Here’s a common scenario. Your tenants have given notice, they are moving in 4 weeks. Time frames to find tenants are extending, supply of properties are on the increase. As an investor an empty property is as useful as powdered water.
The search for good tenants is competitive. We wanted to outline some of the best strategies to ensure you find the best tenants in the shortest amount of time possible and secure a good rent return.
Expert, Current Market Knowledge
Advertising at too high a price is the single biggest reason for failing to secure a tenant. Incorrect pricing isn’t usually the result of a greedy landlord. More often the rental agency doesn’t have the awareness or insight into current market conditions which can change week to week, month to month.
Our agency rents more property in Brisbane’s inner south than anyone, in fact up to 8 times more than the average agency. We’re tracking enquiry and application levels daily and comparing properties to make sure we have everything spot on to attract the right number of tenants.
Prospective tenants will often apply for multiple properties at any one time to secure a home. Our FastApp processing system is designed to secure the best tenants first. Most agencies process applications in 2-3 business days. We aim to complete this in 4 business hours. How do we do it? Simple. We discuss your detailed tenancy requirements BEFORE we look for a tenant and establish a criteria. We ask tenants to provide more information when they apply rather than having to rely on third parties. When we have a match they’re approved, quickly.
Presentation standards and expectations have risen dramatically in the last 12 months. We’ve seen this trend earlier with the marketing of properties for sale.
Here are the essentials to maximising your advertising impact
- High-quality photography is essential to maximising interest. The vast majority of potential tenants are basing their decision to inspect purely on the opinion they form from photos. Professional photographers are competitively priced (usually under $100) and you can often use photos for a number of years.
- Prioritised online placement. All things aren’t created equally online. we advertise rental across more than 12 websites but most consumers would be aware that one website attracts the majority of visitors. At our agency realestate.com.au accounts for 77% of all rent website traffic. realestate.com.au will prioritise your positioning on the website (“most relevant”) based on your advertising spend. In our location charges vary from $0 to $367. We monitor this spending very closely. realestate.com.au offer an upgraded placement known as a highlight listing for approximately $160 in our area which has reduced the time it has taken to find a tenant by 9 days on average. With median rents nearly $400 per week it’s proving a worthwhile investment for landlords.
- Signage It may seem a little old fashioned at first glance but do not underestimate the value in a for rent sign outside your property. A sign attracts enquiry as people investigate the area, often after looking at other nearby properties. Most importantly it’s a directional marker for tenants rushing around inspecting properties.
Securing the right tenant can be the difference between a stress free investment portfolio and lots of problems. As you can see from the information above it’s not just blind luck that ensures a great result.