Are you having trouble finding good tenants for your Wellington investment property? Your issue could be your marketing strategy – Here are some tips and tricks to help adjust your strategy and increase your chances of finding the perfect tenants.
Invest In High Quality Photos
It’s simple, poor quality photos can make your investment look like a poor quality property – a huge turn-off for prospective tenants. To get these potential tenants off their computers and at your property’s front door you need to show the rental property in its best light. Hiring a professional photographer can help do this, as they have the skills, equipment and editing software that can make even the dullest rooms in your property shine. Hiring a professional saves you time and effort, plus you can use these photos in future years making it an excellent long-term investment for your Wellington rental property.
If you want to take it to the next level, filming a short, professional video can help prospective tenants get a better feel for the property. This tactic is becoming increasingly popular amongst real estate agents, as these short tours can help attract better quality tenants that are more certain of their interested in the property, reducing the need for unnecessary house viewings.
Find More Time To Provide House Viewings
With family and work obligations often taking priority, it’s hard finding spare time to sort out your investment property, but you can’t find great tenants if you can’t find time to show off your property. Providing physical viewings is key to marketing rental properties, and putting in the time now will improve your chances in finding good tenants, helping lower possible tenant issues in the future, creating smoother property management and less stress for you.
If you work long hours or have too many commitments, consider hiring a property manager, as they can provide house viewings on your behalf and will have the experience to help find that perfect applicant for your Wellington investment property.
Advertise Online and On Traditional Marketing Platforms
Tenants need to see your rental property before they can be attracted to it. To get your property on their radar, list your property on digital platforms like Trade Me and Facebook pages, such as the ‘Wellington Rental Properties’ Facebook page. Creating advertisements in newspapers, and vacancy notes in local shops and letterboxes will also help get your property in front of the eyes of prospective tenants. Note that it’s important to correctly time the start date of your Trade Me advertising. If you advertise too far out from the property’s availability date you’ll risk it being ignored by tenants who need a property sooner, while advertising slips “down the list” every time a new property comes to the market.
Price The Property For The Market
It’s very important to set the advertised rent at the correct level. Too low and naturally you’re missing out on rent and devaluing your property. Too high and you risk weeks of vacancy and give the appearance the property hasn’t let due to it being poor value. It’s tempting to set the rent at a high level and wait for offers, this can be a very risky tactic. Tenants tend to disregard properties advertised above market and may in fact never see them as they may set the filters on Trade Me in such a way that excludes these they consider outside the “market” rent. Note that tenants act in a very different way to people seeking to buy a property – tenants are looking for the utility the property can provide today – they’ll never be able to renovate and make the property their dream home, they won’t benefit from capital gains, and they’re generally interested in rental term of 12-24 months. We strongly recommend taking care to advertise at a reasonable rental figure and can provide advice on this – click here to go to howmuchrent.co.nz.