In a market where the supply is increasing more than demand, income from rentals are decreasing at the rate faster than anything else. For all you discerning landlords, you cannot be fussy! If you are still on a mortgage, each month without a tenant can be a pain in the your pocket, literally. Here are some ways that can help you secure a tenant as fast as possible!
Give it some decor!
Partially furnishing your unit can be a way to speed things up. It can be as simple as providing the basics such as a dining table, sofa and a television. It will work even for tenants who might prefer unfurnished units as it does not hinder their requirement for space. And if the tenant prefers fully furnished units, you are almost there! Truth is that most tenants do not really bother on matching the matching qualities of your art deco theme; they just want to be able to move in and use the facilities as soon as possible. In this sense, having a partially furnished unit lets you cater to both sides.
Identify the right kind of tenant for your property
This is important, especially if you intend to put up the rental yourself. Knowing the right kind of tenant can you help you secure them faster.
Take this scenario for example – lets say you have a property with a large floor area, you should be looking to direct your advertisements to families instead of single expats. And if your property is close to tertiary institutions, you might be better off going direct to the school billboards to put your ads.
This is the kind of the information you’ll want to put in the listing (e.g. IDEAL FOR STUDENTS), in big, noticeable letters. It will also give you some sense of where to put up your rental notices; sometimes the cork board at a polytechnic can get more responses than an expensive classified section ad.
Details can account for everything
More than often, it is the little fine details that can help you secure the tenant. Remember, knowing the right demographic is as important as decorating or furnishing the property. Once you have that down, you can include a whole bunch of small things that are nonetheless relevant to said demographic. For example, for the price of a ping pong table or a video game console, you can raise the prospects of securing many student tenants. If you grant access to a well-stocked whiskey cabinet, that could be a boon to older tenants who appreciate the gesture.
When your property is tied with another for choice, it’s the little details that makes yours come out on top. Just make sure that the costs of these small bonuses are well below the desired rental income.
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