You may have noticed we have over 1300 properties currently available for rent in Darwin at the moment, which can be a daunting fact for many investors in the NT. The good news however, is the Territory is made up of around 70% tenants and 30% owner occupiers. Although combined this 100% is not a lot in comparison to the population numbers we were seeing in the peek of the Ichthys Project, they are there none the less.
So, with it being such a competitive market for landlords and our population decreasing as we head towards 2019 how can you as a landlord make your property stand out from the crowd? Below I raise some very simple steps you can make now to get the ball rolling!
1. Professional Cleaning – A spring clean is a wise idea, presentation is hugely important in this market place with most tenants making a decision within the first thirty seconds of walking in the door. Having a clean well presented property will show the property in its best light while also providing a fresh clean smell upon entry or open inspections. It also sets a good example for the expectation we would have on the prospective tenant if they were to be successful in leasing the property.
2. Blinds and Curtains – These are best left neutral and low maintenance. Try and remember that your taste may not be the same as everyone else’s so if you can stick to neutral colours like creams and greys you can’t go wrong. The focus needs to be on the property and not the curtains so try to avoid a busy pattern that might draw a prospective tenant’s eye away from the main features of the property or clash with their furniture.
3. Fresh Paint – If you are in a position to do so, fresh painting can give a property a real face lift! The impact it can have is really amazing. It could also be an opportunity for you to explore a new colour option…yes you guessed it…neutral of course. If you have coloured walls or feature walls again these may not be to everyone’s taste so low key paint colourings will work best.
4. Fixtures and Fittings – a low cost and effective way to boost the property and give it a modern injection is by changing fixtures and fittings. Things such as door knobs, drawer handles, cupboard handles, light switches, fan dials, power point casings, light fittings and the list goes on. By simply choosing a modern design from your local hardware store and replacing them can have a major impact on the over all look of a room.
5. Street Appeal – In this market street appeal is hugely important, if you have a front garden it needs to be on point. Your garden should be weed free, green and healthy and low maintenance. Try and think about how your property presents from the street as it is very common for tenants to conduct a drive by of a property before attending an open inspection and we want to do everything within our power to get tenants through the door so this is a major step.
There are other areas we could touch on but in my opinion these are some fairly simple low cost ways that you can use to add appeal to your property now and really help prevent it from becoming a needle in a hay stack. A strong marketing campaign coupled with professional photography and videography would be a smart approach. Combine this with a proactive leasing approach and you should find your property is generating appeal.
If this is something you are struggling with feel free to pick up the phone and give us a call, we can discuss all of the options and take you through it step by step.
Business Development Manager
Ray White Darwin