5 Ways To Make Potential Tenants Go Mad For Your Rental Property
We all know that Sydney has an absolutely enormous rental market, with a lot of investors buying houses and units in order to tap into the many residents who, for whatever reason, are not homeowners themselves.
While other parts of the country have experienced a downturn in rental prices, Sydney has remained strong, with CoreLogic RP Data reporting a 0.9 per cent year-on-year increase in rents as of May 2016.
While the market as a whole is very lucrative, there are still a few ways that savvy investors can make their home stand out from the pack. By doing this, you can expect a higher rent thanks to greater interest from potential tenants.
Here are five ways to make your investment property a home that nobody will be able to look past.
A great way to cultivate this curb appeal is through a nice garden and plenty of parking space.
1. Curb appeal
We’ve talked before about how having the right street appeal can make potential buyers fall in love with your home, and the same holds true when renting. First impressions count for a lot, and if you can pique their interest before a tenant even walks through the front door, you’re halfway to creating demand. A great way to cultivate this curb appeal is through a nice garden and plenty of parking space. This might take a little bit of time and money to create, but it’s well worth it when you consider the potential gains.
2. A fresh coat of paint
All of us know that a rental property needs to be clean and tidy in order to set tenant’s hearts aflutter, but what about a fresh coat of paint? Again, it may seem counterproductive to put money into an investment when you could rent it out as is, but painting is relatively cheap and even something that you can do yourself. Choose bright colours to accentuate the amount of space and create the illusion of light and airiness.
3. Brighten the place up
Speaking of light, one of the most common things that potential buyers and residents look for in a home is plenty of it. The right coloured walls will help, but you can also pick up some new curtains or blinds that let plenty of sunshine in. New light bulbs can create the same feeling if you go for ones that are ‘white’ or ‘natural’ tinted.
4. Go the extra mile
For tenants browsing the market, one open home can seem very much like the next. It doesn’t have to be that way though, especially with the right real estate agent on your side. Make sure to work with somebody who knows the area and can tell renters about the local amenities, parks and dining options. The more you can make the home seem like part of a thriving neighbourhood, the more people will want to live there.
5. Think about accommodating pets
This is one aspect of renting that many landlords don’t relish, and as a result, it’s not uncommon to see listings labelled very firmly as ‘no pet’ homes. This might make a difference to the maintenance, but you should also consider that 63 per cent of Aussies own a pet, according to the Australian Veterinary Association. There’s, therefore, a great opportunity to cater to any renters within this demographic by offering them something they won’t find elsewhere – like a cat door. You’ll be amazed how far people are willing to go for their animals, so if you can stomach being a pet-friendly landlord, this may just result in higher levels of demand.
For more tips and tricks for making your investment property a roaring success, get in touch with Laing+Simmons today.