Five Things Investors Should Consider For Their Rentals
Location to Public Transportation
Many people who live in Chicago are not immune the financial mess going on throughout the country. As such, people are looking to save and gas is one of the first places tenants look at. Chicago residents of Logan Square, Lincoln Park, and Wicker Park use the EL to get to work and back, so having this close must always be promoted. Many tenants have a 4 block threshold for walking when it comes to the L, if that!
Stuff Included
In a down economy, it is all about adding value to your product and apartments are no exception. Does your building offer laundry? How about free laundry? By placing a washer/dryer even a dishwasher in a unit, more people will reply to your ads because of it. Also, think about incentives such as Cubs tickets, one month free, and gift cards. This will not only get your apartments noticed more, tenants will have a positive experience and tell others. People love free, so find something you can provide and try it out!
Hardwood Floors
If your apartment is advertised as having hardwood floors, please shine them! By keeping the floors up to date and shining during a showing, renters will take notice! If the floor has miss-matched patterns or significant evidence of wear and tear, it is no longer a selling point.
A Sense of Community
Is there constant communication with the tenants who live in your building? Is there a monthly newsletter welcoming the new tenants and showcasing their talents? Imagine if you could help tenants connect to one another and promote a sense of community? Nobody, I mean nobody does this! As an investor, you not only invest in the building but also the people in it because without them, there’s no point.
Along with the sense of community, tapping local pubs, gyms, and stores for discounts and incentives will encourage the owners of those locals to cross promote your units as well. If you can offer a gym discount to your tenants for example,
No Security-Deposit
Yep, that’s right! No security deposit. The alternative to this is to have a non-refundable move-in fee, paid when the tenant picks up their keys before moving in. This small detail can bring your ads online much more attention if you promote this as an incentive. If you have a $700 move-in fee for a three bedroom apartment that is renting for $2,300 your tenants will feel as if you’ve saved them $1,600.
