It’s commonly known that having a professional marketing campaign is crucial when listing a property for sale, but what about rental properties?
If you’ve ever scrolled through online rental listings, it’s quite rare to see a rental property that has been beautifully presented, professionally photographed, includes a floor plan and detailed information about the property and area.
But why?
"Your property portfolio is like a business. If handled correctly, it can make you lots of money. If neglected, it can cost you money. Behind every successful business is a successful marketing campaign"
If you do the following things you can be assured higher rental returns, better calibre tenants and with fewer days vacant. Here are Claude’s tips:
Appoint a Professional
It’s important to consider whether your time is best spent finding and managing tenants or whether this is best left to the expertise of a seasoned property manager.
Also, keep in mind that some insurers require a property management agreement to be in place as a condition of insurance.
Enhance the Property
Not only will making improvements to the property attract better tenants, it also increases the home’s value if or when it comes time to sell. Your property manager understands the demographics of the area and what they’re looking for in a property
– is a dishwasher and air conditioning a must? Do they prefer a low – or even ‘no’ maintenance garden? Are they looking for a modern and ‘fresh’ property? (i.e. updated flooring, window coverings and paint).
Hire a Professional Cleaner
While it comes at a small cost of around a few hundred dollars, enlisting the services of a professional cleaner could pay you back ten-fold if it attracts a new tenant sooner. Have the property deep cleaned prior to taking photos, or before inspections. This also conveys to potential tenants that the property manager and the owner care about the condition of the property and sets an expectation level of how the property should be maintained over the duration of the tenancy.
“Remember, all these tips are designed to “SELL” your property to the rental market and stand above other competing properties in the area with the aim of maximizing or at least defending your returns.”
Engage a Professional Photographer & Floor Planner
You only have one chance to make a first impression, so make it count! Say you’ve come this far and invested time and money into appointing a property manager, making improvements and ensuring the property looks its best. Having amateur photo’s taken on a iphone can negate all of these activities, by making the property look small, dark and dingy. In today’s media savvy world they just won’t cut it.
A specialised property photographer such as FlashHouse Property Photography, will ensure the property looks bright, airy and inviting. Also, the cost of professional photographs could be tax deductible, and re-used when relisting in the future (just so long as the property is still in a similar condition to when they were taken, as to not mislead prospective tenants).
Floorplans are also a great idea to allow prospective tenants to visualize the home’s layout and whether or not it will suit their needs (i.e., will it fit their furniture). This also aids in filtering unnecessary showings and ensures that those who do attend are really interested.
For more advice and tips on how to create an effective marketing campaign for you investment property, call Claude Iaconi of Edison Property on 0412 427 877 or claude@edisonproperty.com.au.