A successful buy-to-let investment depends on having reliable tenants to pay monthly rent. This means you can repay your initial investment and profit from it down the line. Attracting the right sort of tenants is crucial to make your investment worthwhile. Below you will find advice on how you can make your buy-to-let property attractive to dependable tenants.
Firstly, you want to ensure you’re offering a reasonable rent. There are factors that will determine how much rent you can charge. These include the location, size, and facilities of your property. The lower you make your rent, the more prospective tenants you’ll attract but not all of them will be reliable. Whereas higher prices will deter people from choosing your property. You need to find a middle ground where you can find tenants that are dependable and risk-averse.
Offer Something Unique
A property that offers something unique in the price range will attract a higher calibre of tenant. Look at properties in the surrounding area and see what you can offer that’s different. For example, a garden or a veranda are desirable features for future homes. These unique features can be provided without a significant investment. For instance, with a few roofing sheets and some timber – you can make a smart and useful veranda attachment to a building.
Maintenance and Upkeep
Proper maintenance and upkeep of a property are essential to attract the right sort of tenants. Your property should allow people to easily envision themselves living there. You need to take action to ensure you’re presenting the place in the best light. These will include fresh coats of interior and exterior paint, cleaning the carpets, and making sure the décor is modern. If you’re offering a furnished place, check for signs of wear and tear.
Once you’re confident your property is repaired and ready, you need to think of how you’re going to advertise it. Advertising your property online is the industry norm, as it can be seen by a wide number of prospective tenants. There are lots of websites that offer free listings, and you can pay for more exposure if you wish. Including a virtual video tour in your ad could make it stand out.
Show You’re Reliable
Letting agents might be the point of contact for your potential tenants, but you should introduce yourself as the landlord. It’s a chance to sell yourself and the property. Just like you want reliable tenants, they want a reliable landlord. It’s a two-way relationship and you should make it clear you’re a dependable person.
Attracting tenants to a buy-to-let property entails making the property as appealing as possible, while also reassuring them you’ll be a helpful landlord. What’s your experience of finding the right tenants for a property?