Making Your Rental Property Stand Out in a Competitive Market

In a competitive rental market, making your property stand out is a great way to attract potential tenants and maximising your rental income.  But to do this, you need effective marketing strategies, unique selling points, and of course, a well-maintained property to help set your rental apart from others on the market.  

When it comes to making your rental property stand out in a competitive market, working with your property manager is the best way to ensure that you get a quality tenant, fast.  

What You Can Do to Make Your Investment Property More Appealing 

As an investment property owner there are plenty of things you can do to make your property more appealing to potential tenants.  

Kerb Appeal: Kerb appeal is the first thing people see when they approach a property and visually appealing exterior can create a positive first impression. This initial impression can significantly influence people's perception of the property. 

 
A home or property with strong kerb appeal is often valued higher in the real estate market as when the exterior looks well-maintained and inviting, it suggests that the property has been cared for, which can justify a higher asking price. 

Homes or properties with curb appeal tend to rent more quickly than those that lack it and potential tenants are more likely to be attracted to properties that look inviting and aesthetically pleasing. 

Clean and Well-Maintained: Along with presenting your property well for that first impression, a clean and well-maintained property is more likely to attract responsible and long-term tenants. Potential renters are often looking for homes that are in good condition, as they want to live in a comfortable and hassle-free environment. They are also often willing to pay more for a property that is in excellent condition. 

Regular maintenance and cleaning help to preserve the property's value over time. Neglected properties can deteriorate quickly, leading to a decline in value whereas well-maintained property is more likely to appreciate in value. 

Pet-Friendly Policies:  Having a pet-friendly investment property can be a strategic decision for property owners or landlords. Pet-friendly rental properties are in high demand, as many pet owners find it challenging to secure housing that accommodates their furry or feathered companions.  

Allowing pets in your rental property can significantly broaden your potential tenant pool. Many renters in the Perth area are pet owners, and by allowing pets, you can attract responsible pet owners who are looking for suitable housing options for themselves and their animals. 

In a competitive rental market, allowing pets can give you an edge over similar properties that do not allow pets, and because pet friendly rentals can be hard to find. Tenants often seek stable, long-term housing to provide a consistent environment for their pets. 

Beneficially, allowing pets may encourage tenants to stay in your property for extended periods, reducing turnover and vacancy-related costs. 

Upgrade the Interior: Upgrading the interior of your rental property can offer several advantages, both in terms of attracting and retaining quality tenants and maximising your return on investment. Upgraded interiors often allow landlords to advertise higher rental rates as tenants are generally willing to pay more for properties that offer modern amenities, updated appliances, and a fresh, appealing look. 

An upgraded interior can improve your property's marketability and appeal to a wider range of potential tenants, including those seeking premium or luxury rentals. Additionally, newer appliances tend to require less maintenance and repairs, reducing your ongoing maintenance expenses and hassles. 

Simple upgrades such as a more modern dishwasher, upgraded taps, and even a fresh coat of paint can help to make your place look better, without breaking the bank.  

In a competitive rental market, properties with upgraded interiors stand out. They can give you an edge over similar rental listings and attract more tenant interest. 

 
Energy Efficiency: Increasing power prices affect everyone, so looking to make your investment property energy-efficient can offer several significant benefits, including financial savings, increased property value, and environmental sustainability.  

Energy-efficient properties typically have lower power bills. By investing in energy-efficient upgrades such as insulation, energy-efficient appliances, and HVAC systems, you can reduce the ongoing operating expenses of your property. This can be appealing to tenants, resulting in higher net rental income. 

Energy-efficient properties are comfortable and cost-effective to live in, making them appealing to tenants. Such properties are more likely to attract quality tenants and experience lower turnover rates because tenants are happy with the savings on their power bills. 

When making your investment property more energy-efficient, consider conducting an energy audit to identify the most cost-effective upgrades. Prioritise improvements that offer the best return on investment, and research any available incentives and financing options to help offset upfront costs. 

Security and Safety:  Security and safety features are highly appealing in a rental property for several reasons, and they can contribute to tenant satisfaction, retention, and overall property desirability. Like anyone, tenants prioritise their personal safety, and properties with safety features such as secure locks, well-lit common areas, and security systems are more likely to attract tenants. These features can deter potential threats and reduce the risk of break-ins or other criminal activity. 

Some security features, such as security systems and security screens and doors, may result in lower insurance premiums for both the landlord and tenant, making the property more cost-effective to live in. 

To make your rental property more appealing in terms of security and safety in a competitive market, consider implementing features such as secure locks and windows, interconnected smoke alarms, carbon monoxide detectors, fire extinguishers, security cameras, alarm systems, and emergency contact information.  

Flexible Lease Terms: In a tight or competitive rental market, offering flexible lease terms on a rental property can be a strategic decision that benefits both landlords and tenants. Flexible lease terms can make your property more attractive to a diverse range of tenants. Some tenants may prefer shorter-term leases for flexibility, while others may be seeking longer-term stability. 

A flexible lease term may look like a shorter period, such as a six- or nine-month lease (and is common with those who are unsure as to work contracts or those that have recently moved to the area), while other tenants may seek a multi-year tenancy agreement, giving them stability for education or work.  

Flexible lease terms demonstrate that you are willing to accommodate tenants' needs and can contribute to tenant satisfaction and a positive landlord-tenant relationship. 

What Your Property Manager Will Do to Make Your Property Stand Out   

It isn’t just property investors who can help to make their property stand out in a competitive market; there are several things your property manager in Perth can do to make your property more desirable.  

Professional Photography: While kerb appeal is the first thing potential tenants will see when they view a rental property, it’s the photos online that initially attract them to inspect. High-quality, professionally taken photos can make a property look more appealing and inviting, drawing potential tenants in. 

Professional photographers have the skills and equipment to capture a property's best features, including its layout, lighting, and aesthetic appeal. They can make small spaces appear more spacious and showcase the property's unique selling points effectively. 

Your property manager can organise professional photography for your property to help it stand out online.  

Effective Online Listings:  Online listings are often the first interaction potential tenants have with your property. A well-written listing creates a positive first impression and encourages viewers to learn more about the property. 

Well-crafted listings can effectively showcase the property's features, including any recent renovations, updated appliances, or unique amenities that may appeal to tenants. 

To create an effective online listing, your property manager will include high-quality photos, an engaging property description, accurate details about the property, rental terms, and contact information. 

Competitive Pricing: Your property manager at Thought Leaders Real Estate is an expert in the local rental market, which means they can price your investment property competitively. Pricing a rental too high can deter quality tenants, while pricing it too low may raise concerns about the quality of the property.  

It is essential to work with your property manager to ensure you’re getting the price you need, while being aware of what the market is willing to pay.  

 
Responsive Communication: Responsiveness is a hallmark of professionalism. It reflects well on property managers and property management companies, enhancing their reputation and credibility. Unsurprisingly, timely responses can lead to shorter vacancy periods. When prospective tenants inquire about a property, a quick response can increase the likelihood of them choosing your property over others. 

As property investors, we know that short vacancy rates, achieving a high rent and having quality tenants is essential. By working with our team and implementing some of these strategies, together we can increase the attractiveness of your property to the rental market.  

If you’ve been looking for a quality property manager to look after your Perth investment, contact our friendly team for a market appraisal.