You’ve purchased your first investment property in the Rivervale or West Perth suburb, and you’re officially a landlord… now what?
Assuming that the property is habitable, the next step is to find a tenant.
You have two choices: get a property management service or manage the tenant acquisition process independently.
For this article, we’ll discuss these two ways to help you decide which is the best option for you.
Should You Get a Professional Property Management Service?
Most Rivervale suburb property owners use a property management agency to help them find clients.
If you’re thinking of hiring one to help you navigate the world of real estate, consider these factors:
Cost
Getting a team on board to help you will cost money. If your projected profit margins aren’t that good, you may want to do it on your own instead.
Still, having experts on board may be worth the associated service charges. Keep a tab on hidden costs, though!
Location
Online content can help advertise the property, but it’s not enough. You have to be physically present to assess the applicants properly.
If you don’t want to spend hours going to the area to take care of that, property management agencies will cross that off your list.
Expertise
Is it your first rental property? You may feel overwhelmed by the long list of tasks ahead of you. Meanwhile, agencies know the SOPs by heart due to their experience.
More than half of the properties in the area are rented out. This means local agencies live and breathe sales, allowing them to achieve better results more quickly than non-experts.
Also read: Importance of Using a Property Management Software for Landlords
Finding a Qualified Tenant for Your Properties
Do you want to manage it on your own, like 33% of investment property owners in Australia? The ability of a landlord to find the right tenant can help prevent unnecessary costs down the road.
Consider these tips:
Focus on presentation
It’s not enough that the property looks good on paper. To attract the right clients, you need to present the property in the best light.
This includes decluttering, addressing repair and maintenance issues, and hiring a professional cleaner.
If a tenant is occupying the unit, encourage them to cooperate by providing incentives. How the property looks like can be the difference between landing or losing a paying client.
Use online media
Advertising on the newspaper’s real estate section may have worked before, but it’s not enough now. Since most people use the internet for all types of searches, landlords shouldn’t forget to post their listings online.
Those looking for a place typically use online selling platforms and log in to social media. You can also place your ads on real estate sites to maximise your reach. This lets tenants contact you directly, thus minimising the effort on your part.
Hire a professional photographer
Are you interested in maximising the views on your listing? Professional photography can help showcase the details you want to highlight in your property.
By doing so, you can profit from your real estate investment more quickly.
Having better ad content means more people viewing it. This, in turn, means higher odds of finding the best client for your Rivervale property.
Paint a picture with words
Why not use words to go with the pictures? Written content would help ad viewers better understand the context of those pictures. You can even use it to give them a virtual property tour.
Being concise and informative is essential. Show what your real estate investment has to offer in terms of amenities and convenience.
Choose the right tenant
There’s an implicit trust involved when you choose someone to rent your property. Thus, you have to cover your bases and set standards on who can qualify for rental.
If you already have a pool of applicants to choose from, ask yourself these questions:
- Do they have a job or a stable source of income to pay for the rental?
- Can you verify their source of income?
- Did they fill out their application with complete honesty?
- Do they have existing references?
- Does their history show they’re committed to fulfilling their financial obligations?
- Do they respect the contents of the lease by abiding by the agreed-upon rules?
Of course, remember that there’s no such thing as black and white. Use these questions as your guide during selection, but be wary of extraneous circumstances.
Want to Get Your Property Occupied ASAP? Rivervale-Based Property Managers Can Help!
Maximising profits means investing in something that could help you recuperate your spending quickly.
Has your residential property been in the market for a long time? It’s time to consider property management agents to help you attract the right tenants for your property.
Property management Rivervale offers exceptional service from the start of the search until you land your new tenant. We have the same priority: find honest and trustworthy tenants to rent your property.
And with their deep knowledge of the local market, we know what it takes to sell your property to the Rivervale market.
Their property managers are happy to assist and help you start earning from your investment properties. Call +61 8 9472 1606 today to get free quotes for your Rivervale suburb rental properties.