Many landlords would like to attract tenants with high living standards so they don't have to deal with problems that come from tenants with poor credit, low incomes, or bad habits that affect property value. While you can always find good tenants with proper screening, there are some things you can do to attract tenants of a higher caliber, even when your property doesn't offer all the latest and greatest appliances and features. Here are a few upgrades and promotions you can implement to make sure you have a pool of great renters to pick from.
1. Make improvements where they matter.
Part of attracting great tenants is making your property attractive to those tenants. You don't want to spend a ton of money on remodeling, but you do want to make a great impression-- the impression that people are getting a great deal for their dollar. Some of the best improvements to make include
- replacing carpet with hardwood floors. If you can't afford hardwood, opt for a high quality laminate. These floors present a higher-end look, and they are more desirable for the tenant because they are easy to care for.
- increasing natural light. Open up windows when showing apartments and let as much light as possible flood the space.
- updating kitchen appliances. You don't have to splurge for top-of-the-line models, but newer appliances instantly help to make a kitchen space look more updated.
- getting the apartment professionally cleaned between tenants. If a space is older and smaller, it will mean a lot to prospective tenants that it is immaculate. You can actually turn away great renters with a grungy-looking space.
2. Make yourself look good.
If your showing the apartment to new tenants, you've got to look the part of a responsible landlord who takes pride in the property. Always be on time for appointments, bring paperwork with you, and show that you know the details of the apartment like the back of your hand. This lets the tenant know that you are trustworthy and dependable. Return calls promptly and always look the part of a professional.
3. Offer competitive pricing.
Pricing your apartment can be a challenge. You don't want to charge too little or you can attract a lower income level than you feel comfortable with. However, charging too much when your apartment offers little more than the basics will mean that those with money to pay the rent will look for better places elsewhere. Continually check the price of comparable luxury apartments in your area to make sure that you are asking a fair rate for what you offer.
Attracting high-caliber tenants require effort and finesse. However, with the help of a real estate agent and with some organization, you can greatly reduce the chance that you will have to deal with a problem tenant on your property.