Property Management 101 – Three Things Tenants Really Want In A Rental Property

Position: Is the property close to transport? Are there shops close by? Are there restaurants to visit? Where is the closest school?

While you cannot change the position of your property; you could let your Property Manager know of the area and what you have found to be handy, including the reasons you moved or purchased in this area. Sometimes, adding these things to the advertising can entice people to view who would normally have looked past your property.

Presentation: Is the property clean and tidy? Are the yards maintained? Does it look like repairs are completed regularly? If the Landlord is not doing repairs now, they may not do things for new tenants and this can be a big factor if tenants have had this issue before.

Sometimes we see past what is always there. Try coming to the property a different way or have someone visit who has never been there. Look at the street view. Are there over grown trees? Do the gardens need a weed, spray and mulch? Could the house use a wash down or perhaps a pressure clean of the paths and drive? If a property looks messy and unkempt it may stop people from even booking for an inspection. It may be beautiful on the inside but they will never know.

Internally, a fresh coat of paint and professionally cleaning carpets and tiles will really give the property a lift. I also cannot recommend a professional bond cleaner enough, we don’t realize just how big this job is! Make sure all power points are clean and without any cracks or damage. Check that all screens are in good condition and that all vents are clear.

Bathrooms and kitchens will usually be a deciding factor. I recommend putting an exhaust fan in all bathrooms and a window security screen so the windows can be left open even when no-one is home. Surprisingly it is not too expensive and can save money in the long-term. Mould can quickly take over and cause a lot of expensive damage.

Have a professional company check the bathrooms for any leaks around tiles as this can leak for quite some time before you can physically see the damage. A professional company such as Megasealed can provide a free report and guide you as to the most economical repairs.

I would also consider an exhaust over the cook top to take away cooking smells and condensation.

Did you know that air conditioners require servicing? This can help keep replacement costs down and ensures the unit is working as expected.

Price: Is the price of the property correctly situated in the market with comparable properties? While it can be confusing to look at what is advertised, it can also be misleading. One 4 bedrooms, 2 bathrooms and 2 car garage does not necessarily reflect the same value as yours. Others may have extra or less features such as a pool, a study, outdoor living and much more. Your Property Manager can give you comparable prices based on achieved rentals as well as their own rental portfolio.

Lastly, don’t be tricked into thinking the listed rental prices will be achieved either. There can be price reductions as well as negotiation, so it is best to be guided by achieved rental prices. If in doubt, your Property Manager is an expert and could guide you on value adding to your property, including helping to obtain quotes.