How to Make Property Appealing to Tenants
Rental properties are one of the best and most proven ways to gain passive income, and if you do it right, you may even get more money for your investment than you expected. Hence to keen vacancy low, it is important to know how to make property appealing to tenants.
But as easy as it sounds to simply enter your property in the market, it’s never as simple and straightforward as it seems. There’s stiff competition in the rental property market, with countless properties up for rent and a limited number of tenants searching for a good listing.
If you want your property to stand out from the crowd and grab the attention of potential tenants, you have to make your property as attractive as it can be in their eyes. Here are some top ways to make property appealing to tenants:
Dress (Your Property) to Impress
When it comes to attracting potential tenants, presentation is everything. In the same way that you would “dress to impress” customers, so should you present your property to potential tenants in the best way possible. Make sure it’s as clean as possible (especially during inspections) and fix any visible damage inside and outside your property. The more spick and span your property is, the more likely tenants will seriously consider it.
Take High-Quality Photographs
Pictures paint a thousand words, and in the rental property market, they can make or break your first impression to potential tenants. This is even truer today with more and more tenants turning to property listing websites for their searches. Needless to say, you have to make sure you use the best looking photos of your property for your ads and listings. Don’t settle for mediocre photographs, and hire a professional photographer if you have to.
Invest in Quality Fittings
If you’re planning on renting your property as a furnished or semi-furnished unit, consider investing as much as you can on high-quality fittings and fixtures. This extends to everything inside and outside your property, from essential household appliances to unique décor and interiors. Some of the most sought-after fittings that many tenants look for in furnished properties include air-conditioners, dishwashers, ovens, and laundry facilities.
A New Coat of Paint
It may seem minor and unnecessary, but don’t underestimate the impressions that a new coat of paint can make on potential tenants. This is even truer if your property is an old unit that you’re bringing back into the market. If your budget allows it, consider repainting your property to make it look like new again. Aim for lighter tones that not only make your property feel more inviting but also makes interior spaces feel bigger.
Set Up Utilities
The easier it is for tenants to move into your rental property, the more likely they’ll consider it as a serious choice. This means you should set up or improve your property’s utilities as best as you can before listing it on the market. This includes making sure your property is ready to be set up with electricity, water, phone, and Internet. It also means making sure any appliances, fixtures, piping, and electrical wiring are all in good condition and working according to safety standards.
Price It Right
No matter how amazing and finely furnished your property may be, you’ll find potential tenants ignoring it if it’s not priced within their budget. And although it’s true that you can’t satisfy every tenant’s budget, you can make sure that your property is fairly priced based on the current demand in the market. If you don’t know your property’s current value in the market, it’s best to consult with a qualified and professional property manager to accurately assess how much your property is worth.
Make Property Appealing to Tenants
Whether your property needs a touch-up or a complete overhaul, remember that it’s all about making your property as comfortable and trouble-free as possible for potential tenants.
The best way to do this is to think like a tenant and view your property through their eyes. What would tenants look for in a property similar to yours? What features would they look for? How much would be they willing to pay for such features and furnishings? These may be key to make property appealing to tenants. If you keep these in mind and make improvements as much as your budget allows, then you’re one step closer to grabbing their attention and potentially securing a tenancy.