A good return on your investment property requires a long-term, high quality tenant. But COVID-19 has changed everything and the border closures haven’t helped. Now, the rental property market is flooded with short term rental properties that used to accommodate tourists – especially in Sydney. As a result, competition is strong.
So the question is, how do you find great tenants during a pandemic?
1. First impressions
Like everything in life, first impressions count. It’s the same with renting your investment property – and it starts with the online photos you use to promote your property. Amateur photography won’t be good enough. You need to invest in a photographer who knows what they are doing and can provide advice.
2. Understand what your ideal tenant is looking for
If your investment property is a 3 bedroom home with spacious garden, your ideal tenant won’t be single. A one bedroom apartment won’t appeal to a family of 4. You need to thoroughly understand what potential tenants are looking for and target your advertising to those who are the best fit for your property.
3. Know the flaws and fix them!
The rental market is competitive at the moment so you need to ensure your property is in impeccable condition. Before you go to market, be critical of your property. Are there any faults or flaws that could put off a great tenant? Do you have any outstanding repairs or maintenance issues that need attention? It’s a tenant’s market at the moment and this trend will continue for some time. As a result, tenants can be fussy and will compare your property with others that are on the market.
4. Have flexible opens
Most Sydney property managers only carry out 1 or 2 open homes per week and these opens only last for 15 minutes. At Stills Properties, we fit in with viewers by offering morning or evening opens which run for 30 minutes, if required. By being flexible, we’re more likely to secure a great tenant – fast.
How long do you want your investment property to be on the market?
With over 35 years’ experience in property management, Brigitte Stills may not have experienced a pandemic. But she has seen the market through many ups and downs. As a result, she understands what it takes to find a long-term, high quality tenant in the shortest possible time. That’s why Brigitte’s landlords have been with her for so many years.
At Stills Properties, we currently have lease turnarounds of 3-7 days since COVID-19 began. Can your current property manager say that?