Finding someone to occupy your rental property can be difficult. There is a lot of competition out there which means it is important your condominium unit or house stands out. In other words, your property needs unique selling points (USPs).
If you’re not familiar with the term USP, it’s essentially the features that make your rental property different from everything else on the market. Locating or creating these can be the difference between an empty unit and one that generates income. With this in mind, let’s take a look at how you can make your rental property more attractive.
3 ways to make your rental property more attractive
1) Find a niche
Finding a niche market can be the easiest way to make your rental property more attractive. One example of this would be making it more accommodating for children to entice families. Another niche is digital nomads who have different requirements for their living space than traditional residents.
Furnishing and equipping your property for a specific niche ensures it has several USPs that most other residences won’t be able to match. The downside to this is that your property will be less desirable to all renters outside of your targeted niche.
2) All inclusive
Expat renters in particular are drawn to properties where all services and utilities come included. With bill payment almost entirely digital, it’s now possible to pay for services such as internet, cable, electricity and water without a hard copy of the bill. Of course, there is some risk since some utilities are variable cost. You will want to factor that into the rent you eventually decide to ask for.
3) Be flexible
A lot of renters are facing uncertain situations. Issues can be related to employment, school, family or health. This uncertainty means one wants to be locked into a long-term lease or have to pay a huge deposit. The easiest way to make your rental property more attractive is by being flexible. Work with potential renters to find terms you both are happy with.
