When you buy a second home, many buyers do so with the dream of living in it one day. Even if the goal is to make rental income at the start. Our second homes are, therefore, bought with much passion and thought.
They are not just “make-do” homes that we need to purchase because they are closer to work, school, closer to your parents, and more. Second homes are often located in beautiful cities that you wish to retire in someday.
You could aim at buying a luxury villa from the best real estate developer or a pool villa in Assagao Goa. So when you put so much investment into buying your dream home, you wish to rent it out carefully. Your best tenants would be someone who isn’t messy, careless, or rough with your home and the items within.
Renting to the best tenants is an incredibly important part of landlords’ businesses. While it is of course true that the definition of the term ‘best tenants’ varies from property to property and landlord to landlord, it still remains critical to the success of landlords.
However, irrespective of what the definition may be, when it comes down to brass tacks, a tenant is someone who lives in your home for a fixed period of time in exchange for rent money. Here’s how you can choose the right tenant for your home.
Marketing to the best tenants
Keeping things step by step, reaching prospective tenants is the obvious first hurdle. Your first challenge is to get them through the door to see your property. Marketing is not a glamorous word, in fact, many people shun marketing.
However, without a solid campaign to back you up, it will definitely be harder to find the right tenant for you and your investment. Talk about what’s good about your business, list it on property portals or newspapers, talk to brokers or put up a ‘for rent sign on the door.
Viewings by tenants
Landlords are typically busy, productive people who are hard-pressed for time. If you are renting your second home, chances are that you may not even be in the same city. Traveling down to show prospective tenants your home consumes a lot of time and money. Hence, saving minutes, let alone days, is an attractive proposition.
This desire to save time is totally understandable, but it shouldn’t be applied when it comes to viewings of their rental properties. An error of judgment often results in landlords missing out on the most qualified potential tenants when they fail to allow individual viewings. If you have a real estate agent or relative you trust, entrust them with the keys to your property.
They will show prospective tenants the home, discuss rentals, address questions and collect a deposit. Once the buyer shows serious interest, that’s when you can come down to seal the deal.
Presentation to tenants
Today, landlords can no longer get away with showing shabby properties and still find tenants. It matters more than ever how your property is presented. In order to beat the competition and land those dream tenants, you need to be on point with your presentation. A few things you should consider before listing out your investment are:
- Repairs: It’s better to complete any minor repairs around the property before showing it to prospective tenants. If you feel tempted to begin showing halfway, don’t. While you might feel that you’d be saving time, you’ll likely end up putting off many of the best tenants. Ensure you complete all necessary repairs and renovations before bringing in your first potential tenant.
- Freshen: Do your walls have peeling wallpaper or dinghy paint? Does the woodwork on your walls yellow? All these are easy fixes, but your tenants might not see it that way. It’s your investment, so put some effort into making it look as good as possible.
- Declutter: Tenants may arrive at properties that are furnished with a plethora of items from their own closets, cupboards, and shelves. To allow the place to look more spacious, make ruthless decluttering a priority. A thorough decluttering will aid in creating additional eye-catching storage space.
- Cleaning: Lastly, but certainly not least, is cleaning. If thorough cleaning fills you with dread, hire someone to do it for you. Regardless of who lifts the sponge and vacuum, what matters here is that it happens. Clean properties are much easier to market & sell.
Best Tenant Retention Tips
Having done everything above and have found the perfect tenants, the next step is to keep them.
In order to keep tenants, the main duty of landlords is to keep them satisfied. While this may seem obvious, you’ll be surprised at how many renters either don’t understand or fail to recognize the importance of tenant satisfaction.
What makes tenants happy? Well, the answers are quite clear if you put yourself in the shoes of those that matter most: your tenants themselves. What would make you happy if it were the other way around?
- Embrace honesty and fairness.
- Communicate effectively and clarify your expectations to your tenants before they sign the contract
- To avoid unpleasant surprises, make sure all the details in the tenancy agreement are thoroughly explained
- Provide tenants with the opportunity to settle and consider the property as their home
- Keep your interference to a minimum
- Be prompt in responding to all questions and requests
- Be on the lookout for tenants’ problems and deal with them as soon as possible
- Repair or get rid of faulty fixtures and fittings immediately
- Prior to the expiration of the old contract, consider offering incentives to encourage tenancy renewal
Nothing revolutionary here. The list isn’t groundbreaking, nor will any of it cost an arm and a leg. However, it might lead to a renewed tenancy that keeps the vacancy at bay which is always a good thing.
Kasu, one of Goa’s leading real estate developers offers world-class homes in Goa’s most up-and-coming locations. Also offered is the option for property management of your Kasu so that care, attention, and professional management of your space are taken care of at the highest levels.