Leading a successful investment venture isn’t just about how you treat your investment property.
In order to be successful in real estate, you will also need to attract (and retain) great tenants who will look after your rental property and treat it as home. Finding a trustworthy tenant who pays rent on time, doesn’t damage the facilities and keeps you up-to-date on maintenance issues could be the difference between success and expense. Follow this landlord advice to ensure you attract the right tenants for your Perth rentals.
Choose the right property
Finding the right tenant for your Perth rental property isn’t simply about choosing the right tenant, it’s also about attracting the right tenant in the first place. Before you make an investment, you need to think about the demographic you want to attract. Whilst a family may be looking for a larger property close to local schools, students and young couples would probably prioritise things like proximity to public transport, universities and lower maintenance properties. Once you’ve identified your target demographic, you will also need to pick your policies wisely – a pet-friendly policy may not have been a priority, but it could help you attract those long-term tenants. Just remember – more than 50% of tenants have a pet of some sort, particularly families and elderly people living alone, so you could be cutting out half your target demographic by enforcing a strict pet policy.
Take good care of your rental property
Take good care of your rental property and your rental property will take good care of you. First impressions are everything when it comes to real estate, and it’s not just your tenants who need to leave a long-lasting impression. This is especially the case when vacancy rates are high, as they are in Perths current rental market. Keeping on top of maintenance and giving your Perth rental a little TLC before it goes out for rent could help you make that great impression, ensuring you attract tenants who will care for your property in return. Before putting your property on the market, consider the small changes you can make to increase its appeal – perhaps a fresh coat of paint, replacing old fixtures, or adding new cabinet doors to freshen up the appearance.
Carry out the right checks
So you’ve done everything you can to increase the appeal of your Perth rental, but now it’s time for you to choose the perfect tenants. One of the first things you will want to look at when it comes to reviewing a tenant’s application is their rental history (if they have one). Have they received positive references from past landlords? Have they always paid rent on time? Strong rental histories and positive character references will give you a good idea as to what you can expect from your tenants and help you identify any “red flags” that could indicate they’re not the renters for you.
Don’t underestimate it – finding and choosing the right tenants for your rental takes a lot of time and effort. This is where enlisting the help of a property management agency could help you make the right decisions for your rental. As well as reviewing rental applications, professional property managers will help you advertise your investment property and offer key landlord advice on how to increase its rental appeal.
Need help finding the right tenants for your Perth rental property? The property management team at Rentwest have you covered. With our in-depth knowledge of the Perth property market, we can offer you the advice you need to make the best decisions for both you and your Perth rental. For more information about Rentwests property management solutions, contact our team on 9314 9888 or email us at email@example.com.