It’s a funny question this one, one I have given ample thought to because sometimes you can have what you think is the best property and no one wants to rent it, well not for what you’re asking anyway.
We have this gorgeous, enormous updated art deco apartment in Toorak which we have now secured an application on but it did take some time to get there, longer than we had hoped anyway. The re-occurring considerations with this property were 3 things in particular.
- The 2nd bedroom was small and without any robes
- There was a large terrace, however it was shared with another apartment
- Proximity to the main road (too close)
Now I looked at this property and thought it was an absolute ripper, and it is, however these considerations proved to see the estimated rental come down, as ultimately people only saw value at the reduced rate. Now from another angle this property has proven to be an excellent investment in that it has clearly seen strong capital growth, Its located in one of Melbourne’s most exclusive suburbs in a building that rarely comes up for sale or lease. What was paid for this property many moons ago has easily tripled in price but the yield compared to current market value is not great. So let me make it really clear – below is a list of things that tenants look for and if your property doesn’t have it then you need to consider adding it (if you can) or perhaps a price reduction to keep yourself competitive.
- Quiet residential street
- Off street parking (does not need to be undercover)
- Built in robes preferable
- Wm facilities (do not supply a machine) your applicant will have their own
- Balcony or courtyard
- Heating & cooling (a must – you are competing against other brand new properties and whilst they may be smaller they come with all the bells & whistles)
- Advertise accurately, if the 2nd bedroom doesn’t fit a bed in it then make sure your description reflects this, it means you will get the right people to the opens rather than wasting time with groups who are sharing or have guests stay form interstate – don’t waste everyone’s time.
- Be spotlessly clean, get a professional cleaner in between tenancies, clean the windows, switches and everywhere else
- Use professional photos to promote your property, you wouldn’t sell your home using images taken by a hand held cannon so why would you look for a tenant that way.