Residents are on the prowl again looking for the most attractive rental units for their money. At the same time there is a growing group of former homeowners who are back in the rental market.
The monthly rent these groups are willing to pay will partially depend on the condition of the rental properties. If they have a choice, they’ll go with the property that impresses them the most.
This is especially true with the baby boomer generation, those born between 1946 and 1964. This demographic is looking for places to live that feel secure, feel like home and appeals to aesthetics.
So to compete effectively and economically, property managers are “turning up their imaginations” to make their properties more desirable. Here are four economical ideas to consider:
- First impressions mean a lot. Remove old or tattered window coverings and replace them with inexpensive Venetian-style blinds. Choose neutral colors and models that are easy to replace. While you’re at it make sure the windows are clean, with sills that are sparkling.
- Replace the knobs and handles in the kitchen cabinets if possible. Any qualitative touches you can add to your kitchens including sufficient lighting will make your rental feel more like home.
- Install portable “odor-eating” air purifiers. If your rental units smell clean, prospective residents will notice. You can also buy some inexpensive plug-in room deodorizers which create the ambiance you think pleases the nose. Stage the kitchen counters with flowers for a decorative touch.
- While we’re on the olfactory topic, make sure the inside of the refrigerator is extra clean and smells great. You can add to the appeal by placing some fresh-baked cookies inside the refrigerator. Offer one to your prospect so they will remember how kind and considerate you were.
As I’ve stressed in past articles on this subject, colorful landscaping strategically placed around your building speak volumes to exceptionally attractive prospects. Often folks who appreciate beauty make reliable residents.
Property managers would be wise to leave a lasting impression on everyone who comes to look at a vacant property. One way is to have an attractive, color sheet with a list of all the advantages of being a resident at the property you manage.
Don’t be afraid to add creative touches. Something as inexpensive as replacing the shower curtains, cleaning the counters so they sparkle, or adding different light bulbs may brighten the interior and indirectly remind the prospective resident that your property is livable and cozy.
As property managers, we have to be imaginative when reaching out to potential residents. If we also remember to be friendly and courteous, we will brighten their day and leave a positive memory about your property.