To get the highest possible reserve and to attract the best possible tenants you need to know exactly what tenants seek when their searching for a rental property. With this knowledge your own well on the way to happy investing and with happy tenants.
Location is of major importance to prospective tenants well before they even give consideration to the style of home or perhaps type of dwelling being offered for rent. If you have already paid for your investment property there is not much you can do about the place. If your still looking for an investment property a few details to keep in mind should be how close or how far away will be local amenities such as schools, shops, public transport, professions, sporting facilities, hospitals, ocean, water, parks etc . Should the property is on a busy road or in a tranquil street or cul de sac and if the property presents any views, breezes or the aspect of the property. Consideration to these points is most valuable when determining selecting an investment The Landmark.
The rental amount will also find out the type of tenants who would look to rent the property. The market hire needs to be fair in comparison to what else is on offer from the surrounding neighbourhood. For example a tenant won't pay $500 per week for a property when there are 10 of the very same property available for rent at $400 per week. One of the features about employing a good property management company to manage your property will be they will have prepared a CRA (Comparative Rental Analysis) and will know exactly what is achievable and what is not.
Almost all tenants are security conscious and they want to know they will be secure in the property and so to their belongings when there through. Things like deadlocks to front and rear doors, safety screens to all windows and doors and even an alarm system provides the tenant with piece of mind. Most tenants prefer properties that should be fully fenced to the rear and sides and to have a very good gate to the return of the property. This will give them satisfaction knowing their children can safely play in the rear end yard of the property and the property is secure.
The house and property needs to be in good repair and clean and clear which will show prospective tenants you are willing to provide a reliable and inviting property that they too can call place. The maintenance on the property should be considered as an ongoing expenditure of money (and not a cost) of being a property investor. This will permit you to achieve a higher rental figure per week and attract amazing tenants who will treat your home as their own. If your place has dripping taps, torn flywire or security display screen mesh, needs a paint or has over grown sabatini gardens it will be much less appealing to quality tenants. By investing some money in your property you will be surprised how quickly your investment decision can be recouped.
Another important factor is the properties temperature within and out. Air conditioning and ceiling fans are important in a exciting climate and heating is important in a cooler climate. Tenants will know if they are looking at an apartment or townhouse as well as bedrooms are upstairs they will be hot in summer not to mention cold in winter. They will look for things like a separate air conditioner in the master bedroom or at least ceiling fans. If the main located area in the house has the hot sun beating in regarding that side of the house all day long in summer they will in all probability expect an air conditioner. The same applies to outside, is there a patio and if so is it large enough that the tenants will be able to comfortably entertain under and not so small they need to rest inside when their relations or friends visit. The place should also be safely ventilated and have enough windows for you to capture the breezes as this will save on their energy source costs for tenants as well.
The size of the rooms can be an important consideration tenants are looking for in a rental property. They want enough room to comfortably enjoy living in the home. Typically the bedrooms don't need to be the size of Buckingham Palace however do need to fit more than a bed. Children's bedrooms really need to be large enough for a bed and wardrobe (if you can get no built ins) as well as a place for a desk invariably teenagers now have computers or a television in the room. The tenant will also need to see their lounge suite along with other furniture will easily fit in the rooms provided. The same most important still applies whether it's a small 2 bedroom townhouse or perhaps large five bedroom house.
The investment property should be low maintenance and easy to maintain. In a residential home tenants don't want to be spending large amounts of their weekends mowing and trimming lawns, pruning hedges and looking after award wining increased by bushes. They want to be out enjoying themselves so minimal maintenance gardens are important. If there are garden beds from the property make sure they are edged and mulched. This makes it much easier for the tenants to mow and whipper snip the particular lawn and weed the garden bed. If you do experience beautiful gardens and lawns throughout the property then have the funds for a gardener to maintain them. Not all tenants will have an identical passion for gardening that you may have. If the property has a swimming pool area I would strongly recommend employing a pool company to maintain the group. This may sound expensive but from my experience perhaps it will save you thousands over the long term.
A factor which is becoming further important in today's ever changing world is the environment. Through energy costs soaring tenants are now looking for rental real estate that will minimise their energy and water expenses. Goods such as solar or gas hot water systems opposed to electric power are becoming more important to tenants. Low wattage or energy levels efficient light globes installed in the property will also matter when tenants are deciding on two very similar houses. A second important feature today are rain water tanks because tenants can now be charged for the water usage around the home. If a water tank is plumbed into the house hold to run the toilets and washing machine this will save typically the tenants a lot of water usage and money.
In summary if you have had bought a property already you may not be able to much about the specific location but their should be a few ideas which will help you as well as increase the income the property generates but also attract a great renter who will look to stay for a long period and as a result will reduce your openings rate.
Hi my name is Jason Savage and I'm the primary and director of Loganholme Best Agents a real residence agency located at 6 Belbora Road, Shailer Dog park, QLD Australia. We specialise in residential property revenues and property management. We have been in business since 2003 and also were asked to join the Best Agents member network on late 2009. We are passionate about helping people plus our focus is on helping our clients build a fortune by maximising their returns, minimising their risk as well as giving them exceptional customer service. We are here to serve the clients and help them in any way we can with any one of their property needs.