So, you’ve put your property up on the market, but the question still remains: How can I make sure I’m doing everything I can to attract the right kinds of people to my property?
Having good tenants will help alleviate stress, financial and time pressures in the long run, so it is important to have reliable tenants taking up your property.
Fortunately, there are many ways to enhance your property and make it more attractive to potential tenants.
Always consider the tenants perspective
When brainstorming ways to improve your property, always consider things from the perspective of a possible tenant and think of things likely to benefit them.
Perhaps the most important thing to consider is location: Is your property close to transport links, retail centres, or schools? These are usually one of the first things a potential tenant will consider when looking at a property, so ensuring your own is located in a prime location will not only increase the possibility of tenants but the property’s rental value too.
Consider the location itself; is the area a nice place to live in? Is it a safe area? Are the neighbours friendly? If the answer to any of these is no, this can hinder your number of likely tenants.
Enhancing your property’s features
Every week a property remains vacant, you lose on average 2% of your potential yearly income for that property. That’s why ensuring your property has as many enticing features as possible will help secure vacancies quickly and effectively.
While a new coat of paint or a new appliance is a good start, some features are often overlooked but can actually be greatly appealing to tenants.
A good-quality kitchen, air-conditioning, quality fixtures, good cable connection for phones and Wi-Fi, as well as a garden are features often not at the forefront of seller’s minds, but making sure you have them, as well as the more typical ones, will only help bring in tenants.
Features to avoid
While there are many features to look out for to help improve your property, it’s also important to ensure your property does not contain any features with the potential to do the opposite.
A dirty property will only drive tenants away, as will one with insufficient lighting or containing appliances in bad condition.
Again, always consider things from the tenant’s perspective. When this is sometimes difficult, for example when deciding on colours of rooms, opt for a neutral standpoint to try and appeal to the biggest market. Rooms that are too dark or too colourful will only cut off parts of your audience.
Finally, while making changes will help, be careful not to overcapitalise on your property. Plan accordingly and speak to your property manager about expected rental returns on features you wish to include.
Bear all this in mind, and you’ll have an attractive property that good tenants will want to live in.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.