Attract Great Tenants
The Little Stuff Matters.
Before I bought my first rental property in Portland, Oregon, I read all the books. Seriously, I went to my local library and checked out EVERY. BOOK. on real estate investing. One of the key things I remember from all that studying was that your rental is only as good as the tenants you have. That idea stuck with me and I created my mission statement for my rental properties: I will create beautiful spaces that attract wonderful tenants.
It might seem obvious, but intention is crucial in real estate just as with anything else in life. I knew that if I created a nice space for people, I would be more likely to attract tenants who would take pride in their home and care for it like their own house. So, when we were rehabbing the duplex, I chose fixtures and finishes that were broadly appealing yet budget-friendly. This isn’t the time to pick out the stuff you want in your dream home; no tenant is going to appreciate it like you would. But it is the time to spice it up with the small touches. Here are a few ideas:
Take off old door hardware and remove paint by boiling it. You might find a vintage brass treasure that looks great in photos and didn’t cost you anything but a few hours of your time.
We once found an old newspaper from when the house was built stuffed in behind the lath and plaster. Instead of chucking it, we framed it and hung it in our rental to showcase what life was like back in 1904 when it was built.
Storage is key and tenants never seem to have enough of it. Remove rickety closet doors and install a rolling barn door instead. Or build open shelves in the kitchen with reclaimed wood from your rental rehab. The character it adds will make a huge difference in your rental’s aesthetic and shows prospective tenants that you have style.
Flooring can make or break your rental. We’ve had prospective tenants tell us that carpet is a deal-breaker. It’s easy for a landlord, but doesn’t fit the ‘broadly appealing’ category. Consider instead painting old beat-up hardwoods, or installing VCT in a cool pattern. Both are low maintenance and extremely durable.
It’s easy to make a stylish space on a reasonable budget to attract great tenants who dig your style. The next trick is keeping your great tenants. And once again, the small stuff matters. More on that in another post!