The Key Ingredients to a Successful Rental Property Listing
If you’ve stumbled across this article and you are a leasing agent or a property manager, you know it can be tough to generate results in a market where the number of properties available on the market for rentis greater than demand from people searching for a rental property.
In this environment there is increased competition, so it is more important than ever to do your best to make your listing standout amongst the rest. We’ve put together the ‘key ingredients’ to giving your listing a competitive edge against the others and attracting quality tenants to your rental properties. These include description, visuals, price, lifestyle and presentation. Keep reading for more details on each of these vital components.
The Property Description
The description of your property should be intriguing and appealing, yet transparent and accurate. Misleading information can cause issues when it comes to the tenants inspecting the property. Ensure you outline the number of bedrooms, bathroom, and features of the living spaces, outdoor areas and garage.If there is any unfavourable features of the property you can make them sound more attractive by putting a ‘positive spin’ on these features. For example, you can describe a small bedroom as ‘cosy’ or a house close to a busy road as having ‘easy access to transport infrastructure’.
If features are not going to be obvious in the photographs make sure you mention them in the property description. For example you may mention that it is recently renovated, has a regular gardening service, pet friendly, etc. Other features that are attractive to tenants include air conditioning, pool, car accommodation, storage and proximity to lifestyle amenities.It is important to keep your description short at approximately 200-250 words and make sure you use plenty of impressive adjectives when describing the features.
Professional photographs / Visuals
Ten years ago you may have gotten away with using photos from your‘point and shoot’camera, however with so many high quality images being used to advertise properties you need the best images to stand out from the rest.
Professional real estate photography should not just be reserved for properties for sale. It is an affordable investment for rental properties as you can secure a quality tenant and have income coming in sooner for your client. The images you use in your advertising campaign should complement your property description. The most important images are the exterior, bathroom and kitchen images, followed by the living areas and bedrooms.
Pricing your rental too low will attract a greater amount of applicants however these will generally comprise of thebycatch of tenants who can’t actually afford to live in the area and won’t be able to afford future increases in rental price. It is best to match the market rate and if you want a competitive edge on competing rentals you can offer an incentive of free internet or a ‘rent free’ period of one to two weeks.
Sell the Lifestyle
Tenants will initially be attracted to an area for its lifestyle features, convenience and proximity to work, schools, shopping centres, recreational facilities and other amenities. If you don’t already know the location well, make sure you research the lifestyle features in the surrounding area and highlight these in the property description and visuals.
Presentation and Inspections
If you or your client have an allowance for minor renovations it may be worthwhile investing in cosmetic improvements such as painting the walls, bringing the garden to life, changing the tapware and upgrading the bench tops in the kitchen and bathroom.
Do some research on the rental price of renovated properties in the neighbourhood to justify whether you will receive a greater rental return for your investment in upgrading certain features of the property.
When it comes to inspections and open homes, good presentation is essential. Arrive early to the property to spend a few minutes opening blinds, curtains and windows. Make sure all the rooms are tidy and lights are turned on. You want to make the home feel ‘bright and airy’. Remember that potential tenants could have a dozen viewings in the same week that they inspect your listing, so you want to make the best first impression possible so they remember your property! Also, make sure you have completed all renovations and upgrades prior to hiring a professional photographer or conducting open homes/inspections.