If you want to attract more rent, you need to give tenants what they’re looking for.
We look at five things that will set your property apart from the pack and encourage tenants to pay more.
More than 60 per cent of Australians are registered as pet owners and yet many landlords will stipulate that they have a strict ‘no pets’ policy. Advertising your property as pet-friendly is an easy way to increase the number of prospective tenants, encourage competition and command more rent.
If you’re worried the pet will carry fleas or damage your property, you don’t necessarily need to be. You have the right to ask for a pet bond of up to $260 to cover any damages or fumigation costs at the end of the lease.
If you go down this route, it’s a good idea to ask for a pet resume from any prospective pet-owning tenant. This should include the pet’s age, breed, and microchip number. You could also ask for a pet reference from past property managers or landlords.
Over a third of Australians are renters and increasingly that includes families and older people. Many of these tenants want to make their rental feel more like home.
Alterations are usually prohibited without a landlord’s consent. This can be extremely frustrating for tenants who want to make even small changes such as attaching picture hooks or adding a vegetable garden.
These kinds of alterations can actually add value to your property rather than detract from it. So, if you’re open to the idea of these modifications, communicate that to your tenants. Discuss the alterations you’ll allow and, if necessary, plan in advance and agree to any patch-up work that will need to be done at the end of the lease.
We also recommended you make sure the tenant carries out any modifications professionally and uses a licensed contractor where possible. This won’t just ensure you maintain your property’s structural integrity and value, it will also protect the tenant’s safety.
3. Modern Appliances
With renting increasingly becoming a lifestyle choice, many tenants expect more from their rental property than ever before. This means that the property should be both functional and aesthetically pleasing. And one of the best ways of ensuring this is to provide modern appliances.
In fact, a quality dishwasher, cooktop, dryer and air-conditioner have gradually become non-negotiable items for many renters. If you don’t have them, many tenants you’d otherwise attract are likely to walk away.
The upside is that you can buy modern appliances for relatively low cost – sometimes for less than a week’s rent – despite their high perceived value in the eyes of tenants.
4. High-speed internet
Recent surveys have found that almost half of Australians are working from home and many will continue to work from home in the future. Now, more than ever, a high-speed internet connection is high on the list of tenants’ priorities.
With this in mind, consider attracting greater tenant interest by connecting to the NBN or installing another fast connection if it’s not available where you live. This could make all the difference when it comes to how much rent you can charge, especially if you’re targeting a professional market who are likely to want the option of working from home.
To find out whether the NBN is available at your rental property, use Telstra’s broadband checker.
5. Easy communication with property managers
Lack of communication is perhaps a tenant’s greatest frustration but is an issue that you can easily solve. A good property manager makes tenants’ lives easy, as well as landlords’, keeping everyone in the loop and anticipating next steps before they happen.
At Rentwest, we believe the key to property management is open and ongoing dialogue with both tenants and landlords. Tenants need to know they can go to the property manager with any issues and that they’re proactive with repairs and maintenance.
After all, retaining quality tenants is one of the most important factors when it comes to minimising vacancies and releasing return on investment.
As a professional property management agency, our team can help you find a tenant, make improvements to your property and oversee the day-to-day management of your Perth rentals.
Contact us to find out more.