As a residential property owner, your goal is to rent out your place to the best possible tenants for the longest amount of time. Here are four great tips on how to do it.
You Have to Sow to Reap
When it comes to residential real estate management, one of the most important things to consider is the quality of your property. Whether you are renting a small house or apartment or leasing an entire building, the better the place is, the greater the chances of getting long-term tenants. Not only that, but you will be able to keep your head above water in a highly competitive industry driven by consumers.
Because of this, you have to fix what needs to be fixed regularly and invest in maintenance. If there’s an issue with the heater or the air conditioning, you need to have it repaired. The same is true when there are cracks on the walls, a pest problem, or anything else.
Luckily, in this day and age, there are plenty of reputable manufacturers of plastic sheets, glazing bars, locks, pipes, and many other construction materials fit every need and budget. As such, there is no excuse not to have a residential property that is both visually appealing and convenient.
More Than a Thousand Words
Once you have taken care of everything that needs to be taken care of and your property is in tip-top shape, the next thing to keep in mind is that for people to want to stay in it, it has to look great. And while there are different ways to do this, it starts by providing them a hint of what they will experience if they decide to book it. And nothing does this better than by posting the right pictures online.
Whether you are looking for long-term tenants or you would rather focus on short-term stay platforms like Airbnb and others, you must include in your ad images that are captivating and colorful. In essence, they need to highlight the uniqueness of your place.
If it is a condominium with a balcony and a breathtaking view, this should gather the most attention. If it is a spacious bedroom, a kitchen fit for a Michelin chef, or a living room with a state-of-the-art entertainment system, then obviously this area will take the cake.
Every property has something special. So take the time to find it and showcase it to the world.
The Little Things that Matter Most
If you were to ask 1000 different people what they like most about their favorite hotels, chances are a large number of them would speak about the amenities. For some, it’s the organic shampoos and soaps, the extra toothbrush, or the ion portable hairdryer. Others prefer a bottle of Evian water, some fruit, or a few pieces of the finest Belgian chocolate. Whatever the case may be, one thing is true. When you feel as though your host is going the extra mile to make you feel comfortable, you will appreciate it.
For long-term stays, nothing beats a contract with some flexibility. For instance, you could offer staggered payment plans for security deposits or agreements spanning a year or less. Even if there is no guarantee they will renew once the time is up, they will at least take it at the start.
As for the short-term, a bottle of wine, a welcoming note, an extra set of towels, or some snacks will more than suffice.
Marketing and the Right Exposure
In part two, we talked about the importance of real estate advertisements with exceptional images. Let us now look at the concept of residential property marketing in greater detail.
With the geometric growth of social media and 5G internet connection speed technologies, oftentimes it is easy for your property to be buried beneath the sheer amount of data found on rental websites and apps. As a result, it is imperative that you make use of an all-inclusive marketing campaign.
In addition to regular postings, it would serve you well to have your own website and YouTube channel. Both are very easy to do and most importantly, require very little investment, in most cases none.
Yet, the results could be very beneficial to you, especially if you know how to do it well. Another idea is to use your existing networks or hold a small event where people can get to know you and what you have to offer.
Working in residential property real estate is an exciting job with wonderful growth opportunities. By following these four tips, you will be well on your way to a thriving, profitable business endeavor.
