The first thing a tenant notices with a home/apartment is the neighborhood. This is also the factor that is least controllable for the landlord. The best way to benefit from a good neighborhood is to do your homework before purchasing an income property. You could search for this information yourself or contact your local Property Management Company before making your purchase to learn about the area.
You can also have a positive impact on the local community going forward by finding the right tenants. Great tenants will not only maintain the house correctly, but they can also help to maintain the neighborhood. Having good relationships with the neighbors goes a long way to having long-term tenants.
The second factor to consider is the appearance of the property. When creating a first impression for a potential tenant, curb appeal sets the tone for the whole showing. Keeping the front lawn and shrubs well maintained and the yard free of clutter helps separate your property from the others. The last thing you want is for a potential tenant to pass up your home because the lawn was over grown and full of weeds.
Now that we have the tenants in the door, what will they want to see? Fresh uniformed paint on the walls, clean carpets, window coverings, and clean appliances are key focal points for a potential tenant. You also want to keep the rooms as empty and free of clutter as possible.
The next factor that helps separate your home from the others are the amenities. I am not talking about the fancy and expensive gadgets like jetted spa tubs and distributed audio, but little items such as new fixtures, ceiling fans in the bedrooms, and new shower curtains. These items may be small and relatively cost effective, but they could be the difference that changes a potential renter to a long-term tenant.
The most important factor to finding a good tenant is to get the price right. Getting an extra $100 over market rent does you no good if it causes the property to sit vacant for an additional month. Setting the rental rate is not a "set it and forget it" factor either. You must keep up with the local market. If you are undercut by other local homes a week after you list your property, you need to be willing to make adjustments if necessary.
The best way to balance all these factors is with the help of a Property Management Company. Real Property Management has been in the business over 25 years. With over 30,000 properties under management, we have the experience and reputation to find that top-notch tenant you are looking for.
