The success of your real estate investment is dependent on whether it not it’s attractive to tenants. If it has the amenities that they want, like stainless steel appliances and smart appliances, your tenants will be more likely to pay a premium for your rental property.
And although tangible features are critical ingredients in order to attract tenants, you shouldn’t forget about the intangible features, too. That is because, when tenants say they’re looking for a property that “has it all”, they’re talking about what it can provide them as a whole. In short, they expect to have a positive experience over the time that they live there.
In this article, we’ve outlined a few of the intangible features to remember when showing off your South Florida rental property to potential tenants.
What Are the Intangible Features of a Rental Property?
In general, intangible features refer to the characteristics of a rental property that can’t be touched. They’re assets that are inherent in the property. These qualities aren’t present in person, but they’re of equal importance to tenants. Examples of intangible features that tenants are looking for are safety, security, proximity to work, and more.
Light will always be on your side, whatever type of investment property you’re trying to advertise to your potential tenants. For one, it lets the property feel more spacious, and you can use this as a selling point since tenants typically want more space. Lighting may not be their priority, but once they walk into the unit and see how bright it looks, it’ll be at the top of their checklist in no time.
Adding light to your South Florida rental property can be a challenge if it’s not situated in a sunny area. Consult a reputable property management company to figure out how you can brighten up the space to attract a wider pool of tenants.
#2 Safety and Security
Your tenants want to feel safe the entire time that they reside in your South Florida rental property. Ask your property management agent to check the community’s crime rate – if it’s high, won’t be able to do anything about it. That’s because you can’t control what other people do beyond your property. What you can do, however, is to protect your tenants to the best of your ability.
Consider investing in security cameras, motion-sensing lights, and more to make your tenants feel safe, and to make the property more attractive to potential tenants. You may also want to tell your property management agent to pop into the property from time to time – their presence will be enough to deter would-be burglars.
#3 School Quality
Even if you don’t have children, you should consider how attractive your property is to tenants that do. Bear in mind that you can’t always choose who to rent to (if you do this, you’d have vacancies year-round), so your rental has to “adapt” to all types of potential tenants. The quality of schools may not be important to single tenants, but it will be of utmost importance to families. Besides, if there are top-rated schools around the rental, it indicates that the neighborhood, in general, is a good place to be.
Hence, try to invest in properties that are near top-rated schools, universities, etc. A South Florida property management company can help you choose properties that have the potential to attract a wider pool of prospective tenants.
#4 Proximity to Work
No one wants to have to travel over an hour to get to work every day. That’s why tenants tend to look for a rental unit that’s close to their office. They want to avoid the commute and come home without wasting a single second.
When “window-shopping” for properties, bear in mind the needs of your target tenants. Ask yourself if you’d be able to get to work in time day after day. If not, that property may not be worth investing in. Alternatively, you could ask your property management company to check for you. Of course, you wouldn’t know where your tenants work, but you can take a guess as to where your target tenants are likely working.
#5 Online Presence
Another aspect that appeals to today’s tenants is your online presence. Don’t get us wrong – you don’t need to be a social media star to get tenants to sign your lease agreement, but you do need to provide them with a way to find information about you. Keep in mind that they’ll likely look at reviews (the bad and the good) to know more about how you manage your property in general. If you aren’t online, they won’t be able to learn more about you.
On the other hand, if you are online, you need to ensure that your posts are professional. If they find complaints and discover that you’re rude to your tenants, they will never want to be involved with you.
Tenants don’t want to waste time. They’re looking for convenience. To do this, you need to provide multiple modes of payments, tenant portals, and more. These will allow your tenants to save time when it comes to transactions, make you look more up-to-date, and help you appeal to the modern-day tenant.
When your tenants know that they won’t have to waste time with admin work, they’ll be more willing to pay a premium for your South Florida rental property. Being tech-savvy also benefits you as you’ll be able to keep an accurate record of all tenant-related files.
It can be difficult to attract tenants to your property. This is especially true if you’ve already invested in a rental that does not have the ideal intangible features. For this reason, it would benefit you to partner with an expert property management firm such as Luxury Property Care. As a full-spectrum property management company, we provide investors with unparalleled services they can count on. We’re known for making sure that all of our clients’ properties reach their true potential, and that they continue to generate a great ROI throughout the years.