Preparing Your Property For Lease
How your property is presented to potential tenants greatly influences the return you can get on your investment. This article discusses the best strategies to market your property for maximum return and to attract the perfect tenant.
It’s important to be realistic about the price per week you advertise your investment at. Too high of a price attracts desperate applicants who are willing to pay the higher price to secure a property when their references have let them down in prior applications. If your property is priced too high and you’ve been waiting weeks for a tenant because of this, you may feel desperate and accept the first person who applies even if their references aren’t great.
Too low of a price can have the same effect. Attracting less desirable applicants who may be delinquent in paying rent or damage your property. Further, you have to take in to account costs to for owning the property such as agency fees, water and council rates and land tax. Too little rent may make owning the property an unaffordable venture.
Be realistic with your price as the campaign continues, if enquiry and inspection attendance is low, then it’s time to adjust the price. The market tells the true value of your property.
Online advertisement is simply a must. Websites like realestate.com.au, Domain, Homely, Rent.com.au etc. are the main tool used to attract potential tenants. There is a cost associated, particularly with realestate.com.au, but as the most used tool for finding property in Victoria, it’s a non-negotiable.
Your online advertisement needs a well written description of the property outlining all of your property’s feature. To accompany this, professional photography is highly recommended. As most properties advertised online have professional photography, this is what you have to compete with.
A good agent runs regular open for inspections once a week, stands at the door and takes everyone’s details to later gather feedback. A great agent allows for private inspections as well as open for inspections, engages with the potential tenants and tries to “sell” the property to these potential tenants.
Engagement with potential tenants not only can increase their interest in applying for the property but also allows the agent to vet the tenant on top of other usual references.
Before the tenant moves in
Once your application is accepted and your tenant is ready to move in, there are a few checks you should do beforehand.
- Carpets need to be professionally steam cleaned if you expect the tenant to do the same when they move out
- Property should be reasonably clean and tidy as a minimum standard, but presenting the property immaculately ensures a happier tenant and a better tenancy
- All gas appliances should be serviced and monoxide tested
- All light bulbs replaced and working
- Lawns mowed and gardens free of weeds (with large, hard to maintain gardens, consider including a gardener as part of the lease and increasing the rent)
- A key to each long throughout the property is available to give to the tenant on move in day
- If you’ve bought the house recently and intend to lease it out, get a building inspection to find any hidden surprises
How does Savoy lease a property?
All of the above! We have dedicated agents ready to provide you with all the advice and to work hard to find you the perfect tenant at the best price. Choosing the right agent can be pivotal in getting the perfect tenant, and we are just that, the right agent. We provide obligation free, cost free appraisals at any time that suits you!
Should you have any questions about leasing your investment, feel free to contact Savoy Real Estate on 1300 328 848, we’ll be happy to help.