If you look at your investment property, as a product, is the market e.g. tenants, demanding that product?
New properties are entering the rental market constantly, increasing the competition to find good tenants. If you are finding that your property is staying on the market for longer periods and the quality of tenants is diminishing, there are a few ways to increase demand for your property.
Renovating your property doesn’t have to be as costly as you might think. Focus your money on a couple of areas such as the bathroom and kitchen. These are the areas that tenants look at when scouting for their next property.
Tenants are not after extensive and time consuming gardens to maintain. Planting a few inexpensive plants which require minimal watering will make your property more attractive to potential tenants. Removal of weeds and a general tidy up of established gardens is sufficient.
Although on a smaller scale, repairs are just as important as renovating. Waking through and open inspection and seeing loose light fittings, cracked windows or broken blinds, will have the potential tenants think one thing “the owner doesn’t want to fix things”, leading most tenants to look elsewhere.
4. Professional photos
If you have invested money on renovating, repairing and updating your property, you want to make the first impression count. Professional photos will showcase your property in the best way and give you that desired first impression.
5. Professional Property Manager
The use of a professional property manager will allow you to find a quality at the right price through reference checks and market analysis, take the hassle out of managing your property and looking after your investment through ingoing, routine and final inspections.
Maintaining and presenting your investment property to the market through the implementation of the above tips, will increase demand allowing owners to have their pick of tenant, rather than having to wait for an extended period for the right tenant, while losing valuable income in the meantime.