Are you under the impression your property will never be able to effectively compete with the high priced property across the street due to an inability to afford big ticket upgrades? If so, it might be time for a little insight into what tenants really want. While it may not earn you a Class A categorization, these small, but noticeable efforts will help you attract and keep the right kind of tenants.
- We all know location is everything. And, having a property in the right neighborhood is a good way to help ensure tenant safety. However, regardless of location, there are some measures to take to promote safety on the premises that will improve its attractiveness to existing and prospective tenants.
- Lights – the property should always be well-lit, including doorways, hallways, parking lots, and grounds
- Gates – while costly, installing a gated system on the property helps deter unwanted guests and reduces the incidence of theft
- Security – offering tenants the option of a security system is a hot selling point for many; deep discounts can be achieved on installation for a bulk monitoring package, and this is a cost easily passed along to tenants
- Discerning tenants will notice even a little bit of crud that gets left behind in a drawer somewhere, and cleanliness is a big issue to most. Keep the grounds and parking lots clean, the pool and any common areas clean as well, and invest in a really good maid service each time a unit is vacated.
- While many owners may tend to feel the pace of their heartbeat increase on this one, it’s not as drastic as you may think. While any and every one would enjoy brand new stainless appliances and marble countertops, people understand what they can and can’t afford, and the great thing is that it’s not necessary to have these things in order to compete. All it takes is an investment in upgraded hardware (such as nickel-plated door handles instead of gold), undated fixtures (nickel-plated lights and faucets), a fresh coat of paint on every wall surface, and more modern window coverings (such as a faux wood 2” blind). If it’s in your budget, stripping out old carpet in first floor units and opting for painting concrete is a more affordable flooring option with a mass appeal.
- When surveyed, tenants say having a Wi-Fi connection is more important to them than a swimming pool when it comes to amenities. Get good, reliable service and offer it as a standard amenity to all units (and advertise as such).