When talking about the attraction of a rental property to tenants, a lot of emphasis is often put on the investment property’s location; but, when it comes to attracting suitable tenants, it is just as important to give consideration to the quality of the property. If these are truly great tenants, you may ultimately want them as your tenants for the next one or two years - and possibly even longer – as they make your investment property their home.
With many tenants seeking long-term, stable accommodation, just the bare minimum in a rental property may no longer cut it.
What might this mean? Well, knowing they are willingly going to be in a property for a longer time period, tenants are often looking for a place with features and comforts that will make your property feel like their home.
High-speed internet, pay TV, dishwasher and off-street parking are just some of the features which are being sought after, making your property more appealing and keeping tenants happy. In most cases, having a well-presented home to begin with, and a property they love, will more likely than not ensure they take better care of the property, treating it as their own.
Having the latest appliances and features in your investment property aren’t necessarily the defining characteristics that will result in a good tenant, they may simply attract a wider tenant pool to choose from.
Good communication and quality management of a property will help ensure a happy tenant, which is very important, given that at the core of property investing and management is people.
With the dream of home-ownership seemingly harder to achieve these days, a greater proportion of the population are instead choosing to rent. Attracting tenants and minimising vacancy period are the main goals for investors, and with a larger tenant pool for landlords to choose from, attracting the right tenant for your property has never been more important.
After all, wouldn’t it be great to have a tenant who places as much pride in your home as you do?