There are many factors that people consider before deciding to sign on the dotted line and rent a property. Preferences vary from tenant to tenant but they are also largely related where family homes are concerned. Some developers lose their investment due to a lack of understanding of the tenants. Like in any other business, the desires of the customer must be the foremost guide on how the investor fashions their product. It has been found that when a property meets the needs of the potential occupant, many time the occupants have no problem paying a premium as rent.
Owing to the fact that the real estate industry is a competitive one, a landlord ought to put him or herself in a good competitive stead by ensuring that they meet the needs of the client. The following are some of the features that should be in place to make a property attractive to occupants. Landlords should have them in mind whether they are renovating a property or buying a new one.
The location of a property is a major determinant of whether it will be occupied and who will occupy it. Many more important considerations ride on the issue of location. Tenants, when looking for property to rent usually shop for a location that enhances their lifestyle quality. If the location is near the tenant’s place of work, their children’s school or it is in an area where they can shop for groceries without having to cover long distances, they are likely to hold on to the opportunity of living in it by becoming quality tenants.
In many instances, the convenience of a good location is valuable enough to make a tenant overlook other weaknesses that may be found in the property. Owing to its nature, the question of location can only be answered when the property is being acquired. Acquiring property in strategic locations where development has been planned but not yet implemented is a great way to invest.
For tenants with school going children, the quality of education their children are going to get in the area in which they settle is very high on the priority list. So important is the quality of schools to tenants that the value of a property increases with the prestige of the school district and vice versa. It is for this reason that even tenants without school going children look at the quality of school district before moving to an area. A good school district is indicative of a lack of gang activity and hence relatively high levels of security. It also shows high levels of government spending. When governments spend on schools in a particular district, the effects usually cascade to other areas such as infrastructure. All these factors are important to a tenant seeking to settle down for long term tenancy.
Tenants usually research crime statistics before moving into an area. It goes without saying that a person seeking to invest in a piece of property should do the same before acquiring it. Quality tenants normally do not live in areas where security is not tight. A person who is organized enough to pay their rent on time and show respect for the property is also likely to have a lot to worry about where security is concerned. Even if the security situation is good in the location of the property, it would enable tenants to feel more comfortable if the landlord enhances security by putting in place alarms or hiring a reputable private security firm.
Parking is especially important as a consideration in urban settings. In suburban areas, there is likely to be adequate parking. If a landlord’s property does not have parking it is important for them or manager of the property to identify a parking that is within a few blocks of the property. The distance of the parking from the property should, however not be more than six blocks from the property. Anything further from the six blocks would be too far for the tenant to get back. For those landlords who are able to offer off the street parking, it is important to make and enforce rules for the parking.These rules ensure that tenants do not lose their parking spots to outsiders. Putting signs in the parking lot is also usually helpful.
Move- In Readiness
One of the major turnoffs as far as tenants are concerned is having repairs and other aspects of construction going on in the house after they move in. Before occupying a house, tenants usually look to see whether it is complete. Over and above the tenant’s convenience. Having the house completed and in good condition also sends a message on the standard of maintenance expected of the tenants with regard to the property. Normally when there are unfinished or poorly maintained sections, tenants who rent the property take the duty of maintaining it lightly.
Tenants are usually very particular about their closets. It is unacceptable to them to have less storage space. It better to reduce the area in the rooms and increase closet spaces. Adequate closet space makes it possible for the occupants to organize the house and keep the open spaces neat.
It is important for the tenant to find that the appliances in the property are working well. Kitchen fittings should always be in good condition. A person coming to rent a house is typically careful not to have the appliances fail when they are needed. Washing machines should also be in good condition to save the tenants from having to pay extra for their laundry.
Effective property management in The Woodlands and everywhere else requires the landlord to have this information. Having such understanding enables an investor to create a checklist when brainstorming with architects and contractors concerning a project. It might be a good idea for a landlord to visit properties that are sought after by tenants so as to see exactly what they should look out for.