Preparing your investment property for lease is a crucial step in attracting the right tenants and securing a steady rental income.
By ensuring your property is in top condition, you can make it more appealing and reduce vacancy periods.
Whether you’re self-managing or engaging the services of a property manager, below are some practical tips to get your property ready for leasing.
1. Understand your target market
Before making any changes, understand the preferences of your ideal tenant. Are you aiming to attract young professionals, families, or retirees? Knowing your audience helps you tailor your preparations to meet their needs.
2. Deep clean
A clean property makes a great first impression. Hire a professional cleaning service to ensure every nook and cranny is spotless. Display a home that is move-in ready to set the standard for new occupants.
3. Make necessary repairs
Address any repairs or maintenance issues before showing the property. Fix leaky faucets, squeaky doors, and broken fixtures. Small details can significantly impact how the property is perceived.
4. Enhance your curb appeal
The exterior is the first thing potential tenants see. Ensure the lawn is well-maintained, the garden is tidy, and the exterior paint is in good condition. Add features like potted plants or flowers to make the entrance inviting. First impressions are crucial in attracting the right tenant.
5. Stage the property
While not essential, staging with furniture can highlight features. Well-placed furniture and décor can make rooms appear larger, brighter, and more inviting.
6. High-quality photos
High-quality photos (and videos) are essential for online listings. Hire a professional real estate photographer to capture the property in the best light. Quality photos can significantly increase interest and help your property stand out.
7. Highlight key features
Identify and highlight the property’s key features in your listing. These may include a modern kitchen, spacious backyard, or proximity to amenities. Emphasise these points in your listings and during inspections.
8. Provide a detailed listing
Ensure your listing is well-written with detailed descriptions. This attracts more interest from higher-quality tenants. Include information about the neighbourhood, nearby schools, transport, and any recent renovations or upgrades.
9. Be prepared for inspections
Your property should be clean, presentable, and flexible with viewing times. Being accommodating and professional makes a positive impression from the start.
If using a property manager, ensure they know your preferences and standards. Stay in communication during the listing phase to monitor the property’s condition and any cleaning or maintenance needs.
10. Set the right rental price
Setting the right rate is crucial for securing an ideal tenant. Research the local market and seek expert advice from your property manager to set a competitive price.
Consider comparable properties in your area to determine a fair rent price. Asking too much or too little may deter your ideal tenant.
11. Market effectively
Use online listings, social media, and traditional marketing methods to reach potential tenants. A strong marketing strategy can reduce vacancy periods. Your property manager should have a detailed plan for effective marketing.
12. Engage a trusted industry partner
Managing a rental property can be time-consuming and complex, involving essential legalities. At Hendrix & Hart, we have established relationships with trusted industry partners in property management.
We only partner with property managers who have stellar reputations and extensive experience. They handle everything from tenant screening to maintenance and rent collection.
By following these tips and engaging with our trusted industry partners, you can ensure your investment property is well-prepared for leasing.
*The information provided in this blog is intended for educational purposes and does not take individual circumstances into consideration. For personalised advice and information, please contact us directly.
