Are you considering expanding your real estate portfolio or beginning your investing journey?
Once you have secured a property, there are some things to consider if you want to attract the right tenant.
These few essential tips will help you get started.
Pristine presentation
You will set the standard with your tenant if the property is in first-class condition. Have it professionally cleaned before seeking a new tenant. This way, you can insist that the tenant leaves it in the same condition. If it has a garden, tidy it before a tenant moves in.
Picture perfect
By focusing on the presentation of the property, you’ll have fabulous images for your marketing efforts. The most desirable tenants will respond to properties that appear high quality in their advertisements.
Early intervention
If you have set these standards and have photographs of the property before entry, you can justify any intervention if the tenant fails to keep a similar standard. If you use a property manager, they can do this for you during their regular inspections.
Best to budget
Every experienced investor knows that it’s essential to have a budget for maintenance issues. While you might need some spare cash when you first start investing, you should take a percentage from each rental payment and put it aside for the upkeep of the property.
Safe, not sorry
Always ensure you have adequate insurance on the investment property. It should not only cover the building but also injury to your tenant and visitors (including contractors).