Your rental is untenanted! There can be a variety of reasons for this, some of which are unavoidable. For every week there are no tenants you are losing income though, so you will want to find a solution as quickly as possible.
This is a great opportunity to take a critical look at your property (drag along a friend!) to see what others see, i.e. your potential tenants. In addition to setting a fair rental price, you want your rental to stand out from the rest.
Peter Caulfield - freeimages.com
Curb Appeal
Just like first meeting someone, those initial impressions of a property can have a lasting impact. Regardless of how lovely the interior of your rental may be, if the landscape, outer walls and front entrance are unappealing you are going to have a difficult time renting it. It’s worth the effort to attract good tenants that will want to stay and take some pride in their “home”, as well as safeguarding your significant investment.
Crisp, sharp lines and mostly neutral colours help to create a modern look to a house. Trimming shrubs and trees, mowing lawns, creating sharp garden edges; replacing weeds with a few seasonal flowers and bark chip, and repairing or waterblasting hardscape elements like paving, can make a significant difference to that first impression. Even putting an attractive pot plant or chairs on the front porch and painting the front door can create a very attractive focal point. A little TLC to the mailbox and exterior light fixtures can go a long way too.
Ronit Geller, freeimages.com
Maintenance
Investing in basic maintenance will not only make a difference in attracting and keeping those good tenants, but it will actually save you money in the long run.
Make the most of an unoccupied property by checking and repairing those loose doorknobs, dripping taps and wall marks etc. Give the house a good clean from top to bottom including tiling grout, windows and sills, through to the baseboards so that it sparkles!
freeimages.com
Pay special attention to floors. Make sure carpets are clean, stains removed and lift up old, tired lino. Refinish those wooden surfaces or install a suitable budget-friendly flooring substitute. Hardwood flooring does look beautiful but it can warp over time so be mindful of this.
PAINT
A new coat of paint to interior walls is relatively cheap and very cost-effective. It will give the house a fresh look that can significantly improve its appeal. Neutral greys, beiges, creams and whites are stylish, including contrasting rich mid-tones like mocha and “greige”; colours anyone can live with.
Do be careful if you want to use white though, since not all are the same - use a white that has a blue or green undertone for a bright, sunny room as this will calm it down, and if the room tends towards being dull use a white that has a yellow undertone, which creates warmth.
For some great help with colour and how to use it take a look at Resene's website.
Initially all this might sound costly, but Kiwis are great do-It-yourself’ers so you can end up saving money by knocking most of these tasks out during a weekend.
Heating and Ventilation
Think carefully about the type of heating you make available to tenants. The heating provided can increase the value of a property and the rental you can charge, while keeping tenants happy during cold weather.
Unflued gas heaters are not a good option in a rental because they create moisture that leads to dampness, and are potentially dangerous if there isn’t enough ventilation in the room. They’ve been responsible for tragic house fires!
Providing heat pumps is one very effective way of reducing damp while providing an efficient heat source. Models differ - some can ice up if the temperature goes below 5 degrees - so do your research before purchasing. In recent years EECA’s Warm Up New Zealand programme has assisted landlords through projects based all around the country. The NZ Property Investors Federation is another potential source to provide good deals on heating for rentals.
Some tips you can recommend to tenants:
- Keep curtains open during sunlight hours and draw them quickly at dusk.
- Use draught stoppers to stop cold air coming in under doors.
- Close doors to unused rooms and turn off the system that heats unused space, where possible.
- Make sure they know how to control heat with programmable timers and thermostats.
Claudia Meyer, freeimages.com
Pots of boiling food on stoves without tight lids are a major source of condensation, so providing a range-hood in the kitchen and asking tenants to use it is definitely a good idea.
Bathrooms can quickly become steamy and weepy, so an extractor fan on an automatic timer, or connected to the room’s light switch, can alleviate the problem. Using anti-mould paint on the walls and ceilings, and providing a showerdome that stops wet air meeting dry air can be very effective too. Dehumidifiers, although not expensive to buy, still cost around $2.50 a day in terms of power which soon adds up for tenants, so it’s wise not to rely on these being used in the place of ventilation.
Laura Youel, freeimages.com
Encourage tenants to dry their clothes outside by providing a clothesline in the sunniest, breeziest spot possible. Even on bad winter days there may be some drying outside if you have a line on a covered deck, or under a carport. Discourage tenants from drying their washing on racks inside, unless you have an effective ventilation system.
A few simple changes can result in a drastically improved overall impression that motivates tenants to sign on the dotted line!
All the best in keeping that rental occupied. And remember if you need a hand, contact our team at Dominion Property Management – we’re here to help.
Good luck and happy reno days!