think about who your target market is based on the size, type and location of the property and style it accordingly. A family with school-aged children will have different needs and priorities from university students or young professionals.
Styling Your Property For Your Target Market
An experienced local property manager or sales agent should be able to give you information about the demographics of the area and the people who are likely to be attracted to the type of property you own. This will help you determine what features your property needs to attract the best tenant.
For example, if your property is close to a school and other amenities like shops, parks and public transport, it might attract families with school-aged children. Attributes such as a backyard, storage space, spacious rooms and a fully fenced front yard are likely to be important features for these types of renters.
Accentuate the Positives of Your Property
Look for ways to easily style your property to suit your target market without making major structural changes or the need for a large budget. For example are there nooks or spaces under stairs where you can create more storage space that a family will need? Will the addition of a garden shed accommodate things like children’s bikes and sporting goods?
Research other properties in the area that have similar features and an equal price point. If a rival property has a brand new kitchen you should highlight an equally attractive feature of your own as potential tenants will each have different things on their wishlist. Remember, each property has a unique selling point, whether it be large windows that let in natural light, a balcony with a view, a large backyard or close proximity to public transport. Understand what makes you property stand out and then let everybody know about it.
Focus on Simple But Highly Effective Improvements
Rather than spending a lot of money renovating, aim to improve the “curb appeal” of the house. This involves removing weeds, trash or debris, ensuring the lawn and shrubbery are well maintained and removing chipped paint, torn window screens and broken banisters. If there’s a front yard or garden, spruce it up with low maintenance plants and flowers to make it more inviting. Ensure the mailbox and any fixtures are in good condition.
For as little as $50, you can begin to transform the interior of the property with a can of paint. A fresh coat of paint will refresh aging walls, brighten dark hallways and highlight architectural features such as high ceilings. Stick to neutral colours – cream, beige and grey – and use semi-gloss or satin paint, as scuff marks, crayon marks and grease can be removed more easily.
Are you thinking about purchasing a rental? Speak to one of the experienced agents at Noel Jones.