Getting the Most Rent From Your Property
As every property owner knows, the single most important moment of your interaction with a prospective tenant is during your walk through. It is the time for your property to shine and for the prospective tenants to fall in love with the place, just like you have. But no house or apartment building is perfect. Every living area, no matter where, has positives and negatives to it. So how do you exemplify the positives and downplay the negatives without misleading your tenants? Here are a few tips on wowing tenants during their walk through.
Many large apartment buildings simply choose to keep one suite empty at all times and have it as the “walkthrough suite”. Of course there are small problems with that idea if the suites in question don’t all conform to the same floor plan or square footage, but if they do, then this can be a great tool. This way, you can decorate the suite with furniture, art on the walls, appliances and even personal touches like pictures or delivery menus stuck to the refrigerator door. You can let the tenants walk around while you point out the suites amenities and explain to them that their suite will be exactly like this, only bare.
If you are managing a building where floor plans vary too much or it is not in your best economical interest to keep a perfectly rentable unit empty just for show purposes, there are small touches you can do to make a suite more welcoming. Try to keep the walls a nice, neutral color so that people aren’t instantly off-put by the space as soon as they see it. Also, visit the suite before you bring tenants there and do some last minute cleaning up and dusting/cleaning, just in case anything was left behind after the last tenants moved out. Open up any blinds so that as much natural light can come into the unit as possible. Change any light bulbs that need fixing and make sure everything that comes with the apartment, such as a fridge or stove, is in perfect working order.
As for bad news, don’t ever lead with it. You need to mention it since it can put you in a bind if you don’t, but make sure you’ve emphasized all of the positives about this space before you broach the subject of negatives. Don’t be afraid to use phrases like, “….but it doesn’t seem to be much of a drawback for our other tenants, no one really seems to mind.” You have every right to minimize any problems, but you must acknowledge them.
A final tip is to have a complete knowledge about that particular suite (or home) and about the building itself. Chances are, tenants are going to ask some off the wall questions, and if you can answer them with a big smile on your face, not only does it make you seem professional, it makes you seem reputable. Remember, no space is perfect, but if done right, you can make your rental property seem as good as gold.
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