Does your property appeal to the right tenant?

When you are on the lookout for that perfect tenant, the way in which your property is being marketed can make a huge difference to reducing the time the property is unoccupied.

There are key words that are often used to appeal to tenants; and their purpose is to grab the attention of the tenant, instantly appealing to what they want and need in a home.

One word to use with caution is ‘unique’.

The definition of ‘unique’ is to be the only one of its kind, unlike anything else. By definition, a unique property may sound intriguing; but, when it comes down to what the property offers and finding a suitable tenant, the very concept may have an unwanted reaction and unintentionally limit the tenant pool.

In saying this, what makes a property unique does not automatically downgrade its value. Many, if not all, award-winning properties generally have some aspect which makes them unique; and, as an investment property, it may be this status that appeals to the perfect tenant. Finding that tenant may just take a little longer or, then again, it may not.

Appealing to a large tenant pool rather than a niche market is important in attracting tenants and reducing the time spent vacant; and it is useful for the landlord to understand what their property has to offer tenants, whether that is a standard necessity or a unique point of difference.

What tenants are looking for or needing in a property will differ from place to place depending on a number of factors, including family situation, employment and education, just to name a few. Being armed with this knowledge will allow you to market your property appropriately to find the right tenant.

This is where your property manager steps in as an invaluable source of knowledge and experience, to ensure your property appeals and you secure the best possible tenant in the shortest possible time.

SOURCE: RE/MAX Australia