Why did the Tenant Chose Another Property? Tips for Investors.
Today, we are talking about why prospective tenants choose another property over yours. Property owners are often perplexed about why tenants choose another house in the neighborhood instead of theirs. It could be the rental price, the neighborhood, or the fact that there were just a lot of other options in the same area.
You need to understand a tenant’s focus. When shopping for a new home, the most obvious elements are competitive pricing, condition, amenities, location and property size. This is what they look for when looking for a rental home. If there are a lot of properties available on the market, they can be choosy. This is the same for well qualified tenants. If they have two rentals to choose from, these things can make a difference.
If the rent is not competitive with other properties in the area, prospective tenants will not look much further than your advertising. Good tenants will not overpay for a home when there are many options available at a lower price.
When the property looks unkempt or littered with garbage and debris, you’ll know why the tenants did not choose it. First impressions do make a difference in rentals.
Good tenants care about the condition of the walls, floors, appliances and more. For example, if they are comparing your property to several others and they see dirty carpets and linoleum as well as smudges on walls, it will make a difference. You are not saving money by refusing to replace carpet or paint if you can’t rent the property quickly.
Grime, grease and filth can keep people from seeing the potential of a residence. Most prospective tenants do not want to clean before moving in. It also tells the tenants the property owner is not interested in maintaining the property.
This is an important issue in today’s world. The property needs to have locks on windows and doors. The outside lighting should be sufficient, and you don’t want any problems with crime in the neighborhood. Your tenants want security, so they may feel safer with the bushes trimmed.
The appliances must be working. They can be a factor in choosing your property or a competitor. All the appliances should be there before a tenant moves in and you should have a working refrigerator, garbage disposal and dishwasher. If your home does not have these things, installing an appliance can help you beat the competition.
Other miscellaneous items include cable connections, satellite services and other amenities that will make your home more attractive to someone who is making up their mind. Consider the cost versus another month of lost rent. These small items become even more important.
Marina Shlomov, a managing partner at ALH|Podland Realty & Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube, Bigger Pockets and REI CLub and LinkedIn.