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When it comes to rental properties, tenants are your source of income. Without tenants, your property could easily become a wasted investment. Follow these 6 tips to attract new renters and incentivize them to sign longer leases.
Repair and Upgrade
Address any issues with the property prior to bringing in tenants. This could include beautification steps like repairing the walls, cleaning the carpet, repainting, or replacing fixtures. It may be a small investment, but adding new kitchen appliances will attract new tenants, and tenants will stay longer if they know their appliances are reliable. You could even fully redesign certain rooms like the kitchen for a more modern feel with the help of Foster Green Design + Build.
State Your Property
A staged home has more appeal than an empty place. Rental spaces like apartments, however, are often much smaller than a home, so it can be difficult for people to imagine what a fully furnished space may look like. You can maximize the appeal of a small apartment by organizing storage closets, using proportional furniture, and designing vertically.
Add Amenities
If you can budget for it, add amenities that may attract renters. These could include on-site laundry, air conditioning units, a pool, garbage services, pet services, game rooms, and more. Surveys show that parking is the most sought-after amenity, but generally, anything that makes a tenant’s life more convenient can be an asset.
Include More in Rent
Tenants can more easily budget when they don’t have to worry about multiple payments throughout the month. Consider including utilities like gas, electricity, and water in the rent. This way, tenants can consolidate their expenses with one easy payment and don't have to worry about inconsistencies between months.
Beautify the Exterior
The exterior is a potential tenant’s first impression of the property, so focus on decluttering your property and keeping it well-tended. You can repair your roof, pressure-wash and repaint your exterior walls, manicure the lawn, and install appropriate lighting to boost curbside appeal. If you're interested in implementing trees or shrubbery, consider low-maintenance additions that will stay beautiful throughout the year and not require a lot of upkeep.
Stay Neutral
To appeal to most people, your designs should remain neutral. Professionals who stage homes use neutral colors because they make the room feel more inviting and allow potential tenants to be imaginative. Neutrality can apply to paint, flooring, furniture, and cabinetry. You could attract tenants by allowing them to paint their apartments so long as they repaint at the end of their lease.
Cater to Your Tenant
When you’re ready to accept tenants, it’s time to market your property. Take advantage of free online listing websites to get easy access to potential tenants. You can also use offline strategies such as pamphlets and flyers. Easily create an informative pamphlet that advertises your property by using templates. You can easily find a free and customizable pamphlet template, so you can make your pamphlet personalized and professional. Include quality photos and attention-grabbing information within the pamphlets. Whether you're looking for multigenerational families or commuters, you should include information that attracts that type of tenant. For example, families might prioritize safety and the quality of schools in the area, while single-person households might want easy access to highways or markets.
If you want your rental property to survive, you have to attract tenants that can see your property as a viable home. Focus on maintenance, neutrality, amenities, and proper marketing to ensure you get quality tenants.
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