Rental Real Estate Investments That Bomb
In these trying economic times, competition for prospective renters can be fierce. Job losses that have forced foreclosures unfortunately contribute to vacant properties in the rental markets. As a result many landlords have found themselves in stiff competition for qualified, reliable renters. If care is not taken over the essential marketing of a rental property, their capital investment cannot be classed as a valuable asset because of poor returns, sometimes less than 5 per cent.
It’s imperative that a landlord take some simple steps that make their properties stand out from their competitors listings and at the same time, attract renters to their properties. You can be sure that competing landlords are doing their best to get their properties rented, and some basic tests on your part will assist to get your properties to the front of the queue.
Proper research into the local surrounding properties is imperative when trying to establish unique selling points for your rental unit. Knowing what the surrounding landlords are charging for similar properties will give you a basis from what to charge and also judge their overall pricing policy. Once you determine the market and it’s value then you can start to make the case for your own listings.
The key is to appear knowledgeable and able to answer any and all questions a potential renter might have. Displaying yourself as a professional, as opposed to just someone looking to rent a property, goes a long way towards helping you find a quality renter.
Maintenance on your properties is essential when trying to stand out from your competition. Keeping the property landscaped and well-maintained are basic requirements that can make your property have more curb appeal. Also interior maintenance and repairs are essential elements to making your property appear ‘loved’ and of value.
This is important to many renters as it shows your devotion to your business and the properties that you own. If you’re willing to make upgrades to the property if a tenant is willing to either pay a higher rent, or sign a longer lease agreement, then you’ll want to convey this to them when showing off the property.
One simple thing you can do to set yourself aside from other property owners is to spend extra money on the classified advertising in appropriate news media. A more detailed advertisement with at least one photograph will better convey the positive aspects of your property and also show enthusiasm that you have for it. This is a small thing that an extra minor investment can accomplish for you.
Try making an advertisement template, include some good photographs of the property, detailed description, and good contact information like multiple phone numbers and e-mail address.
A positive also step you can take to set yourself apart from other landlords is to maintain a positive and quality relationship with the neighbors of your properties. This can put prospective tenants at ease as well as display a comfortable community to live in. Moving into a new area can be intimidating. You can alleviate these fears by showing how grounded your property is in the area.
As written earlier the rental market is becoming a difficult field to play in and ever more complex. At the same time, now is the best time to invest in properties to rent because it is a buyers’ market, and it is this feature of the market that provides for substantial capital growth in the medium term.