Attracting good tenants seems to be a daunting process, however it is not as complicated as you may think as long as a number of steps are followed.
Firstly, remember that a positive first impression is the difference between securing a good tenant or the property remaining vacant.
Spending a little time before marketing your property to ensure that it is tidy and well presented, puts you well on the path to securing good and responsible tenants who will want to move into your property.
You may have to ready yourself to give your property a face lift at some time during the lifetime of your investment. Many investors shy away from refurbishing their property thinking that the money spent will not be recouped. A refurbished and well presented property not only attracts good tenants but also gives a greater likelihood of a obtaining a higher rent and reduced vacancy period. In short, a poorly presented property will only attract a tenant of the same calibre.
Property investors need to budget and create a sinking fund to cover expenses that will occur during the lifetime of their property. On average an investment property will need to be updated every 4 to 6 years.
Things to budget for over this time frame include:
– replacement of hot water system
– replacement of white goods such as stove, clothes dryer, dishwasher
– internal and external painting
– replacement of floor coverings and window coverings.
It should be noted that expenses incurred making your property attractive to tenants are also tax deductible.
It is important to remember that a property that is well presented will attract good tenants who will care for the property and more than likely be long term occupiers which over time reduces vacancy periods and lost rental income.