How Should I Market My Rental Property?
Buying a rental property is just the first step in what can often be a huge learning curve. If you’re new to the market, then it’s important to have professional and expert advice at every stage to make the most out of your investment.
One of the first and often biggest choices you will have to make is how you’re going to attract tenants. An experienced property management company will be able to help, but there are some decisions you might have to make along the way, too.
Standing out from the crowd
A major issue you’re likely to face is how to stand out from the crowd. There will be countless landlords hoping to rent an apartment, so the trick is to make yours seem more appealing than the competition.
It won’t pay off simply to make assumptions about what people are looking for.
SQM Research revealed that in January 2016, there were 10,677 rental properties without tenants in Sydney – that’s 1.8 per cent of the total market. If you’re hoping to make an impression, then you will have to provide a quality offering in a popular part of the city.
To really stand apart from the crowd, you should make sure your investment property offers something that tenants really want or need. Whether it’s access to local transport links or particularly impressive views, make sure you get this information across in any of the promotional materials you create.
Show you’ve got nothing to hide
An open inspection is a good way to entice potential tenants to have a look around your property. The Real Estate Institute of Australia states that some real estate agents will offer to do this on your behalf, so it’s up to you whether you decide to be present on the day to answer any questions.
Know your market
This leads onto the next point – understanding your target market. It won’t pay off simply to make assumptions about what people are looking for when they rent an apartment or house, you will need to know for certain.
A survey carried out by rent.com.au found that 79.9 per cent of tenants go in search of a property with a good kitchen, while 56.7 per cent would ideally like somewhere with outdoor space.
If your rental property has any particular assets, then make sure prospective tenants are aware of what they are. Don’t simply rely on the piece of real estate to do the talking – you need to make sure people know what it is that makes it such a great prospect.
