Sarah Morris wanted to rent out her property, but she knew that making a profit wasn’t guaranteed just because she owned a nice house. She’d heard the motto over and over again:
“The success or failure of your real estate investment depends on your ability to consistently attract and attain great tenants.”
You know it too. In the end, your tenants will make or break you.
Here in Austin, rent prices have fallen by almost 13% since July 2022. That means we have to be a bit more savvy to snag solid tenants in our market.
Today, you’ll learn which upgrades will attract the tenants you need for long-term profit on your properties.
The Kind of Tenant You Want
Tenants that kill your profit are those who don’t pay rent on time, break the lease, hoard items, neglect or damage the property, or are rude and disruptive to other tenants and neighbors.
A great tenant, on the other hand, does three things:
- Pays their rent on time
- Takes good care of the property
- Treats their neighbors with respect
This tenant is who we’ll attract with the following home upgrades.
The Best Tenants Are Searching For These Upgrades
We’ll assume your unit is deep-cleaned, up to code, and move-in ready. Go above and beyond with these 7 upgrades that will draw in cream-of-the-crop tenants.
Check and meet your state’s minimum safety standards (here are ours in Texas). Then, if you can, go the extra mile by installing other security amenities, like an alarm system, automatic locking doors, or security cameras.
Updated Kitchen and Bathroom
Kitchen and bathroom upgrades provide the biggest value increases to your property. Good renters want updated kitchens. Stainless steel gives you a modern look and is durable, easy to clean, and low maintenance for you as the landlord. Strategically upgrading the kitchen countertops and bathroom vanity top with granite or other high-end materials will move the needle among excellent tenants.
In-Unit Washer and Dryer
Tenants who are looking to stay in one place for more than a short season aren’t planning on taking weekly trips to the laundromat. An in-unit and modern washer and dryer is a top request among reliable tenants. This upgrade will save time and money for your renters compared with community washrooms, and for most reputable tenants, it’s worth the slight increase in rental costs.
It’s not the 1970s anymore, and it’s time to rip out the laminate. Hardwood or tile flooring is easy to maintain and has the look and durability that well-paying tenants want. If you have carpet, make sure it’s clean, soft, and modern.
Private Outdoor Space
Creating a beautiful, functional outdoor space will help you stand out above the competition. Even if your unit doesn’t have a full-sized yard, make whatever space you have private and personal. Put up a fence or plant bushes. Remove any major hazards so that kids can play safely. Any effort here will increase occupancy rates and tenant satisfaction while living at your property.
First impressions matter, especially in real estate. Boost your curb appeal by pressure washing your walkways, updating the landscaping, and giving everything a fresh coat of paint.
Smart Home Upgrades
It’s 2023, and tech has expanded beyond the computers and into the home. Upgrade your property with smart locks, smart thermostats, or smart bulbs to impress the best tenants.
Catch Them and Keep Them Without Lifting a Finger
You’re off to a great start! With these upgrades, you’ll attract the best tenants to your property. After they’ve signed the lease, your goal is to keep them around and reduce tenant turnover.
- Provide your tenants with high-level, unmatched care
- Keep the property well maintained
- Make needed repairs quickly
- Address any of your tenant’s inquiries and concerns promptly
- Resolve any of your tenant’s issues
- Respond to emergencies as soon as possible
Sarah Morris’s ended up attracting some great tenants. But, things got really stressful when she started managing her property and tenants. So, she decided to skip the stress, put her feet up, and collect her ROI.
“With so many laws and regulations, it is very important to have an industry expert that can guide you and take the stress away that comes with property management.
SmartEgg helped us find an amazing tenant after only having our house on the market for rent for 1 day.
All the paperwork and vetting was handled so I didn’t have to do a thing but hand over the keys. I will definitely continue using and referring SmartEgg.”
Attract Great Tenants & Grow Your Investment—Schedule Your SmartEgg Consultation Today