The best ways to expand your tenancy pool
They say to hold on to your ‘good’ tenants, but good things don’t last forever and there may come a time when your tenant decides to move on. Perhaps they’ve purchased their own home, outgrown your property, or even moved towns. Regardless of why they’ve moved on, it’s time to find your property’s next caretakers.
Cycles of vacancy rates may mean your property is leased immediately, or it may take a little longer to find the perfect fit. While it could just be coincidence, a little investigation may suggest improvements to attract tenants who are eager to stay for longer if you’re finding your tenants aren’t sticking around.
In all respects, it is good to be in a position to capture the largest possible tenant pool in order to find the most appropriate applicant for your property.
The type of property may lend itself to a particular tenant group, and there are a variety of reasons a property may attract certain tenants.
Size and location, proximity to schools, business centres, entertainment centres all play a part. Larger families need larger homes, people with dogs [usually] need a backyard; simply put, some properties just suit a particular tenant more than others.
Outside of the essentials of the property itself, up to date photos are a must in order to capture tenants on the hunt for a rental. While professional photos do stand out, the quality of camera phones these days is outstanding, and with a little bit of practice, capturing the best of your property is both very achievable and affordable.
Ensuring maintenance work is up to date is important even while the property is vacant. Open home inspections should show no signs of maintenance or presenting unkempt. Prospective tenants will pay particular attention to the cleanliness of the property.
You could suggest that your property manager includes a little brief on what is in close proximity to the property, such as popular venues and activities, what’s on guides and local news sources. This could prove particularly helpful for people moving from ‘out-of-town’.
While still somewhat of a controversial topic, being open to allowing tenants with pets increases your tenant pool substantially.
While many states and territories have recently undergone reforms to make it easier for tenants to own pets in properties, just this month in Queensland, laws have passed that lift a blanket ban by body corporates of units/apartment complexes.
Genuine concerns are by no means disregarded, but keep in mind that most pet owners are very responsible when it comes to their pet and the property in which they reside.
Highlighting the features of your property and specifying any add-ons, such as washer/dryer included, or solar or even access to additional storage space is important when it comes to your property’s appeal. Allowing the best of your property to be on show and the ability for it to be seen as becoming ‘home’ will no doubt help capture the attention of your future tenant.
