As an investor in real estate, many factors contribute to successfully earning the highest possible return on your investment dollar through your rental properties. Tenants are one of those determinants. For this reason, you must meet tenants in person and 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 involved. However, it’s also essential that you have people skills and some flexibility given the circumstances of your tenant. Sometimes 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 Conway.
Pricing
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 which in turn leads to 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. This in turn results in 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 Conway. Don’t forget to upgrade technology for receiving your rent payments as this can be a hidden deterent for prospective tenants if the payment process each month is very complicated or outdated. Several online payment methods and apps are available and your tenants will expect this convenience. Working with a professional property management company like Clear Property Management LLC means you’ll have the data to compare your property to other rentals in the area. We use Buildium property management software which gives you a snapshot analysis of your income and expenses to help you pinpoint your rental rate and how your property is performing at any given time.
Amenities
The perks or little extras that make your rental stand out are something else that attracts renters in Conway. Over sixty percent of the population since the pandemic has been searching for more private family entertainment, emphasizing outdoor activities. 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 a professional investor team like those at Clear Property Management LLC can help you zero in on the amenities that you find valuable to realize the best return on your investment strategy.
Privacy
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 Conway. 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
Curb appeal, or the appearance of your property from the street, attracts renters in Conway. Security is vital to tenants, and strategically planned landscaping and outdoor lighting will enhance their attraction to your rental. Working with professional investors like those at Clear Property Management LLC can give 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 all needed repairs.
Clear Property Management LLC
At Clear Property Management LLC, 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 Clear Property Management LLC. 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 Conway when you work with the professional team at Clear Property Management LLC.
At Clear Property Management LLC, we’re proud of our work, improving the lives of our neighbors and our community, helping homeowners, solving problems, and rehabilitating properties, while increasing values here in Conway overall. Don’t forget to ask about our current inventory of the best rental property available in Conway. If you have a property to sell, Clear Property Management LLC can help with that too, you won’t pay commissions, hidden fees, or closing costs when you work with our professional buyers. Call Clear Property Management LLC at 501-642-0202.