Wednesday, January 8, 2020

5 Rental Features to Attract High Quality & Responsible Tenants

The success or failure of your real estate investments is highly dependent on your power to consistently attract and keep responsible tenants. How exactly do you find great tenants for your property? First of all, the quality of your property determines the quality of the tenant you are likely to attract.

Thus, if you want to attract excellent tenants to your property, you should focus on creating an excellent asset to advertise. High quality tenants tend to look for certain qualities and features. Here are the top 5 rental features which tend to attract high quality and responsible tenants:

1.    Nearby School Quality

The quality of schools zoned to the property was the primary deciding factor for the majority of high quality tenants recently surveyed. Schools are enormously important to families and single parents with school-aged children. Likewise, school quality is the best predictor of neighborhood quality, which is something all impressive tenants pursue. To ensure your properties attract only high quality tenants, only purchase properties zoned to high-performing, sought-after school systems. 

2.    Safety

Safety is a powerful motivator for high quality tenants seeking housing. In fact, one of the central reasons why prospective tenants are willing to pay more to lease a home (instead of an apartment), is to provide themselves and their family with a safe and secure home environment. Always research crime statistics and only purchase homes in safe neighborhoods.

3.    Move-in Ready Condition

The condition of the property, and more specifically the ability for prospective tenants to move in right away, is very important if you are seeking high quality tenants. Renting a property that is not yet move-in ready (requires new flooring, cleaning, paint), is not likely to attract high quality tenants. Your desired tenant plans to take care of your property and has elevated standards of sanitation and maintenance. If you provide a move-in ready home, you are proving through your actions that you share those identical standards.

4.    Proximity to Employment 

Commuting is not an ideal experience, and a big time waster. Thus, proximity to employment centers and buildings is highly important to excellent tenants. While looking at prospective properties, think about where your target tenants are likely to work and how close the property is to those areas.

5.    Neighborhood Quality

Neighborhood quality is a high indicator of lifestyle quality. Quality tenants care deeply about neighborhood quality. Thus, look for highly desired neighborhoods which would provide your tenants with a high-class lifestyle. 

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