You lose potential rent income each day your property stays vacant. Fortunately, putting up your property to rent today is a lot easier despite being incredibly competitive.
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As new studies show that rent for houses is significantly higher than the pre-COVID period, property owners are bound to enjoy their rental investments. However, to do so, you would need to attract potential tenants. Here are four simple ways to do so.
Know your competitors
As stated earlier, the rental real estate market is quite competitive- and this can be beneficial for numerous reasons. One of them helps you find innovative ways of attracting suitable tenants. By knowing your competitors, you can identify the practical strategies they employ to attract tenants, and you can do the same. You can also place their weaknesses and ensure that your rental property covers such areas, making yours more appealing. Also, knowing your competitors helps you identify the right features that attract potential tenants ( a significant area being the kitchen) and the areas you need to work on to attract tenants and make money.
Your kitchen sells
Various features make your rental property attractive- the kitchen is one of them. For many, a kitchen provides comfort and warmth and is a great space to spend time with family- regardless of its style. Tenants are interested in homes and apartments with in unit washer/dryer, microwaves, refrigerators, and other appliances in excellent condition. This would mean they save money, and it improves the functionality of the space. Therefore, tenants would be looking for a fully functional kitchen. This means that you would need to ensure that your property's kitchen is modern and updated. Where necessary, be sure to replace or spruce up your kitchen cabinets and drawers, install new cabinet knobs, replace the flooring and other kitchen furniture. You should consider installing smart storage solutions as well.
Offer a welcome package
A sense of welcome will help your guests feel special. Some of the more successful rental properties greet their guests with a welcome pack that can include local food and wine and a detailed guide of the area- such as local maps, take-out menus, and community activities. You can also consider including handwritten notes, coupons, and gift cards. This is an excellent step towards making an excellent first impression and your desire to foster a healthy relationship with your potential tenants.
Improve your curb appeal
The exterior of your property is its first impression to potential tenants- and like all first impressions, you can only make it once. A prospective tenant is unlikely to come onto your property simply because its exterior is unappealing. For many tenants, the outside counts such as much as the inside. Therefore, you should consider improving your curb appeal. Consider planting a flower bed, keeping a manicured lawn, and keeping the space well maintained. You can also include other elements such as garden lights, installing the house number, or building a unique birdhouse.
This is a contributed post.
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