In last week’s newsletter we focused on how to maximise the return on your inner-city rental through solid communication and attracting quality tenants.  This week, we have decided to delve in and explore that latter point in a little more depth.

How to attract quality tenants is a common issue that we get asked about frequently from investors. Every landlord wants to attract A-list tenants who will treat their CBD property as if it were their very own, a tenant who will go above and beyond to maintain the property for you.

I once knew a girl who spent hundreds of (her own) dollars painting the inside of her city rental apartment – with permission from the landlord of course. Yes, those tenants do exist. The question is: how do you find them? To help answer this question, here are five useful tips to use when searching for respectful residents that stand the test of time:

1.     Buy in the right area

In short, quality areas attract quality tenants so the aim is to invest in unit complexes in a great location. When it comes to inner-city living we find the best locations are those central to popular amenities ie. within walking distance to public transport, cafes (access to good coffee is surprisingly high on the list for many when choosing a new home), restaurants and of course – where they work!

2.     Appeal to your target market

Understanding the target market suited to your investment is key in helping to attract and retain tenants long-term.  Ultimately, you want to ensure your property suits the lifestyle of the tenant you wish to attract! This is one of the reasons we assist many investors to purchase great apartments in the CBD, as these units are very attractive to young professionals working in the city and increases the likeliness of ‘long-term’ tenancies.

Ensure the property is well presented and desirable

When you walk around your apartment ask yourself, “Is this somewhere I would want to live?” If the answer is “yes” then you are halfway there. If things are broken or not in working order it is always in your best interest to fix them before starting the search for a quality tenant.

Don’t skip reference checks

When assessing prospective tenants, reference checks are your ticket to finding out all you need to know about your tenant’s rental history. A comprehensive reference check can help you to gauge a good understanding on the following:

Do they move around a lot?

Do they pay their rent on time?

Are they good communicators?

Look after your tenants

Once you find an A-list tenant or tenants, the key is to ensure they stick around. The longer they stay, the less time you need to spend looking for the next adequate suitor. The best way to do this is to look after your tenants. If you do the right thing by them (making sure everything is in working order and requests are followed up promptly) then in turn you are likely to find the level of respect is returned and they will treat the property as if it were their own.

To discuss how you can benefit from investment opportunities in some of the Brisbane’s top CBD locations, contact Hannah today on 0419 782 133.