It is the end of the month and your most loyal tenant has handed in his notice, how do you replace such an asset? Or maybe you just completed construction of your new building and you need to fill it up, where do you go to get the best tenant to fill it up?
In either case, vacancy in the building translates to losses but sometimes bad tenants can be a burden. As a landlord, you need to get not just tenants but the best tenants who will not give you problems. From overdue rents to complaints from neighbours you need people who are worth staying at your building.
With the growth of technology leasers and renters need to be wooed with unique and innovative technology. Wi-Fi, solar-heated showers and most of all backup power generators are some of the key items the best tenants are looking for when reviewing a building to occupy.
It may have a hefty initial cost but adding premium services to your building not only increases the chances of your building being filled up, but it may also give you a reason to charge a higher amount of rent.
Condos usually have pools, either shared or individual but heated pools are rare and far between, simple innovations such as open-plan spaces and/ or unique planning systems get the attention of many of the best clients who need something better than the ordinary.
While advertising your building, it is advisable to take quality photos and maximize the various features that would attract the most customers. There are many buildings that one can choose from but what sets your building apart is what matters;
- Prime location
- Stylish finishes, and
- Top-of-the-line furnishings
These are sometimes not enough to attract the clientele you desire. Companies such as EAD’s Construction Management Services offer post-construction services that would increase the desirability of your building to some of the best tenants out there.
Online Presence Increases Reach
Creating and updating your online presence not only attracts more best tenants by reaching further, but it also keeps your building in the public’s mind. Whenever anyone wants to move, the first place they look for vacancies is online, taking advantage of these it is recommended that you advertise your building online and create and maintain an online presence.
Though most people move at the end or beginning of the month, circumstances sometimes force people to move in the middle of the month i.e. any time is moving time and it pays if you keep an up-to-date online presence.
With the use of websites and utilizing social media, you can keep your building visible not just to the locals but to anyone across the globe. Different people have different priorities when choosing a home and one of the biggest is value for the price.
Setting the rent is controlled by many factors but if the building is not worth the price, nobody will rent it. Make sure that your building is worth the price when advertising and keep the rent reasonable: furnishing and location are the biggest determiners of rent price but other factors also come into play.
Your building may be in a prime location and has exceptional furnishing but if it lacks in other departments, it is all for nought. With buildings now going vertical instead of horizontal, amenities like hanging gardens, rooftop pools, and private balconies may help in attracting new best tenants and may justify charging higher than the competition.
Understand Fair Housing Laws
While laws differ with states, it is easy to find common ground; discrimination based on status, religion, race, disability, age, or even gender may lead to the vacancy on the most desirable of buildings. There are also laws about animals that buildings can accept as pets and there are even buildings where pets are not allowed.
With a growing population, local authorities have the right to control occupants’ standards, in some places, the number of occupants in a building is set by law, this is to ensure safety and quality of life.
To get your building filled up with the best tenants, it is essential to create criteria so people know what they are getting and for what prices. No matter how pretty a house looks or where it is located, it always comes back to you as the landlord to work on making your building desirable.
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