Attracting good tenants for your rental property is not as complicated as you may think. As long as you follow a few basic tips, you will successfully find and place responsible tenants who pay rent on time and take good care of your property.
First impressions are critical, so make sure you leave your prospective tenants with a great first impression. It can be the difference between securing the ideal tenant and suffering through a long vacancy without any rental income. Make sure the home is professionally cleaned and has good curb appeal. Take a look at it from the street and determine whether it’s the type of home that you would want to learn more about, or if you’d just keep driving by.
Making Smart Improvements
If your property is safe and habitable, there’s no need for a complete renovation. However, making a few smart upgrades and improvements will help you find the best tenants on the market. It will also increase the potential rent that you can charge. Budget for major issues that may need attention such as replacing the hot water heater, installing new appliances and providing a fresh coat of paint to the interior and exterior of the property. Take a look at the floor coverings and the window treatments and replace those if they look worn, broken or dated. Remember that these improvements can be tax deductible, so making your property attractive to prospective tenants is also a tax benefit.
Setting High Standards
When you put your property on the market in the best condition it can possibly be, you’re going to get a lot more interest from potential renters. You’re also setting a standard for how you expect the property to be maintained during the course of a lease. If you hand over a home that has scratched flooring, broken appliances and chipped paint, your tenants will get the idea that you don’t care very much about the home. They won’t care either.
Attracting excellent long term tenants is good for your property and your rental income. You’ll reduce your vacancy time and expenses and you’ll have the peace of mind that a responsible person is taking care of your investment.
If you have any questions about improving your property to attract great tenants, please contact us at Legends Realty.