- September 13, 2018
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When you own a multifamily property, it means that you are constantly on the lookout for the right tenants. Not only do you want tenants who are reliable and dependable when it comes to paying their rent on time, but also those who will take good care of the property and who are looking to stay put long-term. Good tenants are not hard to find, as long as you know what to do to attract them. Read on to discover how.
The location of your multifamily property will have a lot to do with the type of tenant you are attracting. That does not, however, always mean that bigger is better. While a high rise in the middle of the city will certainly carry a heftier price tag for your tenant, it will also come with much greater expectations from them. A run-down building in the suburbs will have lower standards put forth by the tenant, but may be more susceptible to crime or attract tenants who don’t have the means to reliably pay their rent each month. Something in the middle will attract middle-class families with average incomes. The choice is yours, but know that whatever your decision, location is key.
The types of amenities offered by your multifamily property will be another driving factor in what type of tenant you attract. The more your property offers, the wider your reach on the rental population. Just make sure that any amenities you offer are high-quality and well-kept. A pool that’s unusable due to mildew, for example, is not going to attract your ideal tenant.
Above all else, the tenants in your multifamily property are going to want to feel safe. Location will again, largely factor in here, but tenants will also be looking to see what additional security features your property offers. Whether your community is gated, has 24-hour on-site security, individual security systems installed in the units, or a low crime rate, honing in on these features is sure to be a positive selling point.
Tenants with families will be looking for multifamily property that is in close proximity to quality schools in your area. Before you purchase your investment property, be sure to check the ratings of the school(s) that it is zoned for.
A quality tenant is going to expect the same level of quality from their surroundings. Tenants will be looking for a multifamily property that is move-in ready and offers a variety of upgrades that help it stand apart from the competition. This might mean stainless steel appliances, wood flooring, granite countertops, crown moulding, redone bathrooms, et cetera. Although many of these will come with a bit more of an upfront investment, the return will be well worth it when you are able to retain your high-quality tenants.
Parking is another extremely important factor when searching for the right property, particularly if they are located within a city. Offering off-street parking or even being within close proximity to a parking garage can mean make it or break it to a tenant. The last thing your tenant wants to do is to drive around tirelessly searching for a spot to park after a long day of work.
If you want to attract the right tenants, make sure that your multifamily units have sufficient storage. The right amount of storage can be a huge selling point, particularly if your units are smaller.
Condition of Grounds
Your multifamily property is not just being judged based on the individual units. What your prospective tenants see when the drive up to your property is almost as important as the condition of the units themselves. Get your property in tip-top shape by pressure cleaning, repainting, and having professional landscaping done and maintained. Remember that this is the first impression that your tenant will have.
Your tenants do not want to lug their laundry to the laundromat. Offering onsite laundry facilities or even in-unit stackable washer/dryer combinations is a great way to sway a tenant to choose you over the competition.
Lastly, your quality tenant is seeking a quality landlord. They want to know that you are going to address their concerns, treat them fairly, and handle any issues that may arise over the course of their lease ethically. In short, you are your own best selling point. If you want to attract the right type of tenant, be the right type of landlord.
Looking for Multifamily Property in Baton Rouge or the Surrounding Area?
If you’re ready to be the right kind of landlord and attract the right type of tenant, you’ll first need to find the right realtor to help you on your search. At SVN | Graham, Langlois, & Legendre, LLC, we’re here to be just that! We have a multitude of quality multifamily properties to show you and will help you to negotiate the best deal possible in the Baton Rouge area. Take a look through some of our properties today and reach out to get your search started!