With the talks of possible global recession coming and foreshadowing a sluggish job market, the life being a landlord is becoming more competitive and challenging nowadays too. Whether you target a niche market or simply throw in a few extras, there are many creative ways landlords can boost their rental yields.
Even if you do not get an increased rental return on a really well presented and furnished property, it can ensure you get a better quality of tenant and reduce your void periods in what is becoming a very competitive market place. Here are our top 8 easy and inexpensive tips on what you can do to quickly attract good potential tenants.
Before showing your rental property to prospective tenants, have it scrubbed well so it shines! Including cleaning the walls, toilets, showers, kitchens, cupboards, nooks, cracks, etc. The first thing tenants are looking for is cleanliness and the feel that no one has lived there before.
When showing your home to prospective tenants, arrive early to turn on lights and open all windows. You want to show that your home is bright and airy, where they can feel comfortable living in.
Scent plays a subtle but effective role in affecting a person’s mood and intuitive thinking. Before showing the properties, it’s also a good idea to use some aromatherapy sprays in the interior and let the scent settles in. You will be surprised at the aromatherapy’s effect at altering one’s mood, cognitive, and psychological well-being, as well as the impact it may bring to a prospective tenant’s desire to live in the space.
When showing your property, try to set a unified appointment time for all your prospective tenants. As is the case with any product, when people see demand for something, they want it more – it is a human nature.
Re-paint the entrance door if it is not looking perfect. First impression matters. You want your prospective tenants to walk up to your home with a great feeling and eager to explore more. People make a judgment on everything within seconds, so it’s essential to make the entrance look fresh and welcoming.
Windex can help make old appliances shine better. The shape and shininess of appliances can make or break a tenant paying top dollar for your home. If the appliances in your rental property aren’t brand new, you need to make them look as close to brand new ones as possible.
By putting in the basic furniture you can define each room and help the potential tenants imagine the life living in the home. Here’s what’s needed for the key living and sleeping spaces.If you are targeting the student or office worker as prime tenants you may want to invest in desk and chairs for one area or room to show how perfect it is for them to meet their study or work needs. You may decide to buy in goods for the kitchen too. Oven, fridge and washing machine tend to be the minimum here. Look for sofa’s that are a durable color with washable covers, as well as reasonable quality beds. Home Accessories like floor lamps, essential oils in the living room, paintings could also add value to the property easily.
Lounge: sofas, side tables
Dining area/room: table and chairs
Bedroom: Bed, bedside tables, and closet
Another psychological trick, similar to aromatherapy sprays, is to put in flowers in the home. Flowers can help bring a pleasant element to an environment and make space a welcoming place for potential renters, and this works especially well for potential female renters. Either fresh flower or plastic flowers could do.
Numerous real estate agents have pointed out that landlords often times have unrealistic rental yield expectations. Landlords may consider adopting the above easy and cheap tips to attract tenants. For landlords whose homes require actual improvements, he/she may consider actual home renovations (Please Click Here) for a more drastic improvement on rental yields of at least 10% increase on the annual rental return.
Kathy, archiparti blog contributor