If you’re a landlord, while you’ve purchased your investment property with the intention to rent it out, it can still be difficult to trust that tenants will look after your place just as you would. While you can’t completely control how your tenant looks after the property, there are some steps you can take to increase your chances of securing a premium tenant that shares your values and maintenance standards.
At North South Real Estate, we are experienced property managers that specialise in executive rental properties. We understand what premium tenants are looking for in a rental property and we’re sharing some of that knowledge as a guide to help you secure premium tenants for your investment property.
Select a Great Property Manager
This one goes without saying really, but selecting a property manager that is experienced with executive rentals in Brisbane and properties is the number one thing that you can do to secure premium tenants for your investment. This is because a property manager with years of experience will have a strong database of tenants looking for executive properties. Therefore, they will be able to match you with tenants they know will look after your property.
In addition, a great property manager is one that communicates effectively with potential tenants by replying quickly, asking for feedback and generally being attentive to ensure they aren’t left hanging. At North South Real Estate, we pride ourselves on our local connections and the level of communication we have with clients.
Furnish your Property
When it comes to executive rentals, a furnished property has a higher chance of being rented than an empty property, simply because tenants are looking for a stress free, full-service experience. Potential tenants will see a furnished property as attractive because they don’t have to set up anything for their home or worry about hiring a large moving van. Better yet, if you’re renting out a furnished property, you will often be able to place a higher rental cost on your property, meaning more return on investment for you as a landlord. Some people may turn their nose up at investing money into furniture; however, it doesn’t have to be as expensive as you would think. It’s also important to remember to keep your furniture choices fairly classic and timeless to avoid having to replace items too often in accordance with trends.
Keep your Property Well Maintained
Executive rental tenants are paying a premium to live in your property. They expect that everything will be in perfect working condition the day they move in, and if anything does break or deteriorate throughout their lease, they expect it to be addressed quickly and without issue.
Tenants in executive rentals will also be looking for the garden / grounds to be attractive and well maintained. Any additional features like a swimming pool or spa should also be in good working condition. If your property is in an apartment complex then it is likely that your body corporate will take care of these items for you, but if your investment property is a house then it is something that you should be mindful of.
Invest in your Investment
Premium tenants expect premium amenities. They want all of the ‘bells and whistles’ that many standard rental properties do not offer. This could include things like smart technology to control the air conditioning and lighting, heated towel racks in the bathrooms, high-quality stainless steel security screens and doors, automated gates and more.
Below are some valuable upgrades that you can make to your property to make it more appealing to premium tenants:
- Invest in landscaping
- Install air conditioning and lighting fixtures that can be controlled remotely by the tenant’s phone
- Invest in security – this includes screens and doors, CCTV, alarms etc.
- Invest in modern blinds, shutters, window dressings etc in neutral tones
- Install rain shower heads, heated towel racks, modern tapware and other premium fixtures in your bathrooms
North South Real Estate are executive property managers specialising in Brisbane’s inner East suburbs including East Brisbane, Kangaroo Point, Norman Park, Woolloongabba, Seven Hills, Bulimba, Hawthorne, Morningside, Coorparoo and Camp Hill. For more information about how we can help you secure premium tenants for your executive property, please get in touch with us on (03) 3038 3200.
