Have you ever rented a home that you that you ended up hating? Maybe the home was old and had plumbing problems. Maybe you had a landlord that was not responsive to maintenance issues. Maybe it seemed like things were always broken or breaking. Any of these situations are not ideal and can leave tenants with the wrong idea about what renting a property can be like.
Now think of the opposite scenario. Have you ever rented a home you loved? Or had a relationship with a landlord that consisted of clear, open, and regular communication that lead to quick repairs and general upkeep?
In which of these two situations would a tenant be more willing to care for the property and be proud to call it home for the duration of the lease? Obviously the second.
If you have tenants who love the home and are happy with the services you provide them, they are more likely to care for the property. But the reverse is also true. If your tenants are unhappy for any reason, these feelings could lead to irresponsible or intentional damage to the property costing you more in the long run in repairs. So, while the first rule of real estate may be location, location, location, the first rule of Richmond investment property ownership is to choose a home that you would like to live in if you were the tenant and then treat the tenant with care. A few features of the home you may want to consider:
- Located off any main roads
- Homes that are 15 years old or newer
- Has a fenced yard
- No quirky layouts
- Close proximity to schools, shopping, dining, and public transportation
These small things will make a world of difference in the types of tenants you attract to the property, and how many applications you actually receive. If you think like a tenant in the purchasing phase, chances are you will attract the kind of tenant you want to occupy the home. As always, if you have questions in any part of the purchasing phase, your local Richmond property management team is here to help.