As an investor in real estate, many factors contribute to successfully earning the highest possible return on your investment dollar through your rental properties, and tenants are one of those determinants. For this reason, you must meet tenants in person; ensure everything checks out on their application and in the references they provide. By attaining responsible and respectable tenants and treating them with respect in return, you can rely on them to care for your property and provide you with a steady income through your real estate investment business.
Preserving the landlord-tenant relationship through your management policies, with guidelines laid out in writing from the start, will lead to the best possible experience for everyone. However, it’s also essential that you have people skills and some flexibility given the circumstances of your tenants, life doesn’t always go to plan, and there are times that the rules may need to be bent to keep an overall top-notch tenant in place. So read on as we explore the five things you can control to attract renters in Phoenix.
After years of underbuilding as opposed to demand, there is an existing housing shortage. As new construction is discouraged by current higher interest rates, the demand for rentals is rising, increasing rents. Of course, the better your location and the larger the property, the more you can demand. Given the proximity to good schools, parks, shopping, and other conveniences and low crime rates, the more you can charge, the more likely you are to have quality tenants. Therefore, careful consideration must be given to your rental rates, weighing the recent interest rate increases against the current market rate and finding the right price point to attract renters in Phoenix. Don’t forget to upgrade technology for receiving your rent payments. Several online payment methods and apps are available; your tenants will expect this convenience. Working with professional home buyers like those at Property Spot means you’ll have the data to compare your property to other rentals, along with an analysis of your income and expenses to help you pinpoint your rental rate.
The perks or little extras that make your rental stand out are something else that attracts renters in Phoenix. Over sixty percent of the population has been searching for more private family entertainment, refocusing on outdoor activities since the pandemic. A new focus on home-based activities created a surge in add-on conveniences such as pools, built-in BBQs, or outdoor kitchens and architectural features such as pergolas for shaded gathering areas, making staying home more fun. In addition, consider adding extra green space, gardens, walking paths, and designated dog walking areas. Working with professional home buyers like those at Property Spot can help you zero in on the amenities that make sense for your investment properties to realize the best return on the investment.
Parking areas and entry designs, including keyless entries that allow for privacy, little interaction, and plenty of space between neighbors, have also grown in demand since the pandemic and are sure to attract renters in Phoenix. In addition, tenants seek rental units that offer privacy in other areas of their lives, such as telecommuting workspaces, homeschooling, and the spaces and equipment for fitness.
Curb appeal, or the appearance of your property from the street, attracts renters in Phoenix. Security is vital to tenants, and strategically planned landscaping and outdoor lighting will enhance their attraction to your rental. Of course, you should also focus on enhancing the appeal of the interior. Working with a professional home buyer like those at Property Spot gives you guidance on which upgrades will boost your property’s attraction. Our full-service team of industry providers can handle everything for you, from cleaning to painting and repairs.
At Property Spot, we focus on helping our investors earn the highest possible potential from each investment dollar. Achieving your goal of living out your golden years in the style you wish and enjoying financial freedom through a strategically planned real estate portfolio is the passion of the professional home buyers at Property Spot. From selecting the right location for your rental property to placing the best tenants, our team of the most highly regarded local professional property managers handles everything you need to attract renters in Phoenix when you work with the professional buyers at Property Spot.
At Property Spot, we’re proud of our work, improving the lives of our neighbors and our community, helping help homeowners, solving problems, and rehabilitating properties, increasing values here in Phoenix overall, helping the local economy. Don’t forget to ask about our current inventory of the best rental property available in Phoenix. If you have a property to sell, Property Spot can help with that too, you won’t pay commissions, hidden fees, or closing costs when you work with our professional buyers. Call Property Spot at 480-409-9680.