A Profitable Rental Property; The Top 5 Features
Are you looking for a way to boost your chances of finding an excellent tenant? If so, take a look at these top 5 profitable rental property features. In fact, these five factors will give you a better chance of finding an excellent tenant for your rental property as well as a higher return on your investment:
- Location. Great tenants look for a property that is close to their workplace, as well as grocery stores, restaurants, and community parks.
- Safety and Security. A safe environment is a powerful motivator for great tenants. Adding a SMART alarm system is a cost-effective way to make tenants feel safe and secure in any neighborhood.
- Move-In-Ready. Before showing the property, make sure that all the necessary repairs have been made. A rental unit that is in move-in ready sets the expectation a tenant will maintain high standards.
- Upgrades. It’s the little details that can make a rental feel like home. Like stainless steel appliances and hardwood flooring. And even simple upgrades like new light fixtures or updated cabinet hardware can make a big impact.
- A Cooperative Landlord. In an ideal landlord-tenant relationship both parties should be cooperative, and respectful. If you set an expectation or make certain promises,then you need to be sure to follow up on your promise. Good tenants expect that you will keep your end of the bargain, just as they plan to.
With the above criteria in mind, a landlord should consider these in order to find a good tenant to fill a vacant property. As well as differentiate your property from the competition. Thus you’ll attract better tenants AND get a higher return on your investment. It’s a win-win.
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