How To Secure The Best Tenant

What you can do to secure the best tenant.

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. 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.

Spending time to ensure that the property is tidy and well presented before marketing, puts you well on the path to securing good and responsible tenants who will want to move into your property.

A refurbished and well presented property not only attracts good tenants but also gives a greater likelihood of obtaining a higher rent and a reduced vacancy period.

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 may also be tax deductible, so be sure to speak to your accountant about this.

Want to know more tips on how to secure great tenants, speak to Marsha today.