How Tenants Search for Properties Online
The very first point of reference for any decision in life is now in your hand. Online. Ask Dr. Google. The profound increase in access to information over the last 20 years has given buyers tools to easily educate themselves. This in turn has made people all the more savvy on their purchase decisions. You, yourself are reading this on your phone or laptop right now – aren’t you? Property is no different. In fact, renting a property is a major financial and emotional investment. Thus, with a more meaningful purchase decision comes a higher likelihood of online research. Hubspot found that 81% of shoppers conduct online research before making big purchases and decisions.
So why are tenants turning to online search first? At their very fingertips are a large range of potential properties. It is a straightforward process to gauge the prices of different suburbs, house sizes and what is in their budgets. This is before even venturing outside to a home open. The tenant wants to feel like they have some parity of understanding before they talk to an agent. So as a property owner, you should be very aware of what your potential tenants are looking for, how they go about it and how to give your property the best chance.
Properly segmenting your property is key. Whilst searching for a new home online, tenants search first for the desired suburbs. After location, the next driver is price – what is the median price for the suburb the tenants are willing to pay. Finally – does the suburb contain the amenities that they are looking for. Does it have schools, cafes, beaches or transport?
As with nearly any product – tenants are price sensitive. Ensure you price your property within the correct price brackets so it is seen by the right audience. To give you a starting point – if your property is priced at $605, you will be competing with more premium properties and a prospective tenant searching up to $600, for example, will not see your property’s ad, even though it is very close to their price range. In this instance, pricing at $595 or $600 would capture a larger audience.
The next consideration is the type of property. Apartment, house or villa? This is affected by the tenants current and future lifestyle considerations. Does the property line up with the tenants’ future goals? A young, single professional has different needs – from amenities to room numbers – than a growing family.
The final piece of the puzzle and can be the make or break point. A property description needs to be compelling to convince the potential tenant to take the next step and book an inspection. You need to include all attention grabbing features. This could be reverse cycle air conditioning, built-in robes, patio for entertaining, gas appliances, undercover parking pays, ocean glimpses and if pets are allowed. Those little details that set your property apart.
You’ve made the cut – now what?
Here’s your opportunity to shine. Your property has made the cut having been filtered extensively by the prospective tenant. The first impression of your property is crucial. Ask us how we’re using the best techniques to lease your property faster and maximise your rental return.
It is a simple fact that you must list a property online to be able to lease in today’s market. Even more essential however, is having the correct strategy. To stand out in the ever-growing crowd and be pushed in front of someone who is truly likely to become your tenant. This blog is a great starting point, however if you really want to understand more about how renters search online – speak to us at HERE Property. We specialise in online strategies for advertising your property, ensuring that your marketing dollar goes as far as possible. Talk to us today.