One of the most common questions we receive at Rentworks Property Management is, how do I attract quality tenants and quickly?
There are hundreds of books and YouTube channels on the subject but listed below are a few easy tips to consider to help you start the process.
Many homeowners think the only way to attract good tenants is to ensure the inside of the property is in good working order and that the internal presentation of the property is at its best.
Depending on your budget, this may mean a light cosmetic overhaul up to a full renovation and often the focus is the kitchen and bathroom areas.
This in part can be true, but, it is not the only thing that will draw showings which in turn lead to tenants.
You must also consider additional areas of the home that tenants will use and if made appealing could make the difference between a person renting your property or the property down the street.
We have all heard the industry famous phrase “curb appeal”, well this thought process should extend into the backyard. While this may not be internal space, it’s a space that tenants often like to use and if made appealing, could be the very thing that sets your property apart from other rentals in the area.
We often get misled when watching rehab shows on TV, which always show the kitchens and bathrooms being renovated, and while it is true that over the life of a property these areas may need to be renovated often to stay relevant with changing trends, renovating outdoor areas may prove to be a longer lasting investment which may require only one or two renovations over the same period of time.
What this means for investors is, when listing your property for rent, or even when it comes to selling the property, making sure the backyard can be easily customized by a future owner to fit their/or their tenants-to- be needs.
In today’s world, the backyard is seen as an extension of the indoor living area.
Measure twice, cut once.
If your going to do something yourself to save on cost, then make sure to do it well the first time, no short cuts. Take your time , check everything once, and then check it again or, it may end up costing you more money in the long run. When it comes to projects: research, plan and execute properly. A property that is rehabbed/renovated poorly may save you money in the beginning but you will be constantly having to make repairs and you will find that you will have a high turn around of tenants who do not want to stick around for the constant repairs.
Consider future uses.
The key to profitability is ensuring that any livable area, both indoor and outdoor has the ability to be easily converted/renovated/modernized when required.
For example – if you had tenants with small children who enjoyed the play area in the backyard of your property for many years but moved away, you should have the ability to convert the play area into a pool or bbq area if that is what is currently desirable in order to obtain a new tenant quickly.
One of the benefits of hiring a property manager is the ability to have a team of experts one phone call away to help guide you in the right direction and a team of professionals to help you with any projects your property may need.
Whether you live in the home, are selling a home, or you have many investment properties, Rentworks Property Management has the ability to make the process easy and profitable for you.
Call us today to see what we can do for you! (813) 693-2479