With stiff competition in the rental property business, finding a tenant can be challenging. Learn the ways you can appeal to newlyweds.
Learn how you can quickly rent your condo property out to newlyweds. With proper management, you can have your property earning income in no time. Find out how you can make your condo rental property irresistible to newlyweds. With the right marketing efforts, you will be earning in no time.
It is not enough to close the deal and have your property rented out and raking in income; finding the right tenants for your prized property is also of paramount importance. One demographic worth tapping into is the newlyweds. Just out to start a new life and brimming to the rims with enthusiasm, these people are most likely to treat your property well. More than being consumed with love, people who decide to get married also do so because they feel they are financially ready to start a family. This means they have the means to pay the bills come crunch time. They are also most likely to be professionals who would appreciate your condo’s close proximity to places of commerce.
Make a good first impression
There has been a boom in condo properties. Couple with tons of options for online advertising of property rentals, and you are guaranteed a stiff competition. Making the right impression is important from the get-go, so better be ready to present your property to its full potential. If it is an old property, give it a complete do-over. If it is brand new, be willing to spruce it up to make it appear more livable and homey. You don’t want it to look too bare and off-putting.
A poorly presented property takes longer to rent out. That’s potential income going down the drain. So go ahead and take the extra mile. Good decorations do not only improve the home’s aesthetics, but they also do a great job of offsetting flaws like having a small bathroom or not having a veranda. Do avoid the temptation of filling the space with too many knick-knacks though. This will make the place appear less spacious. Plus, you would want the space to be as close to a blank canvass as possible. This way, prospective renters, no matter their taste and preferences, can envision themselves living in your property better.
Allow new paint to do its magic
A simple paint job can completely transform your space. Sometimes, all you need is a fresh coat of paint to revive tired walls, highlight architectural features, and brighten dim hallways. Your best bet for your rental property is going for a semi-gloss or satin paint. As opposed to flat paint, these options do a better job of wiping off scuff marks, crayon marks, and the like. If your condo unit comes with a veranda, make sure you keep it well-maintained with a paint that is especially suited for the outdoors. Exterior paints are formulated to battle harsh weather conditions.
You have to make sure you choose a paint color that serves your target market, not your personal taste and preferences. While you may love how hot pink and lime green could add a spunky and modern twist to your interiors, your prospective tenants may not like it. Not even those young and hip newlyweds. Going neutral is still the best way to go. This provides your tenants the option of playing with colors through their furnishing and decors. Practically anything goes with neutral colors like cream, gray and beige. Make sure the neutral theme extends to the floors, tiles, cabinets, light fixtures, and carpeting.
Pay close attention to your kitchen and bathroom
The state of your kitchen and bathroom can make or break your property. This does not mean you have to give them an overhaul though. Sometimes, all it takes is some meticulous scrubbing and cleaning. Scrub the cabinets inside and out, polish all appliances, mop the floors, and clean the toilet and the tub. Make sure the mirror and other reflective surfaces are free from fingerprints and any sort of smudge. Don’t forget to look up to the ceiling while cleaning. Remember to remove cobwebs, dust, and grease from light fixtures and fans. You would want to replace the bulbs as well. One way you can make a good first impression is through ample lighting, making light fixtures with bulbs that work only partially a complete no-no. You should also check if your cabinets’ handles and knobs are in good condition.
Go for a classic design
Many tenants are driven by aesthetics when choosing a property to rent. The style of your interiors matter. Make sure that they are not tacky or too outdated. Nevertheless, you should keep from chasing the latest trends as they can go out of style just as quickly. The best option is to go for classic designs. Choosing timeless themes will allow you to appeal to a greater number of prospective tenants. It will also spare you the necessity to constantly update to the latest trend, allowing you to save money in the long run. Some examples of timeless finishes include slate tile floors, Carrara marble, white subway tile backsplashes, pedestal sinks in the bathroom, stainless steel appliances, and shaker style kitchen cabinets. Even young millennial newly-weds will appreciate the class and sophistication that come with the classics.
Effectively target newlyweds for your rental ads
If your condo has limited space and veers on the pricey side, a huge family or struggling students are definitely not your ideal target renters. On this regard, newlyweds are definitely your best bet. They do not need as much space as a huge family, and are out to create a prosperous career and a well-maintained home life.
Now, how do you properly reach this demographic and draw their attention to your property? For one, you must emphasize the attributes of your condo that make it appealing to your target market. You may have a DMCI property that banks on being located close to places of commerce and that takes pride in its amenities that promote a healthy lifestyle—things that would be attractive to newlyweds. Take the initiative to design your marketing ads so that you reach this demographic. Social media platforms like Facebook have made targeted advertising straightforward and effective, and are bound to reach your technology-savvy target market.
Provide stellar customer service
More than just attracting the right tenants, you must also be ready with retention efforts. Treat your tenants like a well-established business would treat its customers – provide amazing customer service.
Just like any business, everything starts with the product itself. Make sure what you have is worth keeping. You can have the most stylish and well-maintained condo unit, but would still have trouble keeping it rented if its location is not ideal. This is especially true in this day and age when you are running up against countless competitors. And mind you, many of these developments are stepping up to the plate. DMCI Properties, for one, provides an irresistible combination of great locations, awesome views, well-designed interiors, expansive outdoor spaces, resort-like amenities, and a lifestyle of health and well-being.
With the right proper management and marketing efforts, condo leasing can be a lucrative investment. This is especially true if you manage to procure a property that is so good it sells itself.