Rental properties across Australia are in plentiful supply and competition is fierce to secure a good tenant, so read on for the top 10 tips to give your landlord clients.
A number of recent property market reports have no doubt confirmed what you already know: there has been no rise in weekly rents over the past 12 months and vacancies are rising.
As a result, competition is increasing among landlords to secure good tenants – and many will be looking to their PM to help them out.
Here are 10 suggestions for any landlord to help make their property a tenant’s first choice:
- Maintain the property well. Insist on a professional clean for interiors and attend to repairs and maintenance as quickly as possible.
- Carry out repairs/renovations that will improve the tenant’s lifestyle – think air-conditioners (often top of the renter’s wish list), heating, dishwasher, washer/dryer, security (locks, gates, screens, intercoms, alarms), high-speed internet connection/wiring for cable TV, flyscreens, clothesline, and even solar panels.
- Give the home a mini makeover – paint, replace floorings if necessary and add storage or even appliances.
- Consider more major renovations – bright new kitchens and bathrooms might secure a tenant and a premium rent!
- Allow the tenants more freedom, like painting a feature wall or putting up pictures.
- Don’t forget to spruce up outdoor areas and green it up with some new plants.
- Keep your heart and mind open to all prospective tenants – pensioners and single parents often feel landlords find them an unattractive proposition, even if they’d be a great householder.
- Consider flexible lease times – a short-term lease might be better than nothing!
- Allow pets and make sure the property is pet-friendly.
- Be flexible if tenants are experiencing financial problems – and build yourself a protective buffer with good landlord insurance.
With these and other bright ideas, we wish you and your client’s property a lifetime of wonderful tenants!
ABOUT THE AUTHOR
Sharon Fox-Slater is the Managing Director of EBM RentCover, which protects more than 150,000 rental properties across Australia. She commenced a role with EBM back in 1993 and was part of the core team that helped launch one of Australia’s first landlord insurance policies into the market. She was also the first woman in Australia to complete the Advanced Diploma in Insurance Broking, and is well equipped to educate property investors and property professionals about the value of aligning with a specialist landlord insurance provider.