How to Attract Qualified Tenants
Category Landlords Guide
Worried that your residential rental property will stand empty? Stats show that in November of 2020, around 11% of residential properties to let were un-occupied. This may not seem like such a big number, but if your rental property falls into this 11%, it will have a dire impact on your potential rental income.
However, attracting qualified tenants in our current property market can actually be quite simple, here are a few easy tips:
1. Keep the Property Looking Desirable by Ensuring Maintenance is Up to Date
Let's face it, if your rental property is in poor shape, if it has cracks, pealing paint and broken door handles, a tenant will be less likely to want to stay there. As a landlord, the way your rental property looks can be a reflection of how you treat the property and even your tenants.
You want your property to be chosen over the others, right? Ensure you have a maintenance budget to keep the property looking in tip-top shape!
2. Set a Reasonable Rental Price
With the prime lending rate being at an all time low of 7%, individuals are able to buy a home with monthly repayments being similar or even lower than a monthly rental payment. Thus the importance of setting a fair rental price.
One way in which you can set a reasonable rental price is by using a bond calculator to determine the bond repayment on a home of similar value. This way you will be able to compare whether your price is reasonable or unrealistic.
3. Use a Rental Agent
What is the benefit of using a rental agent?
Probably one of the biggest advantages would be that you are "Admin free". Your rental agent handles all admin from advising on market related rental, listing your property, handling viewings to communicating with tenants for rent or maintenance on the property.
A well established Real Estate Agency, such as Louw & Coetzee Properties, would ensure that a detailed contract is signed which protects both the landlord and tenant.
A rental agent has the best interest of the landlord, meaning they will negotiate and communicate terms with the tenant that best suit you.
4. Take Professional Photos
It cannot be stressed enough that professional photos are essential if you want to rent out your property quickly and to a qualified tenant. More than ever, the search for a home begins online. According to meero.com, "listings with professional photos receive 118% more online views and listings with professional photographs sell 32% faster..."
Professional photos may seem expensive, but in reality it is an investment into the qualified tenant you aim to attract. You only have one time to make a first impression of your property, make sure it is a good one.
Author: Louw & Coetzee Properties
