A whopping 29% of homes in Forest Lake were being rented at the time of the 2016 Census. It’s clear then that many owners of Forest Lake real estate believe this is a great area for “rentvestment” opportunities – but what if, despite all the renters in the area, you just can’t seem to find a suitable tenant?
Here are some top tips on getting more people interested in renting your investment property.
Don’t go crazy with rent. It’s always tempting to pump the price up so that you can earn back that home loan deposit faster, but if your prices are too high no one will take you seriously. Setting rent at market value ensures you offer tenants a fair rate, and you make reasonable and consistent revenue. You can usually increase rent down the line if you feel you aren’t getting enough money back.
Maybe landlords are terrified of letting their tenants have pets for fear of damages to the property. While these fears could be justified in some places, remember that your tenants pay a bond to cover damages. That said, there are ways to protect your property further while still making a lucky pet-owner happy.
Under the Residential Tenancies Act, you’re required to provide a property that is:
It’s important to remember that these are the bare minimum, and many tenants will be looking for a place that’s a lot better than just “reasonably” clean. It’s wise to invest in a professional cleaner to make sure the property is as thoroughly cleaned as possible. If the house is quite old, and you have some cash to spare, you may even want to look into renovating practical spaces such as the kitchen or bathroom.
When tenants turn up to a viewing run by a real estate agent rather than a landlord, it tells them that their tenancy is the hands of a professional. A qualification goes a long way to instilling faith. So, you should consider hiring a property manager to handle things from tenant catchment through to rent arrears.
At Ray White Forest Lake, we have an experienced team of property managers ready to help you get your rental property inhabited as soon as possible. Get in touch to find out more.
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