The latest housing occupancy figures from the Australian Bureau of Statistics (ABS) show that renters now make up 32% of Australian households. With COVID-19 shockingly changing the market by reducing demand for rental properties at the same time as the increasing supply; the Reserve Bank Of Australia (RBA) noted that rental prices have also adjusted, which in turn has had implications for consumer price inflation.
Today, Australian renters tend to be younger than homeowners, with close to two-thirds being under the age of 35. These renters also tend to have lower incomes and spend a larger share of their disposable income on housing costs. As a property manager, you’ll need to keep these demographics in mind to not only understand your market but also successfully show rental inspections that lead to retaining long-term renters.
Ensure The Property Is In Rentable Condition
In-person rental inspections can make or break your chances of successfully signing a lease with perfect tenants. Arrive early and inspect the property first, asking yourself if you would rent the property and noting what things you can do to boost the sense of homeliness.
Sometimes this might be deep cleaning or enhancing roadside appeal to show that the property is inviting and well-maintained. Try writing yourself a pre-inspection checklist that includes:
- Simple cleaning such as dusting, vacuuming or wiping down counters and appliances.
- Getting air circulating by opening windows before the showing or lighting a candle to make sure the atmosphere is pleasant.
- Double checking all of the property’s lights are on and all room doors are open.
- Ensuring all appliances are in appropriate condition and working order.
Smile And Win
When prospective tenants arrive make them feel welcome by smiling when you greet, shaking their hands and formally introducing yourself. Don’t forget that visitors are also making assumptions about the landlord or real estate agency that you’re representing based on your actions. Ensure you portray both fairly by calling ahead to confirm scheduled showings, are dressed for success just like you would a job interview and that you’re well informed about the property and surrounding neighbourhood.
It’s important to know how you plan to walk through the unit and the unique selling points of the property that you’ll discuss, such as updated appliances, beautiful views and storage. You’ll also need to be prepared to answer questions such as square footage, monthly rent and what utilities are included. While showing them around, make homely references to help potential tenants envision themselves living in the space and like they’ve arrived at a home they want to spend time in.
Further impress tenants by showing your knowledge of the surrounding area by emphasising nearby restaurants, shopping centres, schools and public transport. Typically, there’s a reason people choose certain locations or neighbourhoods so ensure you use positive language to prime the tenant to think of the pros rather than the cons!
Let Them Impress You
While you want to impress your prospective tenants, it’s also important for them to impress you. Collect information from visitors by asking questions such as where they’re from, why they’re moving and what their current living situation is. If they’ll be living in the property, you want to be sure they can pay rent on time and appropriately maintain the property.
Leave On A Good Note
After you’ve shown the prospective tenants around, give them time alone in the property. This allows them to speak frankly with other parties, look around again on their own, think of any other questions and really picture their life in each and every room. Finally, thank the potential tenant for visiting and let them know that you’ll be in contact soon.
Following these tips should help you find great renters fast! Once you’ve landed perfect tenants, check out our blog on Five Tips To Excel As A Property Manager to ensure you maintain a profitable rental roll.