How to Attract the Best Tenants
We’ve all heard rental horror stories. In an ideal world, everybody would be clean, respectful and able to pay rent on time. But unfortunately, we don’t live in an ideal world.
Bad tenants do exist, and if you’re not careful, you might end up putting one (or more) into your cherished investment property – turning what should be a money-making asset into a black hole of headache, expenditure and in the worst cases, legal dispute.
But, if you handle the marketing of your property correctly, you can weed out the headaches and attract the gems. Following a few basic marketing principles, you could have rent-paying, noise-hating neat freaks taking great care of your property, following all the rules and reliably paying the rent before it’s due.
The chief function of an investment property is to make you money and enhance your quality of life. If you have nightmare tenants holed up in there, your ROI (as well as your sanity) will suffer so much you’d be better off not owning the property at all.
Here’s how to make sure you attract the right tenants:
Know your ideal tenant
Before you try to craft your message or alter your property to please premium tenants, you have to know what’s important to them.
If you’re looking to rent to a family, your marketing may revolve around nearby schools or low crime rates. If you’re looking for young single professionals, your message might centre on the hip culture and nightlife.
Work to satisfy their expectations
Once you’ve done a bit of research and found out what’s important to your target demographic, alter your property to suit their needs.
Some of the general perks that people tend to find important are fresh carpets, fresh paint jobs, modern facilities, broadband and proper air-conditioning / heating. The best tenants are looking for the best properties, and yours needs to stand out if you’re going to draw their attention.
Messaging and perception
Bad photography and incomplete information won’t cut it for the premium tenant. They want floor plans, great pictures and vivid descriptions of the property and the kind of lifestyle associated with living in it.
If your presentation can make people feel what it must be like to live in your property (and if you can make them want that feeling), you’re well on your way to attracting the kind of tenants that make owning an investment property rewarding.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (yet rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
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