August 2013

How to beat the competition

Tenants moving in December and mid-winter is generally not good timing for Landlords.

Thus I was pleasantly surprised when I advertised one of my properties in July, with the number and quality of replies from prospective tenants.

Six people visited the property over a 2 hour period one cold wet Saturday afternoon. I like to chat to them as I show them around the house and always ask, why you moving and what are you looking for. All of them answered, they are sick of living in their cold damp house they were currently renting. They were prepared to move in mid-winter if they could find a warm, dry and sunny house. My Advert caught their attention with lots of great photos taken in the summer.

My house is a 1950s stucco with old vertical opening windows. It’s not perfect, there can be drafts through the windows on windy days and the street is marginal on my ranking system (3 out of 10 and being the lowest I will buy in a certain area)

I got 5 applications back from people who wanted to rent the house with 3 of them from families that were high quality and very difficult to choose from.

The positives of my property that attracted good quality tenants are

  • North facing lounge thus lots of sun
  • Indoor/outdoor living with a large deck
  • Recently Insulated ceiling and floor which I advertise
  • Fully renovated interior when I purchased the property 3 years ago
  • Large double garage
  • Fenced child friendly section
  • Kent wood burner
  • Private with own driveway

Some of the prospective tenants were not quite sure about the street the house is in but were prepared to compromise with the standard of the house and section I was offering. The rent is right at the top in the quartile range for that area.

Rental property owners are competing with each other to attract the best tenants. Tenants are prepared to pay top rent if they think they are getting a quality product. Quality does not have to mean expensive but must be clean, dry, modernised, warm and sunny.