When tenants are looking for rentals, the two biggest factors that they will look at are the price and condition of the property. Both of these are key to getting tenants to want to look at your property so you can become fairly choosy about which tenants will stay in your rental properties.
When pricing rentals, keep the following in mind:
1. Slightly Aggressive Pricing
Offer a clean property with features that tenants seek. Doing this allows you to price your property slightly aggressively (just a little bit above market price) to get the best return on each unit you rent. While slightly aggressive, still making sure your prices are on par for the area is key to ensure that you are competitive with other rentals when looking to attract tenants.
You want your tenants to feel like they are getting a good value for their money. Getting multiple tenants interested in each property allows you to pick and choose which tenants to rent to and which ones you’d rather pass on.
2. Quality Over Flashy
The condition of the rental that you offer is far more important than its “flashy” qualities, such as top-of-the-line renovations like stainless steel appliances or granite countertops. Tenants are looking for a clean, safe, secure place to call home. Ensuring that your rental is in good shape and that the home is well-maintained is far more important than adding “flashy finishes” to the property. Everything in the home needs to be fully functional. Don’t keep appliances that have failed; replace them or remove them. If it’s on-site, it needs to be clean and in working order.
3. Keep It Fresh
Keeping everything in the rental property fresh is very important. It doesn’t need to have a total renovation with top-of-the-line finishes in every room, but the property must be kept clean and well-maintained. A fresh coat of paint, durable flooring, and eye-catching landscapes are some of the finishes that will draw tenants to consider your property.
An Honest Landlord Attracts Quality Tenants
Offering tenants a clean, safe place to come home to at the end of each day will attract honest, hard-working clients who will pay their bills on time. The tenant will better value and take care of the home in which they know their family is safe and comfortable. Providing tenants this “haven” where their loved ones feel at home is what will draw good, honest, hard-working tenants to your properties.
Keep in mind that if you’re trying to short change tenants with a high price, only those with bad credit may be willing to accept it. Those with good credit will have other options. If you’re trying to rent a property in poor condition, the only tenants that may be willing to accept it are tenants whose financial situation or personal life may be in poor condition. Grade A tenants have the pride and ability to find grade A properties. Delivering less than this quality of a property at the right price will more than likely attract the wrong kind of tenants.
Here at 1836 Property Management, we are committed to providing our tenants with a clean, comfortable place to call home. To schedule a booking to view one of our amazing properties, please feel free to contact us and set up an appointment at your earliest convenience.
By: Matt Leschber, 1836 PM Founder