STAND OUT AND GET MORE ROI!
July 7, 2009
Standing out from the crowd can be the best thing for your investment property and a way to gain outstanding tenants. There are many ways to use out of the box thinking and get those quality tenants, great rents and more value for your money and yes even in Ontario’s rent controlled market. Turning over your vacancies quickly and efficiently takes a system, good marketing, and great relationships.
What are you doing to stand out! 5 Ways to do just that!
1. Look at what you can do to attract the quality higher paying tenants. Attracting the right tenant is easy with a clean, well cared for unit, a location close to amenities, schools, transit, and good value for the money. Advertising and the words used are keys to promoting your property as the best thing since sliced bread. Showing the tenants that you care about them and that it should be treated as well as if it was their own, is vital to the success of maintaining a long term relationship with that tenant. A business relationship based on mutual respect is what you are going for.
2. How can you attract long term equity building tenants? Having quality units, one that you are proud to say you own. You don’t need to spend thousands of dollars to make a property look good, just some attention to the unit while vacant is the best time to get those minor repairs done.
3. Where can you reduce costs to spending for the unit? Property management fees could be one way. If your tenants are paying for their own utilities great if not…they should be. Do you have any leaks in bathrooms or kitchen that may be increasing your water bills? Are your mortgage rates been looked at and decreased? Now is the time to talk to your banker to negotiate a better rate.
4. What can you improve on for the unit to build equity and get those quality tenants? Curb appeal, curb appeal, and curb appeal! The next item is having a sense of Security of the area, unit, then quality of the home, then price. Renovate strategically to achieve higher ROI.
5. Is your system replicable? Are you verifying the information the tenant gives you? Is your system working for or against you? Check into what the tenant is telling you. Check references, and treat your investments as a business. This individual will be renting from you for a long time and you will want to ensure you have the best possible candidate in your unit.
Curb appeal, renovated suites, and a systematic tenant approval process will get high quality people and lead you on a path of getting what you want while creating a win/win for everyone involved. Your tenants will be happy, your investors or you will be happy, and most importantly you now will have an investment that increases in value and cash flow over the long term. Darcelle Runciman © 2009.
WANT TO USE THIS ARTICLE? You Can simply include this blurb with it. : Darcelle Runciman is the COO (Chief Operations Officer) of Hemlock Investments a real estate investment company, a Business Mentor and a Contributing Writer of The Power of Women United a book about Confidence, Success, and Networking. Hemlock Investments works hard for you so you don’t have to. Visit her website at www.hemlockinvestments.ca or call 613-921-2535.
