2019 is flying by and if you’ve been marketing aggressively, you will have a whole new set of potential tenants knocking on your doors. To be ready for them, have you considered improving what are the most desired amenities in properties?
Our suggestion is that you dial back the daydream and look into what you can realistically offer and how it can transition to help your bottom line instead of only costing you the expense, and you’ll see your profit margins rise. Here are some things to prioritize as you plan your year.
Especially if you allow pets. Tenants expect a location for recreation, be it a rooftop, garden or lounge. How can you make the space you have outdoors its best? While you might not be adding pools and spas, a grill, nice tables, fire pits, or bonus space that allows residents to host friends is highest on most lists – especially if the units run small.
And the other Green
Are you energy efficient? The bonus here is this can help your bottom line over time. Showing you care about the environment is always in style, and residents will be grateful for lower bills. Consider the implications for decor and construction/remodeling as well. Efficient windows and water systems help you with heating and cooling. We all want to feel like we’re helping solve the issues the larger world and planet face.
Health and Wellbeing
Many people choose renting over buying for the convenience factors they are afforded. If you can help them further a time-saving lifestyle by having a gym or classes and activities so they don’t have to seek it out elsewhere, they’ll be proud to have another box checked on their list. Allow tenants to invite guests and grow your potential future resident pool!
Location over everything
Support your local community and seek out partnerships with restaurants, small locally owned businesses, and beyond. If you can be creative here, you can build your property into a cornerstone landmark that tenants will enjoy being part of. Most renters place location as their top deciding factor when choosing a place to live. How can you maximize and highlight where you are and what you have to offer?