If you own one or more investment properties, or you’re thinking of buying your first, then it’s crucial to ensure that you source high-quality tenants. It will save you a lot of hassles. Read on to find out how you can do it for your rental property.
Property presentation
There’s an old saying that the 3 most important factors in real estate are location, location and location. But when it comes to attracting high-quality tenants, presentation is arguably just as important.
The high-quality presentation of a rental property plays a significant role in attracting high-quality tenants willing to pay a premium. Our team can offer valuable advice on cost-effective upgrades that will enhance a rental property’s appeal and potential rental yield.
This advice might include recommendations for minor renovations, landscaping or even home styling services. These improvements can significantly boost a rental property’s market value and rental price, leading to higher rental yields.
You can use our Purple Cow tenant calculator to give you an idea of the rental demand for your Greater Springfield property at different rent rates.
Strategic marketing
Effective marketing is essential for attracting the right tenants quickly.
On average, the strategic marketing done by our Purple Cow property management team generates 26% more potential tenant enquiries for our rental property listings than other agencies. This gives us more potential to screen and identify high-quality tenants who are willing to pay top dollar for our listed rental properties.
Thorough tenant screening processes
Our screening processes include thorough background, credit and reference checks to identify high-quality tenants who have a track record of looking after their rental properties and paying their rent on time.
Strategic retention strategies
Sourcing high-quality tenants is only half the job when it comes to avoiding hassles and maximising your return. Retaining them is just as crucial. Our Purple Cow team helps our landlord clients to retain their high-quality tenants via:
- Ensuring effective communication and proactive property maintenance.
- Our proactive, 90-day pre-lease renewal process.
The 90-day pre-lease renewal process allows our clients to take advantage of the one rental increase they are legally allowed each year under Queensland rental property law.
The rental market is dynamic, and what worked last year may not be effective this year. Our Purple Cow team assesses property performance for our landlord clients, comparing it with similar properties in the area, and recommending adjustments to rental prices and other strategies to enable them to consistently achieve above-average rental yields.
The benefits of sourcing and retaining high-quality tenants
There are several benefits of sourcing and retaining high-quality tenants for your investment property:
- Reduced vacancy rates to maximise your return.
- Consistent, on-time rental income to help with your cash flow to cover rental property expenses like loan repayments, rates, body corporate fees, repairs and maintenance.
- Reduced marketing costs to attract new tenants due to the lower tenant turnover.
- They will treat your property like it’s their own, potentially reducing the cost of repairs and maintenance
- The development of a positive relationship with your tenants with no or minimal disputes.
- Increased marketability for your property to other investors if you decide to sell.
How our Purple Cow property management team can help you
If you have an investment property in the Greater Springfield area or further afield in Brisbane, we would love to manage it for you to achieve remarkable results.
Or if you are keen to buy a rental property, we can help you to find the right one and the right tenants to maximise your return.
Contact us today to find out how we can help you.
