You’re probably familiar with the concept of staging a property for sale, but did you know there are also strategies that prepare your investment property for the rental market? Although it is not as standard as practice as property sales, most rental properties go through some degree of staging. The main difference is that staging a house for sale focuses on stripping it down to create a blank slate for prospective owners. On the other hand, preparing a home for rental aims to present the property as welcoming, compliant and ready to move straight into. Preparing the property showcases its qualities, making it stand out to prospective tenants.
Want to learn more about the value of your property? Request a free rental appraisal to discover what it could be worth. We’ll also give you tips on how to increase your long-term returns, including advice on making your investment stand out to the right tenants.
Why you need to prepare your property for rent
Showcasing your property should be an integral part of your investment strategy, helping you to maximise returns in a competitive market. In a slower market, it will also help to appeal to tenants and reduce vacancy times. As a property investor, you will need to prepare your property so it’s ready to meet market demands.
Although it can sometimes be difficult to justify additional costs, this process can actually help you to increase rental returns and maintain a high-quality property in the long run. Presenting the property in its best possible light will increase its perceived value, allowing you to attract a higher rental price. There are strategies for presenting your rental on a tight budget without breaking the bank. A few simple touches can greatly improve your listing photos and help you stand out from the competition.
Preparing your home shows prospective tenants that you care about maintaining the property. This helps to attract better quality tenants who are more likely to sign long-term leases and look after your investment well. You can also strategically target different types of tenants to ensure the right fit for your property. Make sure you talk to your property manager about the different types of tenants you are hoping to attract, as they will be able to help you make informed decisions using suburb profiles and data.
How to present your rental property
Clean and tidy
It’s a given that you will need to ensure the cleanliness of your property before showcasing it to potential tenants. A general tidying to avoid unnecessary clutter will help keep your tenants focused on the highlights. You should also consider a professional cleaning service to ensure the property is in the best possible condition. Remove any signs of personal belongings to create a new feeling for your rentals. Any photos, framed awards or certificates and other sentimental items should be put away to avoid giving them the impression that the home hasn’t been fully vacated. Presenting your property in this way will set the cleanliness expectations for potential tenants and attract those who can imagine themselves living there.
Don’t neglect the outdoor areas! You only have one chance to make a great first impression with your rental property. Curb appeal is just as important to renters as it is to buyers, so you will need to pay special attention to your outdoor areas. Tasks such as trimming lawns and hedges, weeding and cleaning the exterior are as essential for maintenance as they are for making an initial impression on the market.
Proactive repairs and maintenance
As a landlord, you will need to ensure that you are adhering to regulations. You are responsible for maintaining the property in good condition, so start by doing a walkthrough to evaluate if anything needs fixing or replacing. Paying attention to repairs before a tenant moves in will prevent costly potential future issues. Consider hiring an electrician to check critical safety aspects are in good condition, such as the smoke alarm or safety switches. You should also review the property’s security and accessibility by checking the lights, keys and locks, windows, doors and any gates.
Highlight key selling points
To help potential tenants start to imagine their lives there, the function of each room should be easily identifiable. The key goal is to highlight your property’s best points to potential tenants. If you are renting the property furnished, inexpensive items can be used to spruce up the house at a lower cost, such as adding simple casual dining set to an open entertainment area. You can also tailor the furnishings to the prospective rental market. In up-and-coming neighbourhoods, focus on attracting young workers with a work-from-home area. For families, focus your attention on living spaces and spacious bedrooms.
Create a warm, inviting feel
There are many simple ways to create a cozy feel that allows prospective tenants to envision themselves already living there. You don’t have to spend much on decorations, such as window treatments, to create a move-in-ready, homely feel. Light increases appeal through warmth, so ensure that you maximise the effect of natural light wherever possible. This could be as easy as ensuring light globes are set to a bright, natural light. If going for furnished and equipped, simple accessories such as bathroom towels, bedding and cushions are a relatively inexpensive way to invite renters into the property. Finally, ensure there is no musty smell, especially if the property has been vacant for a while, and light scented natural diffusers for an extra special touch.
Attract high-quality tenants with Access Property Management
We’re committed to supporting you in your investment journey to reach your financial goals. If you want to learn more about how to attract high-quality tenants to your property, get in touch with us. We’ll help you navigate the Perth property market and advise you on maximising your rental returns.
To find out how we can help you increase your rental value, request your free rental appraisal here.