One of the best things you can do to keep positive cash flow when investing in real estate is to have tenants. By making the property more attractive than other options, you will ensure consistency.
Here are the best ways you can make your offer stand out from your neighbors.
Boost Curb Appeal
Curb appeal basically refers to how attractive a house is at first glance. You need to have the basics covered. This means that you need to have clean property. A lawn that is free of weeds, dead grass, and dirt patches is important. The house itself should have clean walls, windows, and a roof.
Make sure that there are no other elements (an old fence, a decaying lamppost, etc.) that can take away from the clean appearance. Next, focus on aesthetics. What colors are most appealing? What fixtures can you add to the outside to make it stick out from other local options? What demographic of renters will you be looking for, and how can you appeal to them?
Offer Discounts for Longer Leases
This is one surefire way to fill up rooms for long periods of time. While it is true that you will be making less than you might normally, the guarantee of positive cash flow for longer periods of time is the economically safer option.
Potential renters will be tempted to sign since it will be a deal. Advertising your discount can also be a great way to find renters if you currently don’t have anybody looking into it. If you can get tenants to make long-term commitments, there will be fewer vacancies overall – and that means an advantage for you.
Be a Good Landlord
You may not think it needs to be said – but too many real estate investors don’t want to put in proper effort. When you uphold your end of the contract diligently, you will be making your property a far more attractive option than any landlords who take a long time to complete maintenance. Be kind and respectful to your tenants. Respect their privacy especially. If a tenant likes how you treat them, they will be more likely to renew a contract or recommend a friend when their contract ends.
Building up a reputation can take time. So can repairing a property. Step by step, work to make your rental more attractive. Ask yourself how you can stand out from the local standard. You will eventually find an equilibrium and be able to keep tenants year-round.
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