Is your rental property reaching it’s full potential?
Too often I’m confronted with rental properties that are poorly presented and make it difficult for any prospective tenants to picture themselves living in the property, much less paying to live there.
Much like property sales were transformed by the impeccable presentation and positioning of John McGrath’s brand, so too is property management changing to appeal to a more savvy market. Here is a list of activities your property manager could be undertaking to maximize the income you receive on your investment property.
As we use the internet to increasingly search for properties, many of us can fall in love (or dismiss) a property based on its layout. Are the bedrooms big enough? Check. Is the bathroom in the right place? Check. Does the living room extend out to the balcony? Check. All of these things can be seen quickly and easily with a coherent floor plan. So it comes as no surprise that a floor plan can just as easily be used for a rental property as it can to sell.
Gone are the days where a dark photo of the corner of the lounge room is enough to attract a quality tenant. These days the quality of photography will reflect the quality of the tenant you seek to attract. Put simply, better quality photos attract better quality tenants. Show your property in it’s best light and you can achieve some great results.
As I work in property I’m blessed to be a very visual person. I can imagine what a room can look like and what furniture will fit where. But not everyone is so fortunate. When it comes to prospective tenants “imagining” themselves living in a property, it’s much more effective to have actual furniture in the space. That way they can see whether everything will fit and whether it’s a space that they can feel comfortable in.
Open times and private viewings
Not all tenants will be able to make an afternoon dash to see a property, especially professional couples that may be caught up at work and are on tight schedules. The more flexible the open times, the more people are going to get a chance to walk through the door, and if you’re really trying to attract someone special, private viewings are a must.
Professional Copy on the advertisement
An easily forgotten aspect, however our lack of detail when it comes to descriptions usually indicates that we’re hiding something or we can’t be bothered. Either aspect is undesirable when trying to tell the world about how wonderful your property is, so make sure your property manager is describing the properties attributes in their most favourable and informative light.
These tools may seem foreign to many Property Managers, but the results I see from companies using such an approach provide compelling results - a property that is presented professionally will have a much better chance of attracting a better quality tenant and ultimately a much higher rent.