WHAT ARE 10 MOST IMPORTANT ASPECTS THAT ATTRACT RENTERS?

Would you like to invest in real estate on a long term basis? If yes, check out the following fundamental strategies. These strategies can help long-term real estate investment.

Your ability to attract and retain exceptional renters consistently is very important. In fact, it determines your failure or success as a real estate investor.

Basically, it is not about the greatness of the deal you received. Also, your success does not depend on the strength of your return on investment. It is not just about your projected cash flow. The best tenants are everything that you need. They pay their rent as at when due and maintain your property. Without them, you will lose all cash flow, equity and returns.

Therefore, this brings us to an all-important question. The question is “how can you attract the cream of the crop tenants?”

There is a simple answer to this question. Nevertheless, this answer is powerful and effective.

The quality of the tenant you will attract depends on the quality of your property.

So, would you like to attract great renters to your rental property? You must buy a high-quality investment property. This is the type of property that can attract great renters.

Resultantly, this leads us to a better question. What are things great tenants search for in a property?

You will get a comprehensive checklist of things excellent tenants look for in properties. This checklist will help you in so many ways. Foremost, it will help you find the right properties. Then, it allows you to attract exceptional renters. Also, it helps you get great returns on your investment.

We carried out a survey by questioning great tenants. These are the top 10 things that they look for in a rental property:

1. THE QUALITY OF SCHOOL

The most important factor for excellent tenants is the quality of the school in the zone of the property. Statistically, 85% of the interviewed excellent considered this factor. For families and single parents with school-aged kids, schools are very vital. Therefore, it is natural for these people to consider this factor. These tenants will never consider a property if the schools are not great. Similarly, the quality of schools can help determine the quality of a neighbourhood. Realistically, all exceptional tenants want a great neighbourhood. So, only buy properties in areas with exceptional, attractive schools.

2. SAFETY

Every human desires safety. So, it is a strong factor that great tenants consider. Safety for themselves and their family is their biggest motivation for renting a home. Before buying a property, find out about the crime statistics of the neighbourhoods. As a thumb rule, only buy properties in a crime-free neighbourhood.

3. MOVE-IN READY CONDITION

Most great tenants want to a property that is in move-in ready condition. You may be able to get tenants for your property is not in a move-in ready condition. However, be rest assured that those tenants are not great tenants. Great tenants want to maintain your property. Therefore, their standards of maintenance and cleanliness are high. Resultantly, offering them move-in ready apartments shows you have the same standards too.

4. CLOSENESS TO EMPLOYMENT CENTRES

To be truthful, nobody wants to commute. Therefore, excellent tenants love properties that are close to employment centres. So, it is not just about having a wonderful move-in ready property. Also, it goes beyond staying in great neighbourhood with good schools. Great tenants want their homes close to their workplace. Consequently, before buying a property, consider the possible workplace of your target tenants. Afterward, think about the proximity of the property to the workplace.

5. UPGRADES

Some assume that as long as your properties are good, you will get tenants. Hence, they buy properties that have cheap finishes, rent to bad renters and get bad results. You need to avoid such mistakes. Buy homes with top-notch upgrades. Such upgrades are capable of attracting great tenants. Examples of top-notch upgrades include granite counters, hardwood flooring, and covered patios.

6. APPLIANCES IN PLACE

Leasing your property costs your renter a fortune. Apart from the rent for the first month, they also need to pay a security deposit. Also, they may have to buy a dryer/washer and refrigerator if your property does not have them. Resultantly, they incur more expenses. However, you can help your tenants by offering them these items. Generally, most great tenants will pay a little more for homes with these items.

7. QUALITY OF NEIGHBOURHOOD

The quality of lifestyle depends on the quality of the neighbourhood. Take your time and consider the community you stay in. Have you not been affected by the amenities available in the neighbourhood? Don’t you think a neighbourhood with lakes, tennis court, bike trails, and gyms will change your lifestyle? Undoubtedly, neighbourhood quality will affect your lifestyle. Great tenants pay great attention to the quality of the neighbourhood. It is not necessary that every amenity must be present in a community. However, the more the amenities, the better.

8. ACCESS TO BASIC NECESSITIES AND TRANSPORT

Desirable basic necessities include restaurants and grocery stores. These necessities and good modes of transportation are very essential. They play major roles in ease of movement to work and lifestyle quality. Therefore, access to them is very essential to great tenants. Don’t rush to buy an investment property. Consider access to basic amenities and transport.

9. AGE

Both the investors and tenants do not like problems. The age of the property will determine how much troubles people will have using it. Buying an older investment property means that it will have older systems. HVAC, electrical and plumbing systems of older properties will likely break down often. This will be problematic for both the homeowner and their tenant. To avoid such problems, only buy newer rental properties. Generally, avoid properties that are older than 15 years.

10. PRICE AND RENTS

Finally, investing in properties is about business for both the landlords and renters. For the renter, rent of the property is usually the major concern. However, consider both the rent and the cost of buying the property. So, your projected rent must be appropriate. If it is too high, many tenants will avoid the property. And if it is too low, the quality will reduce.

For more information on UK’s property investment, contact Agent House. We offer various solutions that can help you build a property portfolio. Speak to us today and get the help you need.