Do you have an investment property and are seeking a quality tenant? If you struggle with tenants not paying rent or causing damage to your property, follow these tips from the experts to secure quality tenants for your investment property.
The number one piece of advice is that quality tenants want quality rentals. If your property has deferred maintenance or a lack of updates, you won’t appeal to your desired demographic. Take an assessment of your property and commit to curing the faults that are detracting quality tenants.
Curb appeal should be number one of your list. Just like prospective buyers, tenants will judge your property within the first five minutes of arrival based on the exterior appearance. Trim shrubbery around the house to below the window levels. Update the lighting, house numbers and mailbox. Repair any damaged shutters or gutters. Tenants will make a judgement on the interior of the property based on the exterior condition. Add a pot of flowers and a welcome mat to the front porch and power spray the driveway.
On the interior, apply a fresh coat of paint in every room, along all the baseboards, doors and door frames. The kitchen and bathrooms should be professionally cleaned such that no trace of prior tenants is visible. These rooms should be in like new condition. Have all of the appliances and HVAC systems serviced to ensure proper working order. Clean the windows and discard any aging draperies or blinds. Let the light shine in to showcase the home. Either have the carpets professionally cleaned or install hardwood floors for a lasting, low maintenance investment that will appeal to a wide range of buyers.
Finally, take an abundance of photos of the interior and exterior of the property. If you have a valid floor plan, put this in a digital format. List the property on one of the many real estate websites that now offer rental listings. Be clear about the features and amenities the property offers as well as the terms of the lease. List the security deposit, pet deposit and application process as well as terms of lease as either 6, 12 or 18 months. The more descriptive content and photos are included with the listing, the greater number of prospective tenants will contact you for a showing. Best of luck to you!
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