Understanding who your tenant target market is for your investment property is vital. If you can identify who the most likely person is to want to reside in your property then you can ensure your property’s key features fit within their priority list. The last thing you want to do is lose a potentially great tenant all because you don’t have something as simple as one ceiling fan in the living room for example.
Making sure your property fits the bill could help to ensure that you can secure a great tenant. You could also find yourself fetching a better weekly rent and, most importantly, you will most likely lease the property quicker which could save you hundreds if not thousands!
Calibre’s Business Development Manager, Emily Williams, has seen some property owners miss out on great tenants because of the smallest of details. Emily has kindly put together this handy list of her Ten Tips to help ensure your property’s features are appealing to your tenant target market.
Emily’s Top Ten Tips on How To Make Your Property Appeal To Your Tenant Target Market
1.Identify Who Your Tenant Target Market Is and make sure your property appeals to them.
If you have an apartment in the city it’s great to ensure that you have fans in all bedrooms and main living room. You attract the younger crowd here who typically don’t want to spend money running air con!
2.Be Safe & Secure
For a family style home it’s a good idea to ensure that reliable security measures are installed on the doors and windows. Families, in particular, look at safety first & foremost and will skip past homes that don’t provide what they need!
3.Potential for a view?
Looking across water, a park or the city can be gold for a home owner, keep an eye out for properties that offer a view. Even the view over an urban landscape has its attraction!
4.Clean, bright and simple!
People love that neutral colour scheme happening. It helps them to visualise their furniture being in the home. If your previous owners chose loud feature walls, for example, it’s nothing a tin of paint and a bit of elbow grease can’t fix!
5.The Kitchen is where it all happens.
Replace that old cooktop, replace door fronts or at least handles, and make sure that all hinges are working. Cleanliness here is also paramount.
6.Bathrooms that sparkle.
At least replace that old toilet, and cupboard handles. All tenants comment about bathrooms so as modern and sparkling as you can afford is highly recommended.
Bedrooms that feel inviting and private are always desirable. They need to be super clean and new carpets are always a winner. Also, a nice fresh scent in the room will add that touch of magic.
8.Green is best.
Neat and tidy gardens are essential. Knowing your target tenant market here is essential. Busy professional couples typically only want a nice and tidy low maintenance outdoor space whereas a great outdoor space would be highly on the priority list for young families. Depending on your outdoor space, it might be a good idea to consider offering garden maintenance as part of the tenancy agreement to entice more tenants to view your home.
9.Location, location, location.
Tenants old and young like to be able to walk to local amenities, shops, parks and cafes. Age is not a factor here, but convenience is. If you’ve already purchased your investment property and you feel the location isn’t ideal for your tenant then try to ensure your rental advert focuses more heavily on it’s other great attributes to make up for the lack of an appealing location. For example if the property is within close proximity to a major road this could mean easier access to a certain desirable destination.
Consider what your tenant target market’s lifestyle is going to be. Will they need to rely heavily on public transport for their daily commute? Or perhaps they are a retired couple so transport isn’t important to them but perhaps a car park is? Consider how close your property is to buses, trains and a cycle route into the city and how that could work for your tenant target market.
To access more articles about renting & properties see :
- 6 Things Every Property Investor Should Know When Buying
- 5 Things You Need To Know When Claiming Tax Depreciation On Your Property
- Insider Advice To A Quick Tenancy Turnaround
- How To Choose The Right Landlord Insurance For You
- How to Terminate A Tenancy Agreement