When you own or manage rental property, you understand that in order to make a profit, you need to have people who are willing to live in your available units. In a previous post, we talked about marketing your rental property. However, if your rental property isn’t on par with the other properties in your area, potential tenants may go elsewhere. In today’s post, we will provide you with a few ways you can make your rental property more attractive to potential tenants.
At Minnix Property Managers, we offer professional property management services to rental property owners in West Texas. Whether the stress of trying to manage multiple properties has become too much or you need help filling your available units, our experts are here to help. Learn more about the services we offer, and give us a call to start the process.
Upgrading your rental property can be a huge hassle, especially if you own an apartment building, but it could be a necessary hassle. If your property has outdated decor or appliances, it could be the reason you’re not getting as many tenants as you would like. Instead of thinking about the upgrade as a financial burden, consider it an investment in your bottom line.
Security is a concern for all tenants — people want to live in a place where they feel safe, not in a place where they constantly have to worry about their belongings being stolen. While you can’t change the location of your rental property — if that’s even the problem — there are a few things you can do to make the property feel more secure. For example, adding more light can help the area feel safe. If you’re trying to rent a house, consider adding motion-sensored flood lights that your tenant can use at night or a front door security camera. If you’re trying to rent units in an apartment building, consider adding lamp posts throughout the entire complex. Even the small act of adding light can help your tenants feel more secure.
Depending on your target audience, a low-maintenance rental may be ideal. If you’re trying to target young professionals, they may not be interested in a rental where they have to do work around the house, such as mowing the lawn or weeding the garden. With apartment units, on the other hand, your tenants may not want to rent if there are issues with the appliances, HVAC, or drains where they find themselves continuously calling maintenance. Consider including yard work for rental homes and updating apartment units to ensure that your rental properties are as low-maintenance as possible.
One sure-fire way to make your rental property more attractive to tenants is to offer great amenities. That being said, look for ways you can supply amenities to your specific audience. For example, if you’re marketing to families, consider offering access to a pool or play area. If you’re marketing to young professionals, let them know that they will have access to a washing machine and dryer in each unit! When offering amenities to make your property more attractive, make sure to do your research to see what kind of amenities your target audience may enjoy.
Know Your Competition
If your rental property is located in an area where there are a lot of competing rental properties, doing what you can to make your property stand out is key. In this scenario, there may not be one simple solution. Instead, you may need to conduct research on the competition to see where you stand. Look into the other properties available in your area to see what they offer. Some properties may offer competitive amenities or a lower rent. Once you have an idea of where you stand among the competition, consider making adjustments where you can to help boost the attractiveness of your property.
Fill Availabilities With Minnix!
At Minnix Property Management in West Texas, we know it can be difficult to fill availabilities, but we’re here to help. We offer professional property management services, from marketing your property and increasing the property value to helping you manage payments. We understand that managing a property, or multiple properties, on your own can be stressful, which is why we strive to make your life a little easier and take some of that stress off your plate. If you’re ready to get started, we’re here to help. Contact our professional property management company today.
We look forward to helping you!