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6 Tips to Craft a Highly Coveted Rental — Without Over-Improving It

By Jhon Doe 18th Oct 2016

Decide on a market segment to target.

To initiate with, you need to determine what segment of the local market you want to target. Do you want to minimize all costs and target lower-end tenants in that neighborhood? Go mid-market? Or spend a little more and target the best residents in the area?

That answer largely depends on the immutable aspects of your unit. If your unit could prospectively beguile the best renters in the area with a few pinch and developments, consider a higher-brow approach.

Measure response rates, pricing, and the purpose of improvements.

What is the point of spending money on your rental unit? There’s only one answer: to earn a better return in the long-term. Many property upgrades have diminishing returns, either because the tenant will cause wear and tear or because technology and tastes develop over time. the best way to measurement is to aim a price point and publicize at it which can help an organisation to measure accuracy and success by the response rate to your rental listing.

Use standout amenities as a strategy.

Some amenities are uncommon enough that they grab prospects’ heed and scrutiny. They can compensate for and even outweigh other shortcomings.

To illustrate, in many areas, smart home tech can add some pretige and distinction to a property, and it costs little to install.

Better to under-improve than overdo it.

Every adult has cooked something in their life and knows that undercooking is better than overcooking — you can always throw it back in the oven. You can’t un-cook it, though. The same goes for rental properties. You can’t un-spend that $3,000 on new hardwood floors. But you can always make additional improvements over time.

Keep good tenants and steadily raise the stakes.

Good tenants should be kept because turnovers are profit-killers. be responsive, courteous and proactive in making intermittent and sporadic upgrades. Tenants will always give good ideas that can shoot up marketability and expected rent for the next tenancy. These tenants will be more liekly to renew their lease if you make the refinements and upgradations.

Become a neighborhood expert.

As with any business, you need to know exactly what the competition is offering and at what price. Don’t assume you know exactly how nearby rental units compare to yours and find it out from the original source or personal experience.

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