Tenants who pay on time, stay for many years and maintain real estate rental properties as if it were their own are what every property investor looks for when renting out their investment property.
However, attracting and retaining such high-quality, long-term tenants for real estate rental properties can be a challenge for investors.
If you're a landlord renting out a real estate rental property then it's extremely important to see to it that you invest a little money and time right into making it look as appealing as possible.
In your attempts to find good tenants, you may make several costly mistakes, which can easily be avoided if you are well-prepared.
Here are some of the most common mistakes which you should avoid if you’re looking for a rewarding experience when letting out your rental properties:
Mistake #1 – Presenting Real Estate Rental Properties that Appear Worn-Out
The very first problem that many properties have is that they look old and worn out. When individuals are checking out places to live, finding someplace that looks modern and not terribly outdated is very important.
To give your property that “new-look” re-plaster broken walls, repaint the interior and exterior surfaces when they start to look weary and consider investing in new carpets or if you’re looking for something longer lasting, you may prefer floor tiles or laminate flooring.
Making use of double glazing is an important way to maintain your property warmer and more recent looking.
Mistake #2– Skimping on Fixtures
An immaculately presented home attracts quality-conscious tenants and can save you money in the long-run as tenants tend to care for top quality properties far better than those requiring noticeable repairs or maintenance. Tenants usually favor dwellings which are clean, neutrally enhanced and bright so there's much you can do to improve the look of your property.
Shower rooms, as well as kitchen areas, should be given top priority. Family-oriented renters normally expect a well-appointed kitchen and all the essentials required to prepare family meals. Shower rooms should be clean and have a bath-tub in at least one of the bathrooms. Ensure the cabinets are sturdy, there aren’t any cracks in mirrors, taps don’t leak and floor or wall tiles aren’t chipped or stained.
Well-equipped cooking areas attract professionals and family members alike. Work-saving cleaning devices such as dishwashers are important inclusions, as is a high-quality stove. Renters have a tendency to search for trustworthy brand names. The financial investment is generally a lot more cost-efficient in the long-term, so it’s best not to skimp on these items in the hope cheap products will last long.
Mistake #3 – Offering Real Estate Rental Properties With a Cramped Appearance
Nobody wants to move into a cramped residential property, yet many landlords make the error of dressing their homes to look much smaller than they are. A common mistake is to place beds in front of cabinets which prevents doors from opening. This sends out a clear message that there isn't enough space for furniture. in this situation, it’s far better to leave the cabinet out completely or use a smaller bed.
In general, ensure there’s enough space to move around without having to squeeze past tables, chairs and other furnishings or fixtures in the home.
Mistake #4 – Neglecting to Prime Outdoor Areas
Outdoor space is as vital as the inside of your home and two real estate rental properties being alike, tenants often select one that looks better than the other. Decking, as well as planters, often tend to appeal to modern-day young professionals, whereas families normally look for a lawn, tough fencing as well as protected gateways to shield young children from danger.
Investing in exterior lighting helps to raise security and also interest occupants who like to dine alfresco.
A fresh coat of exterior paint, adding pavers and sprucing up the garden are other important considerations. Overgrown hedges and trees can also be an eyesore. They also block out sunlight, leaving the interiors dark and cold. Ensure trees or hedges are trimmed and dried leaves are removed from the property, so it looks cared-for.
Mistake #5 – Advertising in the Wrong Places
There’s a long-held tradition of publishing ads in the local weekend newspaper for renting out
However, over 90% of prospective tenants search online for a property to rent. Even if they do see your newspaper ads, they will still look for rental properties online to check the property out.
Technology has caused a huge shift in the way rental properties are marketed. Moreover, tenants see a good online presence as a badge of trust for the property.
If you’re not advertising online, you’re missing a huge portion of the audience. You’re also missing the people who put time into research. That’s a major issue because these people
know what they’re looking for and often make the best tenants.
Mistake #6 – Failure to Invest in Quality Photographs
If you look at multiple listing sites online, you will often find some real estate rental properties with poor quality photographs. Poor quality photographs raise all kinds of questions in a prospective tenant’s mind, causing them to simply pass you by and also look elsewhere.
Another common mistake is omitting detailed photographs of important areas such as the bathroom and kitchen. Taking photographs from different angles provides a better perspective on what your property looks like, and whether it has the features a prospective tenant is looking for.
While you need to make your residential property look its best, this isn't a time for Photoshop. Even if you are able to generate more enquiries, tenants who inspect your property may feel dissatisfied when they get there and you end up wasting both their and your time.
Mistake #7 - Relying on a Traditional Property Manager
Investment property owners often make the mistake of allowing the real estate company who helped them acquire a property, to manage the rental side as well.
They hope the property manager will look after all of their interests, but often they don’t. Common complaints from property managers are that they fail to communicate vital
information to you. At worst, they seem more on the tenant’s side than yours.
That’s a problem because it means they’re not putting enough care into finding good tenants.
It’s an archaic system that has to go. And it’s a mistake to rely solely on your property manager.
New technology platforms, such as Yabonza, help you to better understand what’s going on
with your property. By using Yabonza, you can find good tenants and ensure your property meets the right standards at all times.
Don’t rely on a rental property manager who doesn’t offer transparency and who doesn’t use the latest technology.
Attracting high-quality tenants to your rental property requires planning and care. Avoiding these common mistakes will help you prepare your property, so it’s attractive to a tenant looking for a long lease and ensure you enjoy many years of trouble-free rental income.