To attract good tenants, you need to know what makes them tick. Real Estate Institute Chairman Rob Honeycombe says investors should thoroughly research their target market before marketing their property.
Here are his top tips on how to appeal to great tenants.
Your property portfolio is just 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.
But before even attempting to market your property, you need to research your target market to ensure you’ve got what they need. “As an investor, you do need to consider the market you’re appealing to,” Honeycombe tells Sky News Property Insider.
In many cases, tenants will pay more for certain features. So, what are the key ones?
There are a lot of new homes on the market at the moment. You are competing with these properties for the best tenants. Honeycombe says not to worry about any rental income you may lose while you make improvements to the property. “Having your property vacant for those few weeks can overrule the cost of a few new improvements fairly quickly,” he says.
Dodgy photography and patchy listing information won’t capture your target audience. You could lose potentially great tenants.
Think about the kind of tenant you would like to attract and list the elements that appeal to that part of the market. If you want a family, that may involve mentioning the nearby schools. If it’s a younger market you are after, they might want to know about the bars and culture of the area.