If you own a quality property in great location like the residential projects in Goregaon, then you must reap the success of your investment by attracting and retaining high-quality tenants. These types of tenants can bring great returns on your residential property investment as they ensure regular cash flow benefits and rental certainty. By high-quality tenant, we mean someone who pays their rent on time, is respectful of the property, and has a long-term lease.
Whether you are purchasing a new property like the 2 BHK under construction flats in Goregaon or improving a property you already own, listed below are the top features that can help your rental stand out from the rest and boost your chances of finding an excellent tenant.
The best prospective tenants look for a property that is close to their place of work and offers basic conveniences like local markets for fresh food items and groceries, quality medical care, quality entertainment, well known schools and colleges, restaurants and community parks. If the quality of lifestyle is good in your property’s location, then a great tenant might even be willing to pay more or overlook fewer desirable aspects of the rental unit.
- Safety and Security
Safety goes hand-in-hand with location. A safe environment is a powerful motivator for great tenants. If the tenant is concerned about their car or home going to be broken into, then it can be hard for them to have a good night’s sleep. Adding an alarm service or video door phone or another security feature is a cost-effective way to make tenants feel safe and secure in any neighbourhood.
It is understandable that great tenants will also want good parking facilities in the building they are seeking residence at. If your property offers covered parking facility or even off-parking facility, it will be a huge plus point for prospective tenants.
- Condition of Property
If your property is in bad shape which requires many maintenance works like painting, cleaning or carpeting, then it could easily turn off an excellent prospective tenant. So, make sure that all the necessary repairs have been made before showing the property. A rental unit that is in ready to move-in condition impresses the tenant and also sets the expectation that they will maintain high standards of cleanliness and maintenance.
- Appliances Included
A tenant would not want the added hassle of having to purchase large and costly appliances that may break in transit or they may not need for a future rental. New appliances are especially attractive to tenants as there is less likelihood of the appliance breaking down at an awkward time. Strategic upgrades like stainless steel appliances and hardwood flooring can help attract a higher quality of tenant. Renovations in the kitchen or fitted kitchen and bathroom are especially appealing to tenants.
- Open Floor Plan and Storage
Spacious and open floor plans and adequate storage space make the square footage of a property seem a lot larger. So, this means that if you remove that unnecessary wall or provide a closet in the bedroom, it will go a long way in giving the tenant more free space within the home to move about freely and entertain guests, creating a more enjoyable living experience.
With the advantage of these, you can make your property stand out from the rest, attract better tenants and get a higher return on your investment. Once you’ve found a qualified list of applicants, screen them thoroughly by checking their background. By putting effort into screening your tenants upfront, you can avoid the headache of costly evictions later.