Plan for Renovations—It is advisable to set funds aside for renovations should the tenant move out. More often than not, the moving tenant might leave some damages. Yes, the deposit money can help to fix up the place, but sometimes the costs can go much higher. The next tenant might prefer a much nicer place than the former. In my experience, those tenants keep the place nicer and stay longer. One last thing about a not fully renovated place is that when a tenant moves out, it might be an issue to figure out what the tenant broke and what the tenant found already broken. Remember, tenants want all their deposit. If the apartment has faults, they might cause damage and claim it was just like that when they found it. Avoid whose fault it is by fixing everything.
Don’t Show an Unready Apartment—Tenants are skeptical of landlords and agents. This is because at some point in their life, a landlord once promised to fix something and never did. Whenever you say to a tenant, “This will be fixed before you move in,” if they find a place ready to move in, they are not calling back to complain.
Find a Reasonable Amount to Charge for Rent—This is one thing that most landlords miss about rent. It matters very little how beautiful your apartment is when it comes to pricing. In other words, don’t invest way too much in decoration with the hopes that you will raise rent and make the money back. This is because tenants look for primary things before the beauty of the place: Amenities (shops, main road, transport places, etc.), then the surroundings (how safe is the community), and last, they look at how much similar apartments rent for in the same area. For example, for a three-bedroom, what is the average rent in that area? If your rent is, for example, two thousand or more just because it is too beautiful, chances are it might be empty for a while.
Charge a Fair Security Deposit: — I know the damages that tenants can do in your apartment are limitless, but charging three times the rent as a deposit will chase tenants away. Think of moving costs, a few things to add to the new apartment, and first month’s rent. How many people can really afford to triple the rent in one month?
