From long time investor Cathy Allen
December 2010
1. Be a tall poppy with 'stand out' presentation
Embrace a fresh modern look with your property, ensure easy care gardens, have everything appealing and in working order. Make your land look low maintenance which will appeal to tenants!
2. HOODOO
Target your tenant and sell your property’s benefits in your advert. WHO is likely to rent it and what will it DO for them? (Courtesy Ian Grace, Marketing Expert)
Give your tenants "added value" – highlight that something extra which you can include that sets your property apart from your competition (maybe an extra chattel like a heat pump, HRV, alarm or include water etc).
3. Price competitively and attractively from day one
This will ensure the minimum down time. Avoid progressively reducing the price and looking desperate. The first 7 days marketing is often the most crucial!
4. Your goal—a long term tenancy
A long term tenancy will reduce costs of tenant turn over, maximise yields and give predictable and reliable cash flow. To encourage long term tenancies be proactive in your management of your tenants and make them feel valued and secure.
5. Research and knowledge
Know your property, the general market conditions, local variances, plus be aware of your competition to ensure you are not under renting and under valuing your property. There are many resources online to assist you with this research.
♦ Bonus tip
Ensure the wording of your tenancy agreement, especially a fixed term agreement, allows for the rent to be updated during the term and a limit of residents so you can take steps to protect your asset!
For any queries or suggestions about what you’d like to know more about, email
simonallen@allenrealty.co.nz
