Property rental business gets more competitive , landlords are gradually losing their negotiating power when it comes to rental. Investors can no longer just rely on pricing and location alone to get tenants. Instead they’ll need to look at other aspects to win renters.
Completely up to you whether you offer it with nothing but bare walls and floorboards, or every possible kind of furniture, appliance, tools, kitchenware, bathroom scales and magic lanterns. Nevertheless, the decision to let a property furnished or unfurnished will make a difference to your chances of finding a tenant and the kind of tenant you will attract.
Demand usually dictates whether or not a landlord will furnish a property. In an area where most rental properties are provided furnished, it stands to reason that it’s because most tenants want to rent a furnished property.
So, if a property is marketed as unfurnished in that area only a few tenants are likely to be interested in it, and as any landlord knows – if you narrow your market, you risk having your property empty for longer. That’s not saying the landlord necessarily gets an increase in the rental for furnishing it – just that he would be wise to furnish it in order to be on equal footing with the competition.
It’s a renter’s market and here are some way you can please them:
Thing that any landlord can do in order to raise property rentals is to ensure that their property looks new and refurbished. With the right renovations can the landlord hope to raise his rental income.
Spend zero on unnecessarily interior designs that are less tangible and doesn’t guarantee an increased rental.
Focus on the most essential renovations that provide the basic things that your tenant may need. Most important goal is to make sure the property looks inviting and livable.
Consider knocking down a wall to create a more open feeling, if the property seems small.
Consider staging the unit with furniture, if the property seems desolate and vacant.
If it looks dark, open all the blinds, turn on all the lights, or paint the walls a light color. Perhaps, you should buy additional floor lamps for extra lighting.
Old-fashioned kitchen or the squatting toilet can do wonders on prospective tenants’ impressions on your property, Kitchens and bathrooms usually provide the greatest “wow” factor. Tenants, like everyone else, do not want to be washing themselves in a dirty or moldy bathroom. They also don’t want to cook in an outdated kitchen. Thus raising the chances of you successfully negotiating a higher rent.
Furnish tastefully
A furnished property will certainly attract higher rent compared to an unfurnished property. Basic furniture such as wardrobes, beds, sofas, dining table and chairs should already be available when you bring tenants in for a look at your property
Minor Landscaping can have Major Benefits.
Though arguably less important, the exterior will be the first thing that a potential sees. The exterior needs to look clean and cared for. If your property has a front yard, make sure that it looks cared for and maintained.
Do remember that your tenants are your customers and that you should always put their needs first.
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