Home seekers have a limited budget to work with. In a bad economy, the situation is hard on everyone. Paying a hefty brokerage is just another added burden. In such a case scenario, you have to bend & make your home appealing for a potential client. The harmony of the place should attract them on its own.
Begin the process by looking at your home from the home seeker perspective. Ask yourself the most important question, “Would I rent this place if I came here to live?” If your mind says no then look at the weak points of your property.
Ask yourself these questions –
- What’s missing?
- What can you add?
- How can you minimize maintenance?
- Is the power backup working?
- Do you have parking?
- Does the furniture needs polishing?
- Any pest issues?
- Are the toilets clean?
- Is the kitchen cooking ready?
- Is the gas line intact?
- Can you add air conditioning?
- Is the place child friendly?
- Will you allow pets?
- Are you ready to decorate more?
The more features you add to the mix, the more you can charge from your potential customers. You have to read what your client wants before they arrive. It all depends on the level of management you can give to your home for rent. The more features you add to your home, your responsibilities also shoots up.
Hence, it is better to ask your tenant regarding the features so you add it according to their wishes. You can also mention the self-maintenance aspect within the rent deed to improve the life span of the items provided in your home. There are many people moving from different cities, and they do not bring their own luggage with them. This is the situation that favors add-ons which raises the rent of your home.
You can prepare your home in three stages.
1) Stage one – Give the basics
Add basic features to your home to give the tenant the basic option. If they have a limited budget, then you should be flexible enough to change your strategy. Do not be fixated by a specific number. You should consider that if your home is not rented out then rent money is lost.
2) Stage two – Mid level facilities
Give a second tier features to your home for those people who want something extra with their basic home. This could be furniture, and some other features that can be added to your home. This spikes the monthly rent which helps you in the long run. This helps in those situations where people want something extra according to their need.
3) Stage three – Max level facilities
In this segment, you give all the possible facilities you are willing to provide, depending on the demand of your client. We are talking about being ready for all possibilities. This way you never lose a client when you have multiple homes to manage for rent.