How to Attract Good Tenants
Attracting good tenants can be a daunting process, however it is not as complicated as you may think. A positive first impression can be the difference between securing a good tenant or the property remaining vacant.
Attracting good tenants can be a daunting process, however it is not as complicated as you may think.
A positive first impression can be the difference between securing a good tenant or the property remaining vacant.
If you spend a small amount of time prior to marketing your property to ensure that your property is tidy and well presented, you are well on the path to securing quality and reliable tenants, who will want to rent your property.
Over the life time of your investment, you may have to give your property a facelift. Many investors shy away from refurbishing their property thinking that the money spent will not be recouped.
A refurbished and well-presented property not only attracts good tenants, but also means a greater likelihood of a obtaining a higher rent and reduced vacancy period. Whilst a poorly presented property is likely to attract a tenant of the same calibre.
We recommend that Landlords budget and create a “sinking fund” to cover expenses that may pop up over the years. On average an investment property will need to be updated every 4 to 6 years. Things you may wish to budget for over this timeframe include:
- Replacement of the hot water system
- Replacement of appliances such as the stove and the dishwasher
- Internal and external painting
- Replacement of floor coverings and blinds
It is not all bad news, expenses incurred in making your property attractive to tenants may also be tax deductible.
A well-presented property will attract good tenants, who will care for the property and will often stay long term, over time reducing vacancy periods and lost rental income.
At Blackburne, we can help you to create a preventative maintenance plan and a budget for your sinking fund. Chat to us today about your needs.