Acquiring investments properties is a great way to enjoy passive income through the years and well into retirement. One of the challenges of owning rental properties can be finding and keeping quality tenants especially in a highly competitive area where there are many rentals to choose from.
When renters are looking for a new home, there are a lot of things that they take into consideration. Price, location, and size are all important factors, but renters also look at the condition of the property and whether or not it has been well-maintained. They also want to know what kind of neighborhood they will be living in and whether there is easy access to transportation, shopping, and other amenities.
How to Fill Your Rental Properties with Tenants?
If you're an investment property owner, then it's important to make sure that your rental property is as appealing as possible to potential tenants. By following these six steps, you can give your property the boost it needs to stand out from the competition and get rented quickly!
- Clean up the exterior of the property. This includes repairing any damage, painting over faded paint, and clearing away any clutter or debris.
- Make necessary repairs and upgrades. This may include things like fixing a leaky faucet, replacing a broken window pane, or upgrading the heating and cooling system.
- Brighten up the interior of the property. Add some fresh paint, replace old furniture with updated versions.
- Make sure there are laundry facilities in individual units and also if you own a multi-unit property without laundry hookups in the individual units.
- Offer furnished rental units.
- Consider home tech. Technologies like Google and Alexa are trendy right now! Tenants can control certain aspects of the home including lighting, the thermostat, and garage door.
Try to look at your property from the tenant’s perspective because the more appealing your property and offer, the better chance you will have of acquiring and keeping quality tenants who will take care of your investment property.
Finding and keeping quality tenants is a challenge for rental property owners, but it doesn't have to be. Follow these steps and you can give your investment properties the boost they need in this competitive market.
If you're looking for help managing all aspects of your investment properties, contact Reed Property Management today! We'll take care of everything from finding new tenants to maintaining the property itself so that no detail is overlooked.