It’s the time of year where love is in the air. How can that love make your Richmond property investment business become more profitable? Profit comes when you make prospective tenants fall in love with the rental properties you have to offer!
A good Richmond property manager knows that finding the perfect tenant for your rental property is like dating. First, a couple meets and finds common interest which heightens the attraction. The couple continues to see each other, and eventually comes a profession of love, and perhaps even a marriage proposal.
Real Property Management Richmond Metro in Richmond, Virginia goes through a similar process when finding the ideal tenant to fill your rental property. First, we meet the prospective tenant to show them the home. Then, we learn about their rental history and background including job history, credit history and any criminal records. This process can either make or break the relationship. After everything checks out, and the prospective tenant has declared they love your property, the proposal- or rental agreement- is brought to the table. The ‘marriage’ begins when both property owner and tenant have signed the lease agreement and build their relationship from that point on.
But, how do you get to the point of a tenant loving your property? A few smart decisions made during the property purchasing phase will help make finding tenants simple:
The Tenant Lust List
- Single Family Homes
- 3+ Bedrooms
- 2+ Bathrooms
- Fenced Yard
- Standard Layout
- < 15 Years Old
The Tenant Loathe List
- Under 1000 Sq Ft
- No Fence
- Busy Streets
- Quirky Layouts
- No Master Bathroom
- Homes Older than 25 Years
Other Relationship Builders
While in the purchasing phase, it is important to remember a few other keys to the hearts of potential tenants. These include:
- Look for markets that have higher rents, lower vacancy rates, and appreciating home values for your rental property.
- Amenities Matter. Consider the quality and proximity of area schools, public transportation, shopping and other amenities in the area as they can be used as selling points when marketing the home.
- HOA’s Can Hold Up the Process. HOA’s can add time, fees and hassles that should be considered when purchasing.
Keeping these tips in mind during the purchasing phase will ensure a smoother pathway to tenants falling in love with your property.