Everyone wants all three. Many prospective investors will rarely ask a property manager what they should consider when looking to purchase a good investment property. Ask yourself this question. If I was going to rent, what would influence my decision to rent this property and call it home.
The three essential elements in attracting and retaining good, long term tenants are COMFORT, PRIVACY and SECURITY.
If the property you are considering purchasing has just one of these elements missing, then start looking at ways you may improve it – if you can’t do much with the property, then move on to a property that can offer all three.
COMFORT – everyone wants it. Cool in summer and warm in winter. What used to be considered a luxury is now a necessity. With the intense summer heat, you will find very few tenants will rent your property if there is no air-conditioning. If you have a vacancy in the winter months and there is not adequate heating, we can almost guarantee your property will stay vacant. Set out to make your property as comfortable as possible – just imagine it as if you were going to live in it yourself. If you wouldn’t put your mother in your property – then don’t expect someone else to put their mother in it.
PRIVACY– we all crave it. Who wants to be looking straight into the neighbour’s kitchen or bedroom? Ask yourself questions like – Can outdoor screens be fitted? Is there a place for tenants to have a small outdoor setting and pot plants (many tenants have them)? If tenants smoke, is there a place for them to do this? Smoking is not illegal.
We ask tenants not to smoke inside the property, but if there are no small outdoor enclosures, courtyards or privacy screens – will you expect them to stand out in the rain, or in the neighbour’s carport to have a cigarette?
SECURITY – We should all be entitled to it. We should all feel safe in our homes. Good investment properties should provide – good lighting (particularly in common areas such as carports and walkways) and locking devices on all windows. Security doors should be on all properties – gone are the days of the old fly wire doors.
Be conscious and aware of tenants’ needs – If you want good, happy, long term tenants then provide them with a good property. It doesn’t have to be new or modern but it does have to present well and offer these three essential elements.