When renting out properties to tenants, it can be difficult to isolate your target market. Of course, much of the market most appropriate for your property is out of your hands, as it will depend on the price, the style of home, the personal boundaries you have set, and of course, your vetting that determines who lives here.
Any landlord hopes to curate the best set of tenants for their rental agreements. Moreover, being able to justify better rents thanks to the standard of home you provide is always a goal, as investment into these properties can pay off more easily over the years.
Knowing where to begin as a newcomer is not always easy. How do you attract a better standard of tenant? What changes do you make within your property portfolio to ensure that happens, and how do you ensure every tenant you welcome is capable and considered?
Implement an effective screening process
A screening process can involve many steps, but it’s good to keep them simple yet precise. A credit check, perhaps a reference from a past landlord, and a five minute meeting with the tenant can be enough to ensure they’re capable of renting from you, and that their a conscientious person who will keep your property (especially if it’s luxury) in good condition.
Aim to build longer term relationships with these tenants, because someone who can properly care for your property and pay on time will be a valued asset in this line of work.
Invest in fewer, better properties
It’s a better idea to give your attention to better, well-curated and more affluent properties than it is to cultivate a large stock of semi-passable homes. Here you might invest in breaking up converted houses into several large and luxurious apartments, or perhaps allow families to rent an entire household if the area is popular for its schooling and other family-first amenities.
Attracting a better standard of clients more likely to fulfill their duties as a tenant is achievable if you know the market you’re aiming for – such as high-flying tenants in the local tech scene who value flexibility above all.
Create an appealing listing
No matter how affluent the property you’re leasing is, it’s essential to present the listing in the best possible light. Hiring a pro can offer long-term savings when it comes to property photography, because they can help your buildings shine and attract the best attention from even the most discerning of clients.
An appealing listing can be the best possible advocate for the renovative work you’ve put in, and also attract clients who know what they want and are part of your chosen target market. With good lighting, proper angles and a means of including all relevant visual information, this photographer can help limit the need for reshoots entirely, ensuring your already complex property owning effort is simple and stress-free to follow.
I am a 50-something Torontonian who loves everything about my city. It’s been my home, my playground, for my entire life. I went to school here. I met my wife here. I own real estate here. I love writing about the transformation of my city on the world stage, which hasn’t been anything short of dramatic. That continues on, as I write this. I write on the real estate scene. I write on travel and fashion. I like following the world of luxury watches.
But I love writing about cars – check that, luxury cars, a level of superior, engineering sophistication, high performance and style, that transports you not just from one destination to another but also out of whatever you are going through on a particular day, whatever mood you are in, all to another head space. It’s complete and total exhilaration, head to toe.
Check out my stories, and email me direct at mkeast@regardingluxury.com
