Have you just purchased an investment property and are looking to rent it out for the first time? Congratulations!
Investing in real estate is a fantastic way to grow your capital over time and work towards financial freedom or early retirement.
Yet, as a first-time property investor, knowing exactly what’s expected of you as a landlord can be challenging and quite frankly daunting. And so can be finding high-quality tenants who will look after your property and pay their rent on time.
So, to help you maximise your return on investment (ROI) and ensure you and your tenants enjoy a stress-free experience, we’ve listed below our five tips for renting out your property.
Define Your Target Demographic
As a property investor, your goal is to attract the right tenants who will look after the home, pay rent on time and cause minimal damage. And to achieve your goal, you need to put your marketer hat on and clearly define who your ideal renter is.
That’s because knowing exactly who you want to rent out your property to will help you fine-tune the decoration of the home and determine the type of advertising you need to create, the amenities you should emphasize and the best days and times to organise inspections.
For instance, if you’re targeting high-income professionals, organising inspections in the middle of the day during the week might not yield great results. Generally speaking, weekends (Saturday and Sunday) are the preferred option for viewing times as the majority of the general public will have weekends off and be able to attend the viewing.
Fix And Clean The Property
First impressions are everything.
And there’s nothing more frustrating for prospective tenants than visiting a dirty property with broken amenities. After all, nobody wants to live in a place with cockroaches, yellow walls, and broken cupboards. In terms of delivering the biggest ‘bang for your buck’ we would certainly recommend giving the interior of the property a fresh coat of paint. Doing so can make the world of difference and may even increase the projected rental yield.
So, even though it might take time, effort, and money, upgrading and fixing up your property is the best way to maximise your return on investment in the long term. Not only will it help you attract high-quality tenants, but it will also reduce turnover and, therefore, vacancy periods.
And, of course, ensure the home is thoroughly cleaned before every showing to wow your prospective renters. You would be surprised by the number of landlords that don’t perform these basic tasks prior to looking for a tenant.
Present Your Property In The Best Light
While you don’t necessarily need to hire a professional stylist to style your home, carefully decorating the property will help you find quality tenants quickly. Inspiration can be found quickly and easily using home decorating websites or apps, and home décor items can be purchased to suit almost all ranges of budget.
Good tenants will be more attracted to your home if it’s well-presented. What’s more, taking high-quality pictures of the property furnished tastefully can help them visualise living there.
Here are some tips on decorating your investment property:
– Add a few lamps in the living area and bedrooms
– Change up the hardware
– Place a few plants strategically throughout the home
– Use rugs in the living room and bedrooms to cosy up the spaces
– Add curtains to the windows in the living area and bedrooms
– Hang a few art pieces to make the space feel warmer and more personalised
Have you ever considered how certain pleasant smells could help attract tenants? During public rental viewings why not arrange to have the smell of freshly brewed coffee or baked bread in the kitchen? Doing so may help the property seem more homely and appealing to any prospective tenant.
Provide In-Demand Amenities
One of the best ways to stand out from your competition and add value to your property is to provide coveted amenities.
This will not only give you an edge over the competition, but it will also increase the perceived value of your property. And this will allow you to appeal to higher-quality tenants and increase the rent.
Here are some of the most in-demand amenities:
– A flexible pet policy
– Granite countertops
– Smart devices, including smart thermostats
– Dishwasher
– Coffee machine
– Air conditioning and ceiling fans
– Stainless steel appliances
– Guest parking
– Online rent payments and maintenance requests
Install Interconnected Smoke Alarms
Did you know that some legislative changes were recently introduced into Queensland regarding smoke alarms?
That’s right. The new rules stipulate that anyone renting or selling a property must install interconnected smoke alarms in the home. More specifically, the legislation requires homeowners and property investors to install interconnected photoelectric smoke alarms in each bedroom, hallway(s), and each storey for a multi-storey home.
Interconnected smoke alarms can save lives, as, if one of the interconnected smoke alarms goes off, all of the other smoke alarms will go off too. And this, in turn, makes it more likely for people living in the home to hear the alarms and evacuate.
Interconnected smoke alarms will also protect what is probably your biggest asset from fire, and installing them is also important for insurance purposes. In the event of a house fire and prior to
any potential insurance pay-out, the insurance company will be double checking that the smoke alarms installed are indeed fully compliant to the necessary Australian Standard and regulations.
Click here to read more about interconnected smoke alarms. We take your safety seriously, and that’s why we provide homeowners and property investors like you with high-quality interconnected smoke alarms. All of our products are Australian Standard 3786:2014 compliant, and we’re so confident you’ll be satisfied with your alarm that we offer a 90-day money-back guarantee.
 and ensure you and your tenants enjoy a stress-free experience, we’ve listed below our five tips for renting out your property. ){kind=link}