What to do to attract prospective tenants
Deciding to put your home or apartment on the ever increasing rental market sounds easy enough, but there is more to it than just placing an ad in the newspaper, or approaching a realtor. Think of it as fishing, says one rental representative, if you use the right bait, you will lure in potential tenants.
To find out just what it takes to make a property more attractive to renters, The Royal Gazette <$>approached Gail Aruda, a rental representative from one of the Island’s leading realtors, Coldwell Banker.
Before going into the details, Ms Aruda points out the top four requirements for a desirable property: “Clean, safe, pleasing and quiet.”
“A clean property is desirable for the health and pleasure of your tenants, but it also indicates the degree of care that you as a landlord place in the property. There should be no visibly broken windows, doors, walls, locks or lights.”
Ms Aruda adds that this includes outdoor areas like boundary walls, walkways, gates and gardens which should also be kept clean and maintained.
“A first impression is everything,” she insists.
A fresh coat of paint will make all the difference and she suggests sticking to neutral colours, especially if you are renting the apartment unfurnished: “You never know what the style of your tenants will be, or what their colour scheme is.”
As for safety, Ms Aruda suggests having appropriate locks, lighting (indoors and outdoors) and a layout which will deter criminals from breaking in — windows and doors that are highly visible from the road and neighbours and hedges kept trimmed.
“Your tenants need to be confident of their personal safety and as a landlord you need to take reasonable steps to prevent crime.”
Ms Aruda asserts there are several things a landlord can do to make the apartment more pleasing - one of these is installing reverse air cycle conditioning.
Another strength is hardwood floors, not only are they easier to maintain and keep clean than carpets, but may also cut back on potential allergies. Updated kitchens and bathrooms with modern appliances are another must, along with washer/dryer facilities: “Especially for families with children.”
While Ms Aruda does not dissuade landlords from renting out furnished apartments, she does point out that the worst thing any landlord can do is to fill the apartment with bits and pieces of furniture they (landlords) no longer want: “Old, tattered furniture is a liability.”
Another tip for landlords: “When showing the property to a potential tenant, make sure all the curtains or blinds are open to allow in as much air and light as possible.”
Parking is another bonus to any property.
“Tenants should never consider a property that does not have an assessment number,” she warns.
Potential tenants usually view properties in the afternoon during the week, Ms Aruda says and as far as noise goes, they will be reluctant to rent an apartment which is in a noisy neighbourhood. This includes barking dogs and the constant blaring of music, or children screaming.
She also warns that prospective tenants may return to the property on weekends to check the “noise level” before deciding on a property.
“It’s amazing the different things that couples notice. While women will look at the appliances in both kitchens and bathrooms, the size of the rooms and the potential time they will spend on cleaning, the men will look at electrical boxes and access to these as well as plumbing and the flushing of the toilets,” she chuckles.
What about pets? Ms Aruda says properties which allow pets are harder to come by.
“More people are moving to Bermuda with pets and sometimes it’s becoming harder to find rentals for these families,” she notes.
But, she is quick to add that this is something that can be negotiated between the landlord and the tenant.
Where pricing is concerned, Ms Aruda avers that contrary to popular belief, rentals have remained unchanged over the last five years and tenants can expect to pay up to $3,000 for a one bedroom “no frills” property.
“Most two-bedroom properties can go from $3,500 up to $10,000 and with so many high-end properties being developed on the Island, that include modern amenities, the product being offered is of a higher quality. Landlords need to keep this in mind,” she concedes.
“It’s important for landlords to listen to what their agent tells them in so far as making their properties more desirable. We are tying to get the best return for our landlords and sitting on an empty property makes neither one of us any money.”
