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One of the requisites for adequate returns on an investment property is having great tenants. You need tenants who would pay their rents on time, will take care of the property and will present no major challenges or hurdles in your way when you would revise the lease or make changes to the terms of the rental agreement. To have great tenants, you need to have a great investment property.
Your real estate agent should have the knowledge to get great tenants. Not only should your agent be able to bring in prospective tenants quickly to nullify the amount of time your investment property remains vacant but your agent must also be able to screen the prospective tenants to know if they are actually great.
Always have an efficient, professional and cordial property management company. You cannot have someone manage your investment property, who doesn’t know how to deal with tenants properly, who lacks interpersonal skills and wouldn’t be able to deal with the legalities, finances and other essentials.
Always maintain your investment property and not just cleanliness but the upkeep as well. Make sure your property is a saleable product for the real estate agent or property manager to get great tenants. The investment property management company should advise you of any upkeep.
A fresh or new coat of paint will always impress the better tenants. It is the less than desirable tenants who don’t care much about the paint.
Without misleading tenants, you do want to make the property as presentable as possible and highlight the great features.
Nothing discourages great tenants like a house that looks way past its prime.
Make sure your property has no major flaws, aesthetic or functional. There should be no structural problems, plumbing issues or concerns with the roof, walls, floors, tiles and everything that matters in a property.
Peg your investment property at a fair price. Some great tenants may be willing to pay more than what the market prices are but you may not be so lucky.
Always present easier terms prevailing in the market to interest more people. When you entice more prospective tenants, you have the luxury to choose the best among them.
Ensure that you have a credible track record as a landlord. These days, tenants too want great landlords.
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