It’s not a Rental Property, It’s a Home!

Use-the-mind
Create a home in their mind

Tenants are looking for a home, not just a place to store their gear.

Tenants are looking for a place to make memories, not just a place to land after work.

Tenants are looking for a place to share with friends and family, not just stop-gap measure.

I know you know that, but do you remember that when you are marketing your rental property? When you are showing your rental property? Or even when you are renovating your investment property? Your property will become a part of many lives, maybe multiple generations. Your property will be the background to birthday parties, BBQ’s or dinner parties, maybe even the background to brand new babies and wedding celebrations. Your property is more than just a few numbers on a financial statement. It’s a very real and very important part of your tenants’ lives.

Some tenants have no interest at all in buying their own home, and they are looking at your property to be their home for the long-term. Or, they may not be in a position to buy for a very long time –  this is especially true with banking regulations, tax laws and interest rates changing from year to year.

So keep this in mind when you are marketing your property, especially if your investment property is a house, and your house is in a suburb which is filled with families. Which sounds more appealing to a prospective tenant who is looking to stay put for some time?:

A – 3 Bed, 2 Bath Close to Public Transport $400p/w

Or

B – Lovely 3 Bed Home, Open Plan living, 2 full-sized bathrooms, fully fenced, close to quality schools and transport. This home is in the heart of a community-focused neighborhood. $425 p/w

Now ‘A’ may get the job done, but ‘B’ paints a picture. Tenants are likely to pay that little bit extra when you fill in the blanks and tell a story for them.

You are also inviting a certain tenant to the above ‘B’ property. You are attracting long-term tenants who want to be part of something larger. When tenants put their roots down in a ‘community’ rather than just an address, they are likely to  stay put for some time.

Tenants don’t rent features, they rent what those features mean!

Help your prospective tenant build a picture in their mind, of what it would be like living in your rental:

“Fantastic 1-bedroom apartment, fully set up for high-speed technology, 3-minute walk to public transport (you’ll get to the CBD in 12 minutes). Award winning cafes on your doorstep with  fantastic views of downtown and all she offers. Parking available for you and your guests. $420p/w”

Who will come to the open home on this property? A professional who wants to be in the thick of it, someone who has their needs met, someone who can rest easy for a while.

Remember it comes down to language and using the ‘theatre of the mind’ to your advantage.

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