11 items that tenants are looking for in a property
editA top tenant is someone who pays their rent on time, respects property, and has a long-term rent. Attracting and retaining a high quality tenant is the key to your success as a landlord. Because most landlords know what makes an ideal tenant, the prospect can be relatively competitive when finding this tenant. If you are looking for a way to increase the chances of finding a great tenant, take a look at these features that can set your rent apart.
The following is a list of the most important things that tenants are looking for in a rental property, whether you are buying a new property or a property you already own. These factors can help you attract more tenants and give you a higher chance of finding the perfect tenant for your property.
1. Location Just like any other job, location can have a huge impact on your income. Excellent tenants are looking for property that is close to their work, as well as grocery stores, restaurants and public parks. It's all about quality of life, and if a property is great in the neighborhood, a great tenant is often willing to pay more or ignore the less desirable aspects of the rental unit.
An hour-long commute to work or having to prepare a good dinner can be a bargain for tenants looking for a long-term place to call home. If you are in the right place, you can attract a higher quality tenant and get a higher rent.
2. Safety and security Safety comes with location. A safe environment is a powerful incentive for large tenants. If you are worried that your car or house will be damaged, it is difficult to sleep at night.
So when it comes to buying new property in an unfamiliar area, researching crime statistics is a crucial step. For your existing rental property, adding a warning service or other security feature is a cost-effective way to create security and safety in any neighborhood for tenants.
3. School scope
Along with the location, a high quality tenant may consider the district school district. For tenants with school children, the school district is a top priority. Every parent wants the best for their children and quality education is at the top of many parents' lists. Even if a tenant does not have children, many tenants see the quality of the school district as an important predictor of neighborhood quality. Therefore, this is a factor that is likely to be on the radar of any tenant who wants a long-term home.
4. Parking No one wants to drive for hours looking for a place to park, especially if there is a packet of food and melted ice cream in it. If your property is located in a suburban area, there may be a large park on the street. However, in tight spaces of urban environment, parking is considered. If you can not provide off-street parking, try to direct tenants into a parking lot within five or six blocks of the property.
If parking is provided, be sure to include specific rules in the lease and post signs to let others know about these rules. The next step is the continuous implementation of these rules to protect your tenant from unauthorized users of parking spaces.
5. Move ready Repairs in shared units or locations are disruptive and annoying. If a property needs painting, carpeting or cleaning, it can turn off a great prospective tenant. Before showing the property, make sure that all necessary repairs are done. The first impression that a tenant gets of the property will probably stay in his mind and you will quickly lose interest. In addition, if the condition of the property is in poor condition when the tenant moves, it creates the expectation that the property will be treated this way. You do not want to misinterpret. A ready-to-move rental unit expects the tenant to maintain high standards of cleanliness and maintenance.
6. Home appliances included A homeowner expects to pay for home appliances and maintenance, but a tenant who rents out a property does not. A tenant does not want to buy the added hassle of buying large, expensive items that he or she may not need to rent in the future or be responsible for if they break down. New appliances are especially attractive to tenants, as this means they are less likely to break down at the wrong time and coordinate repairs.
Washing clothes in a local laundry can be expensive and time consuming, so many tenants are willing to pay a higher rent if the unit has a single laundry and dryer. If you do not have the space and ability to provide a washing machine and dryer, providing them on the property is your next best option.
7. Update and rebuild
These are the small details that make a house feel like home. Strategic upgrades like St.
Floorless metal fittings and hardwood flooring can help attract a higher quality tenant. Renovations in the kitchen and bathroom are of particular interest to tenants, and even simple upgrades such as a new kitchen countertop or upgraded cabinet hardware can make a big difference. If you live in warmer climates, installing central air conditioning usually costs money. The more a place feels like home, the longer a great tenant will stay.
8. Age of ownership It is important to note that tenants want to avoid tedious repairs. Often, this means that they are looking for newer features with newer plumbing, electrical and HVAC systems that are less likely to break down and need to be repaired. If you already own a property that is older, it does not mean that your chances are not high. By maintaining your property properly, making the necessary repairs and keeping it clean, you can still attract great tenants.
9. Floor plan and opening Open floor plans and ample storage space seem a bigger way. This may mean removing the unnecessary wall or providing a closet in the bedroom. Alternatively, you can provide storage space outside your unit, perhaps in the basement or outdoor storage shed. It is important to give tenants the option of storing large, seasonal items such as bicycles and skis. This will greatly help the tenant to create a more enjoyable life experience by creating more space in his home to move and entertain guests.
10. Outdoor space A private backyard or balcony is a great value for city dwellers and a great way to differentiate your property from a similar property on the street. If you can provide a little space to enjoy the sunshine and fresh air, you can attract more tenants, giving you ample opportunity to choose the best and possibly more rent.
11. A cooperative landlord In an ideal landlord-tenant relationship, both parties should be friendly, cooperative and respectful. If you expect to sweeten the deal to attract a good tenant or make certain promises such as upgrading your kitchen cabinets, then be sure to keep your promise. Good tenants expect you to keep the end of your transaction, just as they intend, and breaking their trust may lead them to look elsewhere.
You can point to these 11 features, especially those that require an initial investment, as a way for the tenant to expect to be treated with you in return. Doing such steps shows the tenant that you care about the property and in addition to maintaining the property, you will also be responsible for it, which is always the main concern of the tenant. By using these 11 methods to differentiate your assets from the competition, you can attract better tenants and make a higher profit from your capital.
Once you have found a set of eligible applicants, you will need a tenant screening service to be able to carefully check the landlord's credentials with your applicants. Make sure your screening includes credit, criminal and eviction reports. By trying to screen your tenant in advance, you can avoid costly evictions later.