{"id":3423,"date":"2015-02-17T01:00:44","date_gmt":"2015-02-16T14:00:44","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3423"},"modified":"2015-02-17T01:00:44","modified_gmt":"2015-02-16T14:00:44","slug":"smart-investors-target-the-tenants-they-want","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/smart-investors-target-the-tenants-they-want\/","title":{"rendered":"Smart investors target the tenants they want"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show Cate Bakos talks explains that it is the smart investors who target the tenants they want and make sure the property fits their needs. Find out how best to do that.<br \/>\n<strong>Transcript<\/strong><br \/>\n<b>Kevin<\/b>:\u00a0 One of the key things when you buy an investment property is to think of the end game. I\u2019m not talking here about what the property is going to be like, but who is it going to appeal to? You must have, in your mind, the ideal tenant. You get a great tenant and you\u2019ve got yourself a very good investment property.<br \/>\nCate Bakos is the person who first talked to me about this. Cate Bakos is a buyer\u2019s agent from Melbourne. Her website, of course, is CateBakos.com.au. She joins me.<br \/>\nGood day, Cate.<br \/>\n<b>Cate<\/b>:\u00a0 Hi, Kevin. How are you going?<br \/>\n<b>Kevin<\/b>:\u00a0 Good. I really appreciated you telling me about this because it made so much sense to have that end tenant in mind when I\u2019m selecting an investment property. Tell me a little bit more about that.<br \/>\n<b>Cate<\/b>:\u00a0 Basically, lots of different areas will cater to lots of different tenants. It doesn\u2019t need to be as dramatic as regional<b>\u00a0<\/b>versus metro. There are certain locations within the metro city that have completely different target tenants. It might mean that we\u2019re near a hospital and we\u2019re catering to contracts, medicos, doctors, nurses. It might mean that we\u2019re in a regional town where families really value a particular attribute to the property.<br \/>\nBut if you don\u2019t understand what the target tenant wants, then we often get it wrong and it means that you might have a higher propensity to tenant turnover or you might not be able to easily get a tenant every time the property is up for rent.<br \/>\n<b>Kevin<\/b>:\u00a0 I was talking to Cherie Barber who is the renovation queen and she was telling me that when she does a renovation, she thinks about the end user in mind. I know you\u2019re talking about an investment property, but it\u2019s the same principle really, isn\u2019t it?<br \/>\n<b>Cate<\/b>:\u00a0 It is.<br \/>\n<b>Kevin<\/b>:<b>\u00a0\u00a0<\/b>You wouldn\u2019t put into a house something that\u2019s not going to appeal to your target market.<br \/>\n<b>Cate<\/b>:\u00a0 I recently had an example where I put an investment property forward to an investor client of mine and his query was that it didn\u2019t have a large enough dining area. It did have room for a small table in the kitchen, but it didn\u2019t have a separate dining area.<br \/>\nThis property was in a really hot little location where caf\u00e9s were abundant and the tenant could just walk out the door and pick from a range of restaurants and caf\u00e9s. I had to point that out to him that young people who are living in the environment like that are paying the premium to live amongst all of that, and they\u2019re not necessarily chefs.<br \/>\nIn fact, another client that I placed in the same suburb, interestingly, went back to do their final inspection a year later and the new oven still had the stickers inside it.<br \/>\n<b>Kevin<\/b>:\u00a0 That\u2019s a pretty telling point, isn\u2019t it? I guess \u201cWalk a mile in my shoes\u201d is the lesson if you\u2019re going to be an investor. Take off your own preference hat and look at it through the eyes of the person who you\u2019re going to be wanting in there as a tenant, Cate?<br \/>\n<b>Cate<\/b>:\u00a0 That\u2019s so true. It\u2019s absolutely true. I go to regional areas with clients, and understanding what the families in those regional areas want is vital because if you get it wrong, you\u2019re facing with the prospect of having a property that you\u2019ve bought for yield not actually renting quickly and not delivering the yield that you intended it to.<br \/>\nJust by understanding those target tenants\u2026 For example, in Ballarat, an area that I\u2019m quite fond of, a large powered shed and a house with ducted heating can make the difference of $50 extra per week if you have both of those items.<br \/>\nUnderstanding what little changes can be made or what aspects that you should be looking for when you\u2019re selecting the property are important. That can really make the difference between having it instantly tenanted and getting a return as strong as $300 a week versus $250 if you haven\u2019t got those items.<br \/>\n<b>Kevin<\/b>:\u00a0 Cate Bakos, thanks so much again for your time.<br \/>\n<b>Cate<\/b>:\u00a0 Thanks a lot, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show Cate Bakos talks explains that it is the smart investors who target the tenants they want and make sure the property fits their needs. Find out how best to do that. Transcript Kevin:\u00a0 One of the key things when you buy&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":2483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-3423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Smart investors target the tenants they want - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/smart-investors-target-the-tenants-they-want\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Smart investors target the tenants they want - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In today&#8217;s show Cate Bakos talks explains that it is the smart investors who target the tenants they want and make sure the property fits their needs. 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