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Selecting and purchasing a piece of property is only the beginning of the battle for real estate investors. Once you’ve obtained an investment, it’s time to start reaping a return! You’ll need to attract tenants to your building to start recovering your expenses by charging rent and fees.
It’s important to remember that the speed at which you’re able to fill your investment property will also depend on the market in which you’ve purchased that property. For instance, you’re likely to fill a vacancy in Metro Vancouver or the Greater Toronto Area much faster than you would be in a slower, less urbanized marketplace.
But first, if you want to consider using lower rents to attract tenants, click the link below to book a free strategy call to discuss lowering your monthly mortgage payments to attract tenants by offering competitive rents.
Increasing property appeal to attract tenants
Every day a unit in your rental property is vacant, you’re losing out on potential income. It’s important to fill your investment property with renters as quickly as possible. There are many ways to make your rental more appealing to potential tenants, ranging from rent specials to interior changes.
Increasing the appeal of your rental property requires both knowledge of your target tenant and an extensive amount of forethought. Like any business, you’ll have to make an effort to brand your property. To do this you have to design a cohesive brand voice and marketing strategy that will speak to your targeted audience. Here are a few strategies to consider as you work to boost the appeal of your rental.
Elevate the curb appeal
One of the most significant ways you can increase the likelihood of renting your residential units promptly is by improving the curb appeal of your property. If a prospective tenant isn’t impressed by their first glimpse of the building’s exterior, they’re unlikely to want to commit to a long-term lease. Investing in landscaping services and a fresh coat of paint can go a long way!
Invest in kitchens and bathrooms
Aside from first impressions garnered from the building’s exteriors, prospective renters are most likely to pay attention to two rooms in the units: The bathroom and kitchen. If you’re going to spend money renovating the units in your building, it’s advisable to invest the vast majority of it in these two areas of the home. New kitchen counters and appliances are likely to go a long way toward impressing your targeted tenant.
Clean before showings
This seems like a no-brainer, but it’s important to clean the units thoroughly before every showing. Dust can accumulate quickly in an empty unit, and even the smallest sign of dirt may indicate an absentee landlord to prospective tenants. Clean each unit thoroughly, and also consider investing in a few small touches, like decorative curtains, to make the empty unit seem homier.
Discover Buying An Apartment Building With This Step By Step Guide
Add washers and dryers
A significant way you can add value for prospective residents is by installing en-suite washers and dryers in the units in your building. If it’s not possible to install washers and dryers in each unit, consider building a laundry room in one of the community areas. Many prospective residents will choose a building where they don’t have to haul their laundry to a laundromat, even if it’s slightly more expensive.
Install storage units
Apartment living isn’t always convenient. It can be hard to store sports gear, outdoor equipment and furniture when living in a small space. Consider converting your building’s basement into storage units, and including one unit with each residence rented at the building. Alternatively, you could charge a slight addition to the tenant’s rent fees for the ability to rent out a storage unit. Prospective tenants always prefer to keep their belongings nearby, rather than at a self-store center off-site.
Consider rent specials
Rent specials should be a last resort to attract tenants. However, if you’re struggling to fill your building’s units, they can be a great way to attract tenants into your building and signed-on to long-term leases. Common rent specials include waiving the security deposit or including the first month’s rent for free. Lowering the move-in costs will make your building substantially more attractive to prospective tenants, and may even open the door to other residents.
Taking even just a few of these steps could help you dramatically increase the likelihood of renting your units promptly. For large buildings, you may want to consider hiring a property management firm, especially during the lease-up phase. Property management companies will help prepare your building for viewings, in addition to handling marketing and tenant screening.
Forging a bond with prospective tenants, and screening them thoroughly to ensure they’re a good fit for your property, will help you enjoy a stronger cash flow with fewer issues.
Additional Services
Include extras your fellow landlords are not like high-speed internet or cable tv. We include high-speed internet in each of our duplexes to fourplexes. We can charge our tenants a higher rental amount, as now the internet is included. Plus, it looks attractive on the listing when you can include bonuses.
Great Photos Help Attract Tenants
Using a professional photographer to take photos of your properties can help to rent them out quickly. Often if the pictures are dark and not appealing, your prospective tenant will look elsewhere. Ensure your photos are bright, and your photographer uses a wide-angle lens to get more of your rental into the photo. The more the photographer can get into the photo the larger your rental unit will look to a tenant.
Now, if you want to consider using lower rents to attract tenants, click the link below to book a free strategy call to discuss lowering your monthly mortgage payments to attract tenants by offering competitive rents.
