Effective rental property management starts with fantastic tenants and fantastic tenants are those who are an ideal match with the property they have selected as their new home.
You don't find those ideal tenants just by accident! There is a definite science to it, and when you engage the experts you're most likely to end up with a rental property - tenant match that works well.
So, just how do you find tenants who’ll pay their rent on time, look after your valuable investment and set your mind at ease?
Simply, with one of the most important marketing tools you have at your disposal as a landlord: property inspections.
Expert Rental Property Management Starts at the Beginnning
It can seem quite intimidating to invite people into your property and it’s often a scheduling nightmare if the current tenants are still living there. Here’s where your Position One Property manager Brisbane Team comes to the rescue. Our Team has a wealth of solutions to ensure your inspections are easy and successful.
The first question many landlords have is whether to hold open inspections or private viewings. Both options offer benefits, however they each should be professionally managed, in order to avoid any issues.
Let’s take a look at the pros and cons of each, to help you decide.
The Pros for Holding Open Inspections
Up until recently, open inspections were the most commonly used way to efficiently manage time and show as many prospective tenants through a property, as possible. If you’ve ever attended an open inspection yourself, you probably noticed a lot of people cramming into apartments and houses, in the allocated timeframe. This is why they work, because your property is open to a wide range of buyers and, often, crowds attract crowds. Not surprisingly, crowds imply demand and demand can lead to competition. This means you may just get the ideal application for your property.
The main advantage, however, is that open inspections are publicly advertised, via newspapers, the internet and even word of mouth. This creates excitement around viewings, especially when the property is in a popular area. Even those little signs you see at the entrance to properties, advertising the inspection times, encourage ‘walk in’ traffic and could lead to more candidates. The more candidates you regularly have, the more competitive you can be, in the market.
Therefore, the Pros list for open inspections includes:
- Attracts a wide variety of prospective tenants.
- Publicly advertised inspections generate significant interest.
- Time efficient.
The Cons for Holding Open Inspections
Have you ever turned up to an open inspection and simply driven by, due to the amount of people waiting outside? It can be quite daunting to some future tenants, to feel like they have to compete with other people. Unfortunately, these could be just the quiet, responsible and reliable tenants you’ve been looking for.
Though attracting a wide variety of people is why open inspections work, it’s the very reason they often don’t. With a large crowd of people in the property, it’s hard to engage with anyone, in order to gauge their suitability. Plus, many of them could just be the neighbour next door who’s wanted to see inside your unit for years. Lastly, but most importantly, anyone who wants to attend an open inspection, can, which may leave you vulnerable to security issues.
Your Cons list includes:
- Large crowds can actually deter suitable tenants.
- Engagement with prospective tenants is difficult during the inspection.
- Security issues are a possibility.
The Pros for Holding Private Inspections
One of the keys to rental property management is superior tenant selection, to ensure your property is looked after. When you hold private inspections, it’s possible to screen applicants ahead of the date. During the inspection, there’s ample time to engage with these potential future tenants, in order to determine their suitability.
There’s much less possibility of security issues with private inspections. This is because the applicants have already proven their serious intent to rent your property, via committing to a viewing. In terms of practicality, a rental property Brisbane specialist can arrange for a few people to attend the same private viewing, providing the time works for all parties.
To sum up, the Pros list includes:
- Ability to screen applicants ahead of time.
- Increased ability to personally engage with tenants.
- Reduced security risk.
- Only attracts serious candidates.
The Cons for Holding Private Inspections
Though it’s possible to find someone to rent your property in the first private showing, it’s not always likely. This means more inspections are needed, which can be time-consuming and difficult to arrange if current tenants are in place. Private viewings also lack the impact of an open inspection, as it’s up to the candidates to initiate a viewing. So you can’t rely on advertisements to attract a large pool of people.
In summary, the private viewing Cons list includes:
- May have to offer multiple viewings.
- Time consuming.
- Difficult to arrange with current tenants in place.
Make the Choice Easy with Rental Property Management
Position One Property has been a property management company in Brisbane since 2001 and has all the skills, experience and knowledge necessary to determine which type of inspection is right for your property. Our dedicated Team are expert at conducting viewings in a professional, efficient manner. We can advise you on safety and security issues, local market trends with regard to inspections and the best advertising methods.
Best of all, our rental property management includes the professional service of strictly screening all applicants, so all you have to do is look forward to a long and happy rental agreement! Call Position One Property today on 07 3843 4511 and we will be happy to assist you with leasing and managing your property investment.