As a first time landlord or property investor, it can be hard to pinpoint the things that are going to help you to ensure your property is rented out at the best price, and sooner rather than later. Luckily there have been a number of surveys and long term studies conducted by research groups and property managers in Brisbane around what potential tenants look for when deciding whether or not to rent a property. By following these 7 tips you will go a long way to ensuring your property stays occupied for the best possible price, avoiding periods of time without anyone renting your investment property.
- Location
A good location is the most consistent number one factor that tenants advise is the most important part of their decision process when choosing a rental property. Location means different things to different sub-groups of tenants. For example, for families the most important aspect of location is likely to be proximity to schools, healthcare facilities, leisure activities and shopping centres. As a general rule, proximity to public transport, restaurants and access to a business centre are top priorities for tenants.
- Age of the property
Repairs are not something prospective tenants want to have to deal with when choosing a property. If your investment property is not a new property it is important to ensure that any repairs, painting, carpeting or cleaning is well and truly completed before showing your property. As an investment strategy, most financial advisors in Brisbane recommend purchasing a property as new as you are able to, in order to avoid any hidden repairs and ensure the property requires as little essential maintenance as possible in the future.
- Car parking availability
Studies have shown that Brisbane’s off-street parking costs are the highest in the country. Tenants want to ensure their vehicles are safe and secure, without having to pay extra money to have them parked elsewhere. Properties that come with a car space or garage included will much more easily entice tenants.
- Inclusion of appliances
Most tenants do not want the added hassle and expense of purchasing and upkeep for large household appliances. This includes fridges, washing machines and dryers and tenants prefer newer appliances with less chance of breaking down. If you want to increase your chances even further, have a built-in laundry room that is going to help save space in the rest of the house and keep noise away from everything else. Every little bit helps!
- Home security features
Rental properties offering a range of security and privacy options are more attractive to potential tenants, especially ones with children. Everybody likes to feel safe, so even if your property is in a quiet or relatively safe area, it definitely helps to be loud and proud of its security features. Installing an alarm system, deadbolt locks or other security measures is a great way to give your tenants peace of mind and get that lease signed faster!
- Bedroom, kitchen and bathroom size
What are the first things you look at when you’re inspecting a possible investment property? Chances are you said kitchen, bathroom and bedrooms. Everybody loves to have a well appointed and open kitchen conducive to whipping up some Masterchef quality meals. One of the things property managers find tenants prefer are evenly sized bedrooms. So for example, tenants looking for a 3 bedroom townhouse would prefer a layout of 3 equal sized bedrooms and 2 ensuites, instead of one with a large master bedroom, big bathroom, and 2 small bedrooms.
- Low maintenance garden and outdoor areas
Life is so fast paced and city life can be stressful for a lot of people, so naturally many tenants are judging rental properties on the outdoor spaces they provide where they can simply relax and unwind. Having a small garden, large outdoor patio or even a well manicured low upkeep backyard can really differentiate your rental property from your local competitors and can be the tipping point for getting tenants over the line.
There is a lot of competition in rental properties in Brisbane, the Gold Coast and Sunshine Coast and great property managers and investment property advisors understand exactly what it is that prospective tenants are looking for. If you want to maximise your rental income and minimise the amount of time your property spends vacant, it is important to keep up to date with tenant and investment property trends and engage with a property manager who is at the forefront of knowledge on these issues.
