“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”- Theodore Roosevelt
No doubt, there is quite a lot of money to be made out of property management. People would always be in need of a place to stay and if you have a property situated in a premier location such as one near offices, schools and places of entertainment, then you would do well to exploit it. You might not know it, but the prospective property you are looking at today might potentially be the lucrative venture most real estate investors are looking for—the definitive cash cow if you may. So, you have decided to dabble in a bit of property management in order to have a better leverage on your finances—what should then be your first order of business? Well, there is quite a myriad of factors that would contribute to boosting a property’s potential for attracting tenants and those steps would be laid out in this article.
However, before we get into that, know that you need to be a little discerning when it comes to approving tenants. Always favor quality above quantity. Pursuing a lucrative endeavor such as property management may be admirable but you should not let your enthusiasm cloud your better judgment. In any case, there are ways of increasing the chances of attracting a quality tenant. Those that pay their rental dues on time and would also take care of the property leased to them. One of those ways is to boost your property’s appeal. So, instead of simply considering whether a property is marketable, you should also take into account its overall aesthetics and functionality—so much so that it would encourage quality tenants to stay.
Before preparing your marketing campaign or running the numbers for your apartments for rent in Pasig or elsewhere, ensure that your investment has a competitive edge against the rest of the properties in your area. Here are ways to do exactly just that:
1.) Cover the basics
One of the ways to guarantee that your property attracts quality clients is to ensure that your rental property covers the basics. Of course, before you move onto the aesthetics, you need to make certain that your homes provide optimal comfort to your prospective clients– insomuch that they would no longer need to look for these necessities themselves. Ideally, your property should have good security, a heating and cooling system, stable internet connection, privacy, smoke detectors and good water pressure. These are all things that would contribute to a tenant’s comfortable stay and would likely motivate them to extend their lease with you. Moreover, these are the necessities that would also justify your higher than average rental price, so you might want to consider adding them.
2.) Make sure it is spotless
Ensuring that your rental property is immaculate is an excellent way to attract quality clients. In this regard, be sure to put away unnecessary clutter, organize the things inside and spruce up. A messy and chaotic place can be rather off-putting to a new tenant and no matter how tempting your rental price might be, an untidy place would always give them second thoughts about renting from you. After all, the state of cleanliness in the interiors would already speak volumes about the kind of landlord you are. With that in mind, are you really quite certain that a disorganized landlord is the kind of impression you wish to leave your prospective tenants?
3.) Fix anything that is broken
Do not turn off a prospective client by showing him or her a home that has stuff that is either in need of repair or totally unusable. Sort these items first and ensure that everything is in mint condition. More often than not, if the rental property has been inhabited by a previous tenant or even by us, things would get broken. Unfortunately, we tend to neglect these things or even grow used to living with them that we would altogether forget that they were broken in the first place. Avoid such scenario by inspecting every fixture in your home that would be included in the rental. Replace those that are broken beyond repair and fix what is broken.
4.) Tidy up your outdoors
If your rental property has a lawn or garden, be sure to tidy it up and make it look presentable. After all, this is the initial thing your prospective renters would notice, so you should take the necessary steps into ensuring it is in pristine condition. If the garden is overgrown and if the garden is overrun by weeds, you might want to seek professional help from a gardener.
5.) Introduce improvements
Giving your interiors even the smallest update can already do wonders in elevating its overall appeal and mood to tenants. They do not have to be expensive either! Updates can be in the form of a fresh paint, new light fixtures and even new carpeting. All of these would not set you back by a lot and it would already be an excellent way to transform your space and make it seem like it is new.