One of the biggest fears people have before buying rental real estate is not being able to get the property rented. Consistent vacancies can diminish returns and cost investors money out of pocket. Luckily, here is a quick tip to minimizing your risk of vacancies.
Make sure the home is rent ready!
One may ask, what does rent ready really mean? I have heard of this, but I do not fully understand the term.
When someone refers to rent ready, they are stating that their property has amenities that renters want. Each local market may call for different amenities to be considered rent ready. While there is no cut and dry answer to what is and what is not rent ready, here is a list of common items, appliances and upgrades that renters look for when browsing new single family homes.
- Refrigerator
- Washer/Dryer
- Rear Yard Fence
- 2" Wood Faux Blinds
- Screened Porch
- Patio Covering
- Ceiling Fans
- Microwave
There are certainly some items that can be added to this list that were not included. Sometimes a rear yard fence is not customary for the neighborhood, so it would not be a good idea to install one. Enclosing the property in a fence can sometimes be seen as a offensive gesture; unless dogs are inhabiting the property. A washer and dryer can create maintenance issues, but having them in some instances can make your home more desirable. Screened enclosures are only needed in certain parts of the nation. The point is that each area in which you invest may or may not need some of the items listed above.
By including many of these amenities, your home is ready to be rented (hence, rent ready). Renters appreciate a landlord (not always) who provides these fixtures and appliances. In addition, eRealtyInvestors negotiates with builders to provide these items in the sale price of the home.
Setting your investment property apart from the competition is the name of the real estate investing game. Set your next property apart from the rest by equipping it with a rent ready package.
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