In rental property investment, vacancy is like a big enemy. It is something that rental property investors avoid the most. Vacancy means no income and no income means no steady cash flow.
Then, it means you won’t be able to sustain your portfolio.
The chance to grow your property investment is also getting slim if you cannot handle the situation. Thus, it is important to rent your property as quick as possible and do not give a chance for vacancy to happen in the slightest.
However, this is not a simple task. You should find the best strategies to attract prospective tenants.
How to quickly rent your investment property
Through rental investment property, you can get rental returns so you will be able to pay your mortgage, council rates, maintenance and other expenses. However, it is also important to sustain rental income while maximising the returns in order to steady your cash flow for a long run. Here are some tips to attract tenants as quick as possible:
- Pay attention to the look of your property. Advertising your property is one of the strategies to attract tenants. However, it will be no use if your property look undesirable. Thus, you can make it look at its best by fixing some minor such as cleaning out gutters, mowing the lawns, or repainting. This way, your property will look more desirable from the photos you take for the ads.
- Always be prepared by conducting regular inspection and routine maintenance. This way, you can keep your current tenants and attract the new ones. Every tenant wants to live in well-maintained living space. It will make them more comfortable and feel like at home. Besides, this is also kind of a safeguard for a long term capital value.
- Create the first impression. This can be done when you pay attention to the outside of your rental property. When tenants inspect your property for the first time, they will look the outside before the inside. Thus, make sure to fix small problems before the tenants come. Thus, those small problems won’t turn into bigger ones in the future when the tenants decide to rent your property.
- Add value of your property through some improvements. You should think of improvements that not only can be profitable but also boost your rental yield for a long run. You don’t have to focus on expensive improvements. Instead, you can do more aesthetic improvements. This way, your can make your property look more desirable while increasing its capital value.
- Try to understand more on the market. Remember that aside from property market, you also need to understand tenant market. You should find out what the tenants really want of something they call home. Thus, they can meet their expectation. It also includes the pricing. Make sure to decide rent price by considering important factors include market expectation and tenants. You need to be careful before raising the rent because it’s not worthy if it means losing your chance to attract tenants.