Rental Property Management isn't just about finding a tenant by applying your mastery of Marketability skills as a property manager or as a seasoned, experienced landlord.
The long game is about Livability.
Marketability convinces potential tenants to consider your rental - Livability convinces the very best, top tier tenants to move there - and to stay. Think path of least resistance. "Why move if all your needs are being met?".
Marketability is an important skill for a rental owner to have and my property management company is built on our ability to present a rental properties better than our competition, or then a property owner can do for themselves.
There are a great many things we do to make a property more appealing to prospective tenants as we prep its marketing launch.
But the real money is with the properties we manage that are highly livable.
Not only do highly-livable properties rent for far more, rent far quicker, to better quality tenants and are vacant far less; but there is a noticeable tenant mindset shift.
The reason is multifold. - Happy tenants do make for happy property managers and happy rental property owners; but also a cared for property - one where the owner not only maintains its condition; but also has given deep thought on the livability of the space, establishes to the tenant just who is sitting across the table from them.
Livability removes the us/them view. It places the property owner or the manager and the tenant as partners. It shows quality of ownership, that character resonates in every interaction going forward.
Installing hooks, behind doors, isn't always marketable; but it makes the property more livable. In the case of a pedestal bathroom sink we need to find balance as it is more marketable, than a bulky cupboard; but can be less livable because the tenant loses storage space.
Examples of improvements that make a property more Livable; but might not be considered Marketable:
- Dimmer Switches. Lighting absolutely makes a property more livable and pleasant. A dimmer switch could be the difference between a tenant moving on at lease end or staying another term.
- Hooks. A place to hang a robe in a bathroom, coats at the front door or clothes in a bedroom helps a tenant manage a property much better and can stop them from overgrowing it.
- Cupboard Space, Shelving, Storage. These are all things a potential tenant may, or may not be considering when considering your rental property; but an existing tenant certainly will.
Here is the transcript of the video. Please post comments and questions below.
03:27 in the back to this bedroom door I don't
03:58 and as usual happy investing!