Even for the most experienced property investors, renting out a property can be stressful.
Putting up a ‘for rent’ sign and hoping for the best just won't cut it in today’s competitive rental market.
Futurerent has put together four tips to help you get the most out of your investment property.
1. List your property in January or February
Without a doubt, January and February are the best months to advertise your rental property.
Demand significantly increases during this time of year as this is when tenants generally make their move due to life circumstances. It could be young families relocating to another school catchment area for the kids, or people moving to another area for work.
On top of that, people are looking for a fresh start to the new year ahead, and what says ‘new year, new me’ more than moving home?
You might also be able to get ahead of the competition — not all landlords would spend the holiday season getting their ducks in a row before they list a property.
If you miss out on listing your property earlier in the year, June to August is also a great time to get that property out in the market. Six-month tenancy leases expire, making this another ideal time to advertise a listing. It's a simple supply-and-demand situation.
2. Present your property well
First impressions don't just count, they mean the world in real estate.
Get your property in tip-top shape before it hits the rental market. This means:
- repairing any glaring issues
- cleaning throughout, but especially the bathroom and kitchen
- mowing the lawn and manicuring gardens
If you still have tenants living in the property, give them more notice than necessary that you’re listing the property for rent. Let them know in advance of inspections so they have enough time to tidy up the place.
3. Invest in good photography
Quality photos highlight the best features of your property and make them the focus of your listing.
The main areas that tenants look at first are the kitchen, bathroom, and bedrooms. Make sure you have an exterior shot as this could be a make-or-break decision to click through on a listing for a potential tenant.
While it is an added cost, it does pay to bring in a professional. The benefit of working with a photographer is that they'll have the tools and the skills to know precisely how to present a property in its best possible light.
4. Know your market inside out
Securing a quality tenant who will look after your property as they would their own will make your life a whole lot easier. To find the right tenant, understand:
- who are you appealing to and what do they want?
- what are they prepared to pay for it?
- how do you speak to them?
Talk to your leasing agent to find out the type of tenants moving into the area to make sure you’re up-to-date with your target market. Attracting the right prospective tenant should be approached in much the same way you'd sell your property to a potential buyer.