What the Modern Renter Wants & Expects from Landlords
We all know the property market is a competitive sphere. Nowadays many renters are looking at renting property as a long-term housing option.
In recent years, the number of tenants seeking stable investor-owned properties to rent out for the long run has increased substantially. Committing for the long run to a housing option requires commitment on both sides; that of the renter and the landlord.
Like all marketing plots you must develop your target audience and have a clear idea of what they want and seek.
Your property management team will have a clear idea of the kind of tenants that will suit your property so make sure you quiz them. Find out who your most likely customers will be and how you can target them by presenting your property in an appealing manner.
For example, students seek ‘blank canvasses,’ which are areas they can manipulate to reveal their own quirks. In saying this however, they also require furniture, something families usually prefer to provide for themselves.
Families and older tenants generally also seek out pleasant garden spaces, whereas the student or young professional probably will not see this as a necessity or even as an appealing aspect whatsoever. But before you stress yourself over who is your target audience, here are a few aspects commonly sought by all tenants everywhere.
Air-conditioning : Particularly in the tropics or anywhere that is struck by unbearable heat-waves during the year. Nobody wants to battle the heat all sweaty and red-faced. Tenants seek out air-conditioning wherever possible. (At least have ceiling fans installed!)
Pet-friendly: Not all tenants will require a pet-friendly area, however, by labelling your property as one of such places you will be able to cater to the needs of a far greater audience. If the prospect of having animals in your property gets you all worked up, remember, children are more likely to cause any damage than pets! (Not sure if that is a comforting thought or not, but possibly something to keep in mind!)
Clean and tidy: Nobody, I repeat, nobody, wants to live in a place that looks like a stale biscuit that is crumbling around the edges, or a perishable food item revealing the first signs of housing other life forms…
Pour some bleach on that mildew, dust away that dust, mend any holes or cracks, repaint if necessary, wash out the carpet and if you catch a creepy-crawley… You know who to call!
In all seriousness, you don’t need to present something like the Ritz; just do try to make some effort to make the place presentable and appealing.
If your rental managers are worth their salt, you’ll find they will report any known issues that need attention at the end of any lease. They’ll also follow up on any damages that may have been caused by previous tenants.
Up-to-date kitchen and bathroom appliances: Keep it modern, accessible, efficient and usable (no out-of-date strange methods of use from the 60’s please).
Maintenance: If something goes wrong, tenants want it fixed, and quick-smart too.
Anti-discrimination: Many renters, particularly single mums and pensioners feel that they aren’t given a fair go when considered as a potential renter. If you really want to maximise your property’s renting potential, try to keep an open mind.
Long-term: Most renters in this day and age seek areas they can rent for the long-term. One of the biggest renter’s pet peeves is having a rental agreement cut short and being evicted after getting all comfortable and settled.
Security: Doors with locks. And that includes in the house as well.
Location: It’s always about location. Assets include proximity to public transport, medical centres, shops, schools and parks.
Garden Maintenance: Most tenants will prefer it if the landlord has covered the costs and tasks of garden/yard maintenance, such as mowing and de-weeding.
Storage: A shed, car-lot or garage are common features sought out by the modern renter.
Finally and most importantly, the potential renter wants a friendly, approachable and flexible landlord or property manager.
Having a team of professional rental managers to deal with the day to day issues associated with investment properties takes a lot of the hard work out of owning a property.
Because this is their job, taking care of things such as maintenance, inspections, repairs and even nonpayment of rent are dealt with much more simply as it’s done professionally.
We often find that many investors who take on the challenge of being a landlord are too emotionally invested in their properties which can lead to problems for the tenants and the landlord.
So if you’re looking to make your new investment property more desirable to potential tenants, consider implementing a few of these points to help you get the most out of your investment.
The Rental Guardians property management team have many years experience in the rental game and know what helps to get the highest rental returns so give us a call to find out more!