Building an investment property and then using the rental income from tenants to offset your mortgage repayments is a smart technique employed by lots of developers. However, for this to be a truly successful move it’s vitally important that you attract the best tenants possible.
Better tenants will be prepared to pay a higher rent, take better care of your property and make your life generally easier and less stressful. At Sovereign, we can help you out by building you an amazing investment property that anyone would want to live in, but it’s up to you to actually find the right people to move into it.
If you’re a developer, make sure you check out the rest of this blog so that you avoid potential nightmare tenants. It will also help you end up with a reliable rental income stream that will make your investment property financially viable in the long term.
1. Know Who You’re Looking For
Before you start looking for your ideal tenant, it’s important for you to have an idea of who they are. Outlining your tenant criteria beforehand will help to narrow your focus and give you a target market to focus on when it comes to writing the listing copy. This includes issues like your stance on pets, smoking, credit and minimum income level.
2. Invest In Good Photography
If you’re listing your rental property online, make sure you invest in some good photography. Good pictures create visual interest and allow your potential tenants to imagine themselves living in the space.
It comes down to simple maths at the end of the day. The better your pictures, the more people that will come to view your property. This means that you’ll have a much higher probability of getting an application from someone who fits your idea of the ideal tenant.
3. Focus On Writing A Great Listing
If you want your listing to attract the right people, good pictures aren’t enough on their own. Effective listing copy will include:
- A hook in the headline that will get the attention of your desired tenants.
- Descriptive and informative content that is delivered in a concise manner.
- Clear information about how to contact you or arrange a viewing.
4. Effectively Screen Your Tenants
This might seem like a bit of a no-brainer, but not screening your prospective tenants properly is an alarmingly common mistake. Having an effective screening process in place can save you a lot of headaches down the line. It should include:
- A check of your prospective tenants’ background, income and credit score.
- References from previous landlords and/or property management companies.
- Asking the right questions to gauge what type of person they are and what type of tenant they will be. Who will be living in the property? Why are they moving? Have they ever been evicted before? Do they have pets?
5. Maintain Your Property
Getting your dream tenants to move into your fantastic new investment property is one thing, but keeping them there over the long term is another. Maintenance and repairs are inevitable, so make sure you budget for them and ensure that they’re completed in a timely manner and to a high standard.
Nothing sours a tenant relationship faster than slow and/or substandard repairs. Every time you need to find new tenants it represents an additional cost, hassle and uncertainty for you, so smart developers will do everything you can do hold onto good ones.
Let Us Help You Build For The Future
As we mentioned before, the vital first step for developers attracting great tenants for their investment properties is to build a stunning home that people really want to live in.
As one of Perth’s most trusted and experienced builders, we can definitely do that for you. As for the rest – just follow the steps we’ve listed above and your life as a landlord will be a lot happier and more financially rewarding.
Get in touch with us today to find out more about how we can help build your next investment property.
