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Property Management | Landlord Education Blog

Tips to Attract Tenants in a Tough Market

Tips to Attract Tenants in a Tough Market

It's a nervous time for homeowners. Recent data has shown property values have fallen by as much as 10%, and rising interest rates will increase mortgage costs.

That could make attracting tenants more difficult when the housing market is complex and unpredictable.

However, you can apply intelligent property marketing to your rental to help you secure a tenant quickly. Here are some of our top tips. 

Carry Out Repairs

Tenants want a hassle-free home. That means they'll scrutinize your rental to ensure everything is in perfect working order. Take the time now to re-assess your house.

Test electrics, check the lighting, and ensure all white goods, ovens, and hobs are in good condition.

Check door handles, hinges, and door frames for damage, and examine the home for structural issues. Hire a plumber to ensure you have clean, hot running water, and check the boiler. 

Revamp the Interior

Renters want to find a place they can turn into a home. So if you have a distinct or unusual interior, it might be time to strip things back to the basics.

Go for a neutral color scheme that will provide a blank canvas for renters, and you will likely secure a tenant faster. 

Add More Storage

Another feature prospective tenants will look for is a house or apartment with plenty of storage.

Think about adding some fitted wardrobes. Consider transforming spaces into fitted cupboards if you have recesses or awkward-shaped rooms.

It makes your property more liveable and attractive and could set you apart from other real estate properties. 

Invest in Professional Photography

The first encounter prospective tenants have with your property is via an internet search. How can you get your rental to stand out from the rest of the listings?

The answer is to invest in professional photography.

A professional property photographer knows how to take pictures of your home from the most flattering angles, maximizing space and light and minimizing any flaws or weaknesses.

You'll get more inquiries and viewings, which, in turn, will lead to a quicker signing. 

Research Amenities 

What's on offer beyond your rental is as important as the rental itself. Research local amenities and attractions that will make your rental more appealing.

That could include practical things like schools and public transport. It might also have features that appeal to a younger rental demographic such as shops, cafes, and nightlife. 

Create a Fantastic Description

Don't undersell your property. Once you have new professional photographs and researched local amenities, rewrite the property description you want to add to your property listing.

Start with a summary of the most fundamental features of your property, including the square footage, number of bedrooms, and bathrooms.

After that, list any additional features that a prospective tenant will find interesting, such as a backyard, parking, and garage.

Then it's time to write a compelling description of the local amenities and attractions that make your property location appealing to a tenant. 

Apply These Property Marketing Tips Today

It's impossible to ignore the gloomy headlines about the economy. But that doesn't mean your property investments must suffer in a tough market. With savvy property marketing, your house will attract the right tenant in no time. 

For more ideas on promoting your property, head to our owner resource section of the website.