Marketing your rental property is a game of two halves: attracting the right tenant, and sealing the deal with them. With CoreLogic RP Data reporting that rents have fallen by 0.3 per cent in the last year, it’s clear that it might be time to step up your marketing efforts if you want to make the most of your rental property.
To help you do just that, make sure you have these three simple tips covered!
Marketing your rental property is all about appealing to your audience, and there’s no worse turn-off for a prospective tenant than a listing missing a picture. With so many Australians and New Zealanders choosing to do their property searches online and the resulting diversity of choice, it’s more important than ever to ensure that your home is picture perfect.
So how do you make sure your home is looking great for your photos? First of all, it might pay to hire a professional, perhaps one suggested by your property manager. These experts already know the best ways to catch the eye of your potential tenants. However, that doesn’t mean there isn’t some work to do on your part! You can assist your photographer by ensuring all clutter is tidied away (bar some carefully placed staging items) and providing insight as to when the lighting is best for each room.
Dawn and dusk are particularly popular times for gorgeous photos, but remember to heed the advice of your photographer as well.
When people are looking to buy real estate in Australia or New Zealand, you will often find that they are willing to pay a premium for unique features. That could be a custom-shaped swimming pool, a wine cellar or even something intangible like historical value.
Renting out a property is very similar. If people know that they can’t get what you’re offering elsewhere, they might be willing to part with some additional rent each week. Take solar panels, for example. A survey from Origin Energy found that 85 per cent of Australians thought they added value to a home, while 75 per cent of renters said they would pay an additional $10 a week for this green feature.
This is just the beginning of what you could choose to focus on. Got great views? Make sure you show them off. Live only five minutes away from a local landmark or public transport? Let people know! These are the things that renters are looking for when they seek out a new home; make it easier on them and yourself and ensure they know you can deliver what they are after.
About three in 10 people rent, according to a survey from McCrindle – and that ranges from young people moving out for the first time, to families with kids, to pensioners, and everyone in between. Renters are a diverse bunch in Australasia, which is why it pays to ensure you are marketing to the right group when you are listing your property.
For example, if you have that winning combination of multiple bedrooms, nearby schools and proximity to public transport, you could find yourself with a young family as tenants. On the other hand, if you have an apartment in the middle of the city, your listing should reflect the student demographic more.
The way you word your listing and the overall presentation of your home to a selected audience could be a significant factor in how successful your listing ends up being.
Here’s hoping these tips help you make the most of your rental property – but marketing the right way is just the first step. Ensure you are employing the services of a professional property manager if you truly want to take your portfolio to the next level!