So what are the tops items tenants look for:
1 – Location – Where is your property? How close to schools, shops, restaurants and cafes. Know who you are targeting. If your property is way out of town with a huge backyard, then don’t expect the professionals who work in the CBD to be too interested.
Location is the number 1 factor people look for. They are more likely to bend on other amenities if the location is right.
2 – Number of bedrooms- The number of tenants is proportional to the number of bedrooms they will be looking for. It’s unlikely that a single professional male, will be looking for a 4 bedroom. Conversely, a young family of 4 is not going to be looking for a studio in downtown.
3 – Renovations – How new and fresh does the property look? Has the paint seen better days and the carpet looks like it’s from the 70’s? Or does the kitchen feel like it’s been put in yesterday and the bathroom has never been showered in? Tenants love new and fresh, consider how old your place looks.
4 – Floor Plan – What is the layout of the property? Is there a sensible flow to the living spaces and bedrooms? A lot of tenants are looking for open floor plans. This makes a small place feel a lot larger, even if it’s a modest size.
5 – Upgrades – Tenants love anything upgraded. Have you installed a double sink in the bathroom or stainless steel appliances? These new ‘sparkly’ appliances can make the difference in selling a property to a prospective tenant.
6 – Parking – If your property is down a long drive way where do the tenants park and what about additional parking for guests? Is the property an apartment in the city? If so, does parking come with the rental? Parking is still a priority for tenants, make sure there is adequate parking.
7 – Storage – We all have stuff, including tenants. Do you have a double garage, a tool shed and ample indoor storage? Unlikely, but this is the dream for tenants. At the very least there has to be some storage such as wardrobes, and somewhere to put the vacuum cleaner. If there isn’t anything much, what can you do to improve storage?
8 – Natural Light – What is more attractive a dark cave or a light and bright room? No contest really. Make sure the trees outside windows are trimmed to let in maximum light, make sure the windows are clean, and window treatments allow for sunlight.
9 – Outdoor space – Is there any ‘stomping ground’ available? It doesn’t have to be big (in fact some tenants don’t want big) but they do want to be able to get outside and enjoy a nice day. Even if it’s just a small patio. This will tick boxes for some people.
10 – Heating/Cooling – How is the insulation in the building? What is being used for heating and cooling? Having a unit in the place will definitely sell a property better, especially in climates such as Melbourne which can be so changeable.
Does your rental property have all or some of these? If not, is there something you can address that would help get tenants into your property?