How to attract high-quality tenants
The entire premise of owning an investment property is to make money from it. As such it is important to not only find but also to keep high-quality tenants. This is particularly important in order to make the entire exercise as lucrative as possible. However, it is important to know that there is a correlation between the quality of your property and the type of tenants you will attract. In this blog article, we will take a closer look at how to attract high-quality tenants.
What is a good tenant? I often come across this question as most new landlords do not know the answer. Simply put a good tenant is someone that meets their financial obligations or time without any issues. In addition, a good tenant removes the anxiety a landlord might have over the maintenance and upkeep of their investment. All landlords will agree that these are very important characteristics for a tenant to possess. Keeping this in mind, it is very important that you find and keep tenants that respect the property and treat it with great care. Often a good tenant who is diligent in their maintenance responsibilities will assist you to identify any potential issues before they escalate.
Attracting the right tenants
One of the biggest priorities for any investment property owner must be an investment into creating a top-notch property. This will subsequently attract the right kind of attention from good tenants. Moreover, it will alleviate most financial pressures and ensure the property is consistently generating rental revenue for you. These tips will help you maximize the prospect of attracting the right kind of tenants:
1. Choose the right property
It is important that you purchase the right sort of investment property right from the onset. There is only so much you can do in terms of additions and updates. As such it is extremely important to buy an investment property with as much appeal as possible. It is also important that your investment allows you to maximize your return on investment through rental income.
Most investment property buyers neglect to keep the tenant’s perspective in mind. Remember that you are buying a property you won’t live in, hence it is important to keep the needs of the tenant’s in mind when buying a property. Moreover, the location of a property is one of the most vital considerations to make. It stands to reason that the right kind of property, in the right location, will also attract the right kind of tenants. High-quality properties in desirable locations tend to also attract high-quality tenants. Some of the important aspects that impact location include; amenities, transport networks, infrastructure, as well as crime and security.
2. Extra attributes
Additional features, characteristics, and attributes can make a property more desirable to tenants. Moreover, the availability of desirable add-ons will enable you to charge higher rentals and maximize your rental income. In a highly competitive property market, your property needs to stand out and reduce the time it lies vacant. Thus desirable features will attract high-quality tenants, allow you to charge higher rentals and lease your property faster. Some of the most sought-after attributes include;
- Good quality kitchens
- Bathrooms that standout
- Impressive layout and decor
- Sufficient space
- Plenty of bedrooms
- Great outdoor space
3. Visual aids
To boost your listings and attract good tenants you need to make use of visual aids to showcase your property. However, remember to use high-quality pictures and videos with your listings. With this in mind, it is important to secure the services of a professional to take high-quality pictures or create a stunning video. You can then use these visual aids to arouse the interest of high-quality tenants.
4. Great listings
One of the best ways to attract the attention of prospective tenants is through the use of great listings. Listings are particularly important to give potential tenants a general idea of a property. When used properly, listings can be extremely effective in attracting the right kind of tenants. Therefore it is well worth it to create strong, descriptive, and concise listings to appeal to good tenants.
In addition to the above-mentioned suggestions, it is important to realize that properties that are neglected and poorly looked after will put high-quality tenants off. Therefore, ensure that a property is in great shape and excellent condition if you desire to attract the right kind of tenants. Do not overcapitalize in a bid to improve the property.