Since the recession of 2007, there has been something of an upsurge in popularity of renting as a means of accommodation. Individuals looking for short-term accommodation, as well as a long-term settlement, are opting to rent apartments in the private sector, instead of staying at hotels.
In response to the rising popularity of renting, various online services have entered the marketplace, enabling prospective renters to search thousands of listing until they find just the right one. This had the effect of forcing property owners to put in extra effort to make their real-estate attractive enough to get ahead of the competition.
Fortunately, there are many ways of improving the market placement of a rental property, sometimes at a little extra cost. A slight room modification or policy change might be all it takes to make a property more attractive, especially during summer months when people spend more time outdoors. To give you an idea on what can be accomplished, we have prepared a list of 6 ways to increase the attractiveness of your property to potential tenants this summer.
Find the Right Price
Setting the right price for your rental property is more art than science, and it should be your main concern when trying to attract people. Lower prices will draw in individuals who like to move a lot during summer, whereas higher ones will attract the clientele that likes their creature comforts. Each option is bound to make your property more attractive to some, and less to others. Consider what is your long-term business strategy, and choose accordingly.
Offer Extra Features
Prospective tenants are more likely to stay at your place if you give them something beyond what is the standard in the market. During summertime, things like pool access, an outdoor pergola, barbecue equipment in the garden, etc. often make people that are still on the fence decide in your favor. Providing good basic accommodation will leave your customers satisfied, but extra features such as these will make their summer vacation truly memorable.
Implement a Marketing Strategy
Take the time to develop a marketing strategy for your property. This can include making high-quality photos and videos for your ad on Airbnb, designing a website of your own, being active on social media, etc. Also, don't neglect to market yourself as well. Horror-stories about landlords from Hell have some basis in reality, so you should make an effort to prove them otherwise. Try to be well-dressed, approachable and informed when speaking to potential tenants. They will appreciate it, and likely spread the good word of mouth.
Work on Curb Appeal
Curb appeal is essential for leaving a good first impression on the prospective renter, particularly during summer months when daytime lasts longer, and your property is visible throughout the day. If your property doesn't look the part at first glance, you will turn off a lot of people who might have been interested otherwise. Make sure your facade is clean and well-maintained, and give it a fresh coat of paint. Mow the lawn and tidy up the walkway, if you have the yard or a garden.
Renovate the Bathroom and Kitchen
If there are two kinds of rooms that are always worth investing in, it's these two. Summer can be a messy time of the year, so hygiene should be your top priority. A clean and tidy bathroom is essential for practically every tenant, no matter the price range. A good rule of thumb is that if you wouldn't like using it on daily basis, neither would your tenants. The same thing goes for the kitchen. Here you can be more creative and include more specialized appliances to attract people who prefer to cook their own meals.
Don't Neglect Safety and Security
Safety and security are a concern for everyone, but wealthier tenants, as well as those with young children around, will greatly appreciate if you can offer something extra in this regard. Sturdy doors with well-oiled locks are a start, and so are window locks. Smoke and carbon monoxide detectors are the next step for safety-conscious people, and so are no-slip mats in the bathroom. Air-condition is not usually considered as a safety feature, but during a summer heat-wave, it can be life-saving.
Author Bio: Hannah Thomas is an expert in business innovation and management with a love for writing. She is always eager to learn new things and to share the knowledge she acquired along the way.
If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.