In the current economic state of rental property, it can be quite a challenge to find a good quality tenant a week or two before month-end. Instead of just biting your nails anxiously as each day goes by awaiting any interest, consider these useful tips from the TPN Credit Bureau (2019) to get more tenant applications and change your vacant house into a living home.

1. Consider lowering the rental amount

The rental amount is a crucial factor when renting out a property. Setting it too high can discourage potential tenants and prolong vacancy periods. To determine the appropriate rental amount, landlords should research the rental market in the area using trusted property portals like Proprety24. Lowering the rental amount may attract more tenant applications and ultimately lead to a shorter vacancy period, while keeping in mind the cost of maintaining a vacant property.

It’s important to strike a balance between affordability for tenants and profitability for the landlord. By doing research and being willing to adjust the rental amount, landlords can increase their chances of finding quality tenants and reducing vacancy periods.

2. Fix wear and tear issues

When it comes to renting out a property, appearance is everything. One of the most significant turn-offs for potential tenants is walking into a property that hasn’t been maintained properly. Wear and tear issues such as dull paintwork, peeling laminated wood, or a green pool can give the impression that the landlord doesn’t care about the property, which can discourage tenants from even considering the property.

It’s essential for landlords to keep their properties in good condition and address any wear and tear issues before putting them on the rental market. Not only will this increase the chances of attracting quality tenants, but it can also lead to a higher rental price and ultimately increase the value of the property. Taking care of maintenance issues may require some upfront costs, but it can pay off in the long run by reducing vacancy periods and ensuring that tenants are happy and willing to stay long-term.

3. Ensure proper security measures

Having adequate security measures in place can be a significant selling point for potential tenants. It’s important to ensure that the property has appropriate security measures based on its location and the surrounding area. For example, properties in high crime areas may require extra security features such as burglar bars, electric fences, or security gates. Additionally, it’s important to make sure that all locks and alarm systems are in good working condition and that any potential entry points, such as windows or doors, are secure.

By prioritizing security, landlords can not only attract more tenant applications but also provide a safer living environment for their tenants. This can lead to more long-term tenants and ultimately reduce vacancy periods, as tenants are more likely to renew their lease if they feel safe and secure in their home

4. Update outdated features

Updating outdated features can be a major selling point for potential tenants. If a property hasn’t been updated in decades, it can feel drab and uninviting. By modernizing features such as countertops, flooring, and paint colors, landlords can give their property a fresh, updated look that will appeal to a wider range of renters. Not only will these updates make the property more visually appealing, but they can also increase the property’s overall value, allowing landlords to charge a higher rental price.

When updating features, it’s important to strike a balance between modernizing the property and overspending on unnecessary upgrades. Landlords should prioritize updates that will have the most impact on the property’s overall look and feel, without breaking the bank. Simple, cost-effective updates like painting walls and updating hardware can make a big difference without requiring a significant financial investment. By making thoughtful, strategic updates to their property, landlords can attract more tenant applications and increase their rental income.

5. Include add-ons like Wi-Fi

In today’s rental market, tenants are often looking for properties that offer more than just the basic amenities. Including add-ons like Wi-Fi, alarm systems, air-conditioning, and other appliances can make a property more attractive to potential tenants, encouraging more tenant applications. These extras not only add value to the property but also provide convenience and comfort for tenants, which can make them more likely to choose your property over others.

When considering which add-ons to include, landlords should keep in mind the needs and preferences of their target tenant market. For example, if the property is located in an area with a high student population, offering Wi-Fi and other tech-related amenities may be particularly attractive. On the other hand, if the property is marketed to families, appliances like a dishwasher and washing machine may be more appealing. By understanding the needs and wants of their target market, landlords can make strategic decisions about which add-ons to include to make their property more desirable and increase their chances of finding quality tenants.

In conclusion

If you’re a landlord looking to attract quality tenants, then it’s time to take action and implement these simple changes to your property. Don’t let your property remain vacant for any longer! Get in touch with Preferental today and start making the necessary changes to your property listing. By doing so, you’ll increase your chances of attracting quality tenants and reducing vacancy periods.