HOW TO PREPARE RENTAL PROPERTIES TO ATTRACT QUALITY TENANTS

As you enter the property market, you may be excited about the potential profits. But you may also be a little anxious about your tenants. What if they don’t pay on time? What if they don’t pay at all? What happens if they trash your property? These are realistic questions, but there are ways to mitigate the worst-case scenarios. To do this, you need high quality tenants.

As a landlord, you may have to invest some extra cash and time in your properties to attract good tenants, but it will be worth it in the long run. The best tenants pay their rent on time, will stay for longer, and look after your property as if it were their own.

 Here are some tips for attracting these rare treasures.

UNDERSTAND YOUR TARGET MARKET

Before making any changes or improvements to your rental property, it’s helpful to understand the demographics of your target market. Are you aiming to attract young professionals, students, families, or retirees? Each group will have different preferences.

Understanding the demographics will help you adjust your property to meet their specific needs, making it more appealing to potential tenants.

IMPROVE CURB APPEAL

First impressions matter. The exterior of your property is the first thing potential tenants see, so you should do everything in your power to make a good impression.

●      Landscaping:  Keep the lawn mowed, hedges trimmed, and gardens weeded. Consider adding some low-maintenance plants or flowers to add color and vibrancy.

●      Exterior maintenance: Make sure the building’s exterior is clean and well-maintained. This includes painting, cleaning gutters, and repairing any damage to the roof or siding.

●      Lighting: Install adequate outdoor lighting for safety and aesthetics. Motion-sensor lights are a good option for added security.

●      Entryway: Make sure the front door is in good condition, and consider sprucing up the area with potted plants or a welcoming doormat.

ENHANCE INTERIOR APPEAL

When your potential tenants set foot inside the property, you want them to feel at home. You will attract quality tenants with a clean, well-maintained interior:

●      Cleanliness: Give the property a deep clean before showing it, including windows, walls, and carpets.

●      Upgrades: Upgraded bathrooms and kitchens are magnetic to high-quality tenants who appreciate modern, sparkling surfaces and facilities.

●      Neutral décor: Use neutral colors for walls and floors, as they appeal to a wider range of people and make it easier for tenants to visualize their belongings in the living space.

●      Storage solutions: Make sure you have ample closet space, and consider adding extra shelving and cabinets.

MODERN AMENITIES

Offering modern amenities can set your property apart from the hundreds of other average rentals and attract high-quality tenants. If possible, provide energy-efficient appliances and smart home features. In-unit laundry facilities are also an attractive benefit. Failing that, make sure there’s a clean, accessible laundry room on the property.

SAFETY AND SECURITY

Quality tenants always search for a safe and secure place to live. Make sure all entrances lock properly. Installing an alarm system and motion-sensor lighting outdoors will also appeal to potential tenants. Working fire extinguishers and smoke alarms are essential.

REGULAR MAINTENANCE AND PROMPT REPAIRS

Maintaining your property and addressing repairs promptly helps retain quality tenants. Conduct regular inspections and address any issues before they escalate into major problems. Be quick to respond to maintenance or repair requests from your tenants. Preventive maintenance will also keep the property in tip-top shape, a necessary drawcard for attracting quality tenants and retaining them.

PET FRIENDLY

Many people consider their pets their family, so making your property pet-friendly will ensure you have more applications to choose from. Tenants find it harder to find pet-friendly rentals, so when they do find one, they typically go the extra mile to stay there. They usually pay their rent in full, timeously, and will take good care of the unit.

THOROUGH TENANT SCREENING

Doing the tedious admin of thoroughly screening applicants before committing could save you from the horror stories many landlords experience. Have a formal application process that requires applicants to provide detailed information regarding their employment, income, rental history, and references. A credit check can also be an indication of their likelihood of paying rent on time.

EFFECTIVE MARKETING

With the ease of comparing multiple properties online, you want your property to stand out.

Use high-quality photos and videos to market your rental property, highlighting the best features by ensuring images are well-lit and taken from flattering angles. If you take your own photos, create an online portfolio where you can showcase them at any stage. If you use a pro, always check their portfolios first to ensure their standards meet your expectations. 

A compelling write-up detailing your property’s many advantages is also essential. However, it must also be well-written and free of spelling or grammar mistakes.

Post your listing on popular rental websites, social media, and local classifieds. High exposure means you have many more suitable applicants to choose from. Additionally, you can host open houses to allow potential tenants to appreciate the property in person. This will generate interest and create a sense of urgency.

COMPETITIVE PRICING

Research the rental market in your area to make sure you price your property correctly. Look at the rent for similar properties in the neighborhood to get a good baseline. Also, do some homework on the current market trends and price your property accordingly, ensuring the price reflects its value. Quality tenants are more likely to rent places they feel reflect value for money.

COMMUNICATION IS KEY

Maintain open lines of communication with your tenants. Address any questions regarding the lease or repairs promptly and professionally. Be approachable and understanding. Being flexible with lease terms can draw a broader range of potential quality tenants.

MAKE THE MOST OF YOUR INVESTMENT PROPERTY

While finding quality tenants for your rental property may seem like a hit-and-miss scenario to new landlords, you have certain tools at your disposal. Keeping the property in excellent condition, providing value for money, and building trust and good relationships go a long way to drawing and retaining the best tenants.