How to Make Your Rental Property Attractive to Tenants
August 22, 2019 (Investorideas.com Newswire) To be a successful landlord and property investor, you must know how to make your rental property attractive to potential tenants. The property market is a daunting place to get involved with. However, if you do your homework and know how to be successful, it's not as scary as it initially seems. To ensure you have an endless stream of tenants wanting your property to rent, you have to allow your property to stand out from the crowd. The more desirable your property is to prospective tenants, the better tenants you will have enquiring about your property.
Below there is a list of aspects that any landlord should focus on if they want more tenants applying for their property and become highly sort after.
Focus on curb appeal
Curb appeal is a great and inexpensive way to increase the price of your property. First impressions count, which means if the exterior of your building is not up to par, then a prospective tenant may not want to come inside. The best way to increase your curb appeal without sending any money is to:
- Remove weeds and rubbish
- Make sure the light fixtures are in good condition
- Trim the lawn and garden
If you're willing to spend a little money on boosting the curb appeal, then repainting an exterior wall or repairing broken bannisters is another easy way to have tenants prefer your property over others.
Keep décor minimalistic
Your rental property will be highly requested if you keep your décor minimalistic. A mistake many investors make is to decorate their rental property to personal taste. However, you must realise that not every tenant will like this. If you're renting out a furnished property, keep wall tones neutral and furniture basic to appeal to a wide range of tenants. Those of you who need help deciding on décor may want to look at properties offered by RW Invest for inspiration. Their properties all feature white walls and plain wooden flooring, which is always a winner with tenants. Since their new developments always feature minimalist interior, they're highly in demand.
Pick a good location
Invest in a property that has a low crime rate, excellent school systems and access to facilities such as shops and restaurants. Locations that feature these extras will be highly in demand, meaning you will have tenants consistently wanting to view your property and rent it. A good location will depend on your target tenant market. City centres are ideal locations for young, working professionals. Whereas suburbs and country areas may be better for families. Research your potential tenant base before choosing a property or location.
Set the right rent price
Setting a rent price is reasonably straightforward, but it's an important variable to consider if you want to attract the right customer base for your property. An easy way to find out good rent prices in the area is to check out what other landlord's charge in the area. After this, you should add or subtract to compensate for what your property does or doesn't offer. If you can set your prices lower, this is sure to increase the number of applications you get. It could also mean you potentially fill your property up faster. However, the downside is that tenants may have less income and be less reliable meaning the tenant base is of lower quality. This is why it's essential to consider all aspects of your rental price before finalising.
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