You've done it! You've purchased your first real estate investment property! Now, it's time to find renters so that you can make back the money you've put in.
Some cities that are historically great rental areas have noticed more difficulty than expected when it comes to finding renters. So, let's look at some practical ways to attract renters:
Know Your Audience
Suppose you have a three-bedroom property, but the neighbourhood is popular with young professionals or even a student area. In that case, you might want to consider looking for a group of roommates. Marketing will be very different than if you have a similar property in a family neighbourhood. The amenities you list would differ, and the photos would even change.
Be Specific On Location
Sometimes landlords will try to keep the address private for security purposes. The issue here is that you will get more "tire-kickers" people who call and ask to visit the apartment but lose interest once they realize the specific location.
To maintain security, and weed out any tire-kickers, list the distance from certain neighbourhood features: "3-minute walk to the Yorkdale subway station and across the street from a gorgeous park."
Speaking of security, you'll want to list any security features without making it seem like the neighbourhood is unsafe to attract renters.
Try speaking about security systems, along with other amenities that could be considered "state of the art" or at least "modern." That way, the renter will feel like they are getting a good add-on rather than something they need.
Schools And Neighbourhood Features
To attract reliable, higher-income renters, that are more likely to maintain your property, you should consider families. Families tend to be more stable renters than students or young professionals.
What do families look for in a rental? Schools, parks, other families, coffee shops within walking distance, places of worship, and recreational facilities like pools, gyms, and athletic fields. These are also great places to advertise your rental property.
Make sure your listing lays out all of the amenities available to your potential renter.
Ah, the golden ticket!
Photos are everything when it comes to selling or renting a property. A listing without photos is not likely to attract renters, even if it's in the most sought-after neighbourhood.
When taking photos, clear out the space. Keep only the cleanest and most important furniture, open all blinds and curtains, and clear away all the clutter. You would be amazed how often we see listings with food still on counters and dishes in sinks! Nobody wants to spend money on a home that looks old and used.
Do not take photos of the toilet!
Bathrooms are great for photos, but the focus should be the double sinks or the clawfoot tub. Nobody needs to see a close-up of the toilet! Unless your bathroom has an outstanding feature, it's sometimes best not to use the photo (as long as the bathrooms are still listed in the property details!)
As you can tell, it can be a lot of work to attract renters that are reliable and responsible. That work should start from the moment you decide to purchase an investment property. So, do it right and reach out to Regalway Homes! We can advise you and help you find the best funding for your situation.