ALL
PROPERTIES
AGENTS
OFFICES
RESOURCES
SEARCHES
RECENTLY RATED
Learn
Drawing tenants to an investment property
06-30-2011
Drawing tenants to an investment property
June 30, 2011
Some homeowners may decide it's worthwhile financially to buy a home and rent it out to tenants. Property investment can be lucrative under the best of circumstances, but it could be a challenge to draw qualified tenants to a new rental property for someone who has never owned a rental property before. However, there are a few ways prospective property investors can make their rental home an ideal spot for
potential tenants.
Start with a good location
Before the tenant searching process can even begin, homeowners should pick a property that presents the best chance for a strong return on their investment, reports RISMedia. The best way to ensure that is to buy a home in an ideal location. Most renters today are looking for apartments or homes situated close to transportation services, entertainment, shopping destinations and public services. While it may
be difficult to find a location that satisfies all of those needs, an experienced real estate agent could connect a property investor with a unit that's strong enough to appeal to a wide range of tenants, according to RISMedia.
Prep before showing
Assuming they've purchased a property in an ideal location, investors' next step involves preparing the spot for showing, according to the National Association of Realtors (NAR). Inexperienced property investors may want to consider a home that's as close to ready as possible and avoid major renovation work. Once the home is suitable for tenants, it's important to clean it before showing it to applicants, NAR reports. A single piece of trash may be enough to sour a tenant on moving in, so
it's important that any units be free of dirty or stained carpets, dust, debris or fixtures that don't work. Curb appeal is especially important, NAR reports, and homeowners should ensure the building is as attractive on the outside as it is indoors.
Showcase benefits and provide visual tools
Once the property is cleaned and coiffed, it's time to show prospective tenants why they should consider moving in, NAR reports. Marketing materials that provide tenants with each room's dimensions can help them visualize how their furniture would fit, while visuals can be used to showcase a unit's energy efficiency, its proximity to nearby services or other benefits, according to NAR. Whether they are handling these
matters themselves or hiring a property manager to cover it, NAR reports it's important that property owners take advantage of as many tools as possible to appeal to prospective tenants.
About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
Coldwell Banker Real Estate LLC will never sell or provide information to a third party without your
prior consent.
Click here to see our full Privacy Policy and Terms and Conditions of Use
Click here to see our full Privacy Policy and Terms and Conditions of Use
Top Tools
close