Finding the right investment property can be difficult enough – how do you make sure that you attract the right tenant to your property?
ATTRACT THE RIGHT TENANT WITH A GREAT PROPERTY
The first way to make sure you attract the right tenant is by readying your property for the rental process. Just because you have purchased an investment property that you can see lots of potential in, doesn’t mean a tenant can see the same thing. Make sure your property is move-in ready before proceeding with the rental process.
Fix anything that is broken, replace old furniture, give the property a fresh coat of paint, and give it a thorough clean. A good property attracts a great tenant. In Ireland, the majority of tenants want a fully-furnished property, so take that into consideration.
HIGH QUALITY PHOTOGRAPHS
Having good quality photographs of your property plays an extremely important role in attracting the right tenant. Remember, the photographs used to advertise your property will make a lasting impression on prospective tenants, and very often contribute to whether or not someone will want to view your property.
Avoid using your smartphone, and try to make the most of the natural light. Figure out what time of day the light shows your property off to its full advantage, and use a professional camera (or, better yet, a photographer) to take photographs of your property.
Social media is a very strong tool for a landlord looking to attract the right tenant. Advertising your renal property on your social media accounts can bring your property to the attention of a whole range of prospective tenants that may otherwise never have known that you had a property to rent.
Facebook alone has 1.4 billion daily users – this is a huge potential audience of prospective tenants. Not only that, your social media accounts can provide you with trusted recommendations of prospective tenants from mutual connections.
In 2018, it is vital for a landlord to use social media platforms to their advantage when trying to attract the right tenant.
KNOW WHAT THE “RIGHT” TENANT IS FOR YOUR PROPERTY
All properties are not suited to all tenants. Knowing what kind of tenant is best for your property is a vital part of letting your property.
If your property is in close proximity to a university, and you can offer relatively cheap rent, your property may be well-suited to a student.
Your property could be attractive to young families if it is close to a school and has local parks and other amenities nearby.
It is also worthwhile doing some research into what types of renters are in your area – this can be a good indicator of who your property will suit, what kind of rent you can expect to receive, and where to advertise your property (social media, property websites, noticeboards, etc.).
Before you begin advertising your property, figure out what your policies on issues such as smoking and pets will be. This will start your search for a tenant off on the right foot.
The most important thing to remember for viewings is not to have any current tenants in the property. This can be extremely off-putting for prospective tenants, and may well result in you losing out on the right tenant for your property.
Give your current tenants plenty of notice of any upcoming viewings so that they can arrange to be out of the property for the duration of the viewing. Rentalutions suggests buying your current tenants a gift-card for local restaurant fora meal during the viewing.
KEEP THE RIGHT TENANT
Once you find the right tenant, make sure to keep them!
Give plenty of notice to any contractual changes you may decide to make, give them the opportunity to extend their lease, keep the property well maintained and handle any issues which may arise. If this is too much day-to-day handling for you, consider hiring a professional to manage your property on your behalf.