Rental property is still in high-demand in 2019, making real estate a hot investment. But as a property owner, there are many things you might be doing to sabotage your profitability. For one thing, you might be attracting the wrong types of tenants. Bad tenants can damage your property, fail to pay their rent, and be an overall nightmare to deal with. And you may find that getting them evicted takes much longer than you thought. This is why attracting high-end renters is one of the best things you can do to keep your business thriving. Following are five ways you can do just that.
Screen your tenants well
Screening your tenants should be a basic part of your business that you should never overlook. No matter how well you think you’ve judged an applicant, there are things a tenant background check can tell you that you might have never known. In order to do this effectively, you need to decide on your renter profile so you can set some minimum criteria for your applicants. For example, many landlords won’t rent to anyone with less than a 620 credit score. And they usually want them to make at least three times as much per month as the cost of the rent. Of course, the criteria is up to you, but you must make sure you’re not discriminating based on legally protected factors like age, race, religion, or marital status.
Make your property stand out
One way to really make your property stand out and attract the best renters is by adding little amenities wherever you can. You might install a whirlpool tub instead of a standard one. Or you might paint the kitchen island a trending color instead of leaving it white. You can also spruce the windows up with wooden blinds or increase the curb appeal by painting the front door red.
Follow the law
Every state has its own laws regarding landlord/tenant relationships, but most are pretty standard across the US. For one thing, a landlord is always required to disclose certain facts to his renters. This would include the names of anyone who might have access to the property for repairs, collecting rent, or addressing complaints. Every landlord also has an obligation to maintain his rental properties, keeping them safe and habitable. And while this isn’t clearly defined in every state, it generally means that plumbing, electricity, and heat must always be working well.
Be a good landlord
Following the state laws and keeping things up to code and in working order is an important part of being a good landlord. But if you want to attract the best renters, you’ll have to go a little above and beyond basic obligation. Word gets out, especially in small towns, about how landlords treat their tenants. And the ones with decent credit and a good rental history have other options. To be the best landlord you can be, you should stay on top of your business. In other words, address issues promptly and make sure you have a backup in case you’re out of town. It’s best to develop a relationship with professionals like plumbers and handymen so that you can get in touch with them quickly should an emergency arise.
Stage your property
Staging your property will go a long way toward attracting quality renters. There are simple things you can do that won’t cost you a fortune. You can have a canvas print made, usually for much more cheaply than buying expensive works of art. A good paint job can also make a huge difference in any property. You’ll want to keep the walls fairly neutral to appeal to a bigger audience, but you don’t have to stick with basic white in every room. Try warming things up with light grays or beiges, especially in the kitchen and bathrooms.
Attracting quality tenants may seem like an impossible task, but it very much achievable. Keep these tips in mind and you’ll be well on your way to renting your property to long-term trustworthy tenants.