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Being a landlord is a challenging but rewarding venture that can generate passive income for you and your family. But to be a successful landlord, you need to attract paying tenants. One of the most important keys to staying organized as a landlord is to understand what your tenants need. Always put yourself in the shoes of your tenants, because if you want to have excellent, good paying tenants who always pay on time, you need to know that you are able to stay organized to collect those payments and make sure that you are meeting those needs. If you want to know how to make your rental stand out, here are the top six things tenants look for in a rental property.
Location is most tenants’ first priority. Even the nicest, most well-maintained rental won't sway them if its area is boring, inconvenient, or unsafe. If you still need to buy your property, look to purchase one in or near a high-demand area.
If you already have a rental, there's not much you can do to change the location. But what you can do is help tenants see the potential in your current location. Consider fashioning a brochure that tells tenants about the location's history, pros, the best things to do nearby, places to see, and so on. Your location may not be the first on their list, but if you give them reasons to love it, they may realize they've found a hidden gem.
If your rental is in poor shape, tenants may be too scared to rent! If you're not getting any takers, examine your rental for any pressing issues. Is the roof cracked, leaky, or otherwise pleading to be restored? Is there a colony of mold in the bathroom? Is the lawn growing out of control? Fix these problems, and potential tenants will be less afraid for their health and safety and more likely to rent.
If parking at your rental looks tricky, it can turn potential renters away. Ideally, you'll want a roomy parking lot or a nearby garage. If those aren't options, consider providing potential tenants with a list of local businesses that have lots where they can park for free or for a small fee.
Parents want the best for their little ones, and renters who have or plan to have kids will be searching primarily in areas with top-rated school districts. This is another example of why location is a big deal.
This is a must for pet owners. While you may worry about the mess and noise a pet may cause, you can save your tail if a renter's pooch, kitty, bird, etc. wreaks havoc by asking any pet-owning renters to get a renter's insurance policy that covers pet-related damage.
No renter wants to deal with a rude, intrusive, or lazy landlord. Fortunately, it’s easy enough to be a kind person. Just be nice, understanding, and communicative, and you'll effortlessly woo over prospective tenants!
Now that you know what tenants look for in a rental property, you can tailor your rental to meet their needs and attract new tenants that net you a profit.
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