Hints and tips to guide you through your property management journey
One of the most important roles of property managers is to precisely select good tenants. The selection of a good tenant will help maintain the value of your investment property and maximising your returns. Good tenants look after your property, pay rent on time and minimise maintenance costs. They are worth their weight in gold when it comes to your investment property.
Avoid unnecessary hassles by partnering with a property management specialist who have the right processes in place when finding a great tenant for your investment property.
So, what things should your property managers do to find the right tenant?
Evidence suggests that most property managers don’t even complete reference checks on prospective tenants due to inexperience, laziness or lack of care for your needs as an investor. These types of property managers are quickly found out, so ask your property manager to provide a list of references which they have checked. This is an essential part of finding reliable tenants and giving you peace of mind.
At a minimum, your property manager should confirm a tenant’s employment status and rental history, including if the bond has been returned in full, either by contacting references or using professional databases. They should also review the application in detail to look for any inconsistencies or unexplained gaps in rental history.
A well-presented property will attract a better tenant, so consider if there are any improvements you need to make before listing the property for lease. This might be as simple as tidying gardens, mowing lawns or removing rubbish from the yard.
Your should also consider updating fixtures and fittings that will also command a higher rent, such as blinds, carpet, air-conditioning or a dishwasher. These type of things are what a prospective tenant looks at when viewing the property.
Good marketing is often overlooked by many property managers but advertising a rental is just as important as advertising a sale.
How you advertise your property can play a big role in the quality and number of tenancy applications you receive. Good marketing includes professional photography of the property, a great copywriting describing the best features and quality signage. These combined with the presentation skills of your property manager at open homes, help make your property more appealing to tenants.
Like all good marketing, advertisements must reach the right target market and reach the most amount of people. Advertising on the largest real estate websites such as realestate.com.au is essential. The majority of tenants looking for rentals in your area, will use this platform.
If your property manager ticks these boxes, you will be well placed to secure the right tenant.
Contact the team at Verdi Property Management today and we will organise a time with you to discuss our services in detail with you.