Have you ever rented a home that you that you ended up hating? Maybe the house was dated or had multiple electrical and plumbing issues,. Maybe you had a landlord that was not responsive to residential property management maintenance issues. Perhaps it seemed like things were always broken or breaking. Situations like these can unfortunately motivate tenants to leave with a negative idea about rental properties.
Now think of the opposite scenario. Have you ever rented a home you loved? Or had a relationship with a landlord that consisted of clear, open, and regular communication that led to quick repairs and general upkeep?
In which of these two situations would a tenant be more willing to care for the property, be proud to call it home and be a great referral for the duration of the lease? Obviously the second.
Tenants are more likely to care for the property if they are happy with the services and love the home. But the reverse is also true. If your tenants are unhappy for any reason, these feelings could lead to irresponsible or intentional damage to the property costing you more in the long run in repairs. So, while the first rule of real estate may be location, location, location, the first rule of Anchorage, Eagle River and the Matsu-Valley investment property ownership is to choose a home that you would like to live in if you were the tenant and then treat the tenant with care. Here are some aspects of a building that you might want to consider:
- Located off any main roads
- Homes that are 15 years old or newer
- Has a fenced yard
- No quirky layouts
- Close proximity to schools, shopping, dining, and public transportation
These small things will make a world of difference in the types of tenants you attract to the property, and how many applications you actually receive. If you think like a tenant in the purchasing phase, chances are you will attract the kind of tenant you want to occupy the home. As always, if you have questions in any part of the purchasing phase, the team at Real Property Management – Last Frontier is here to help.