Using the Location of Your Rental Property and Neighborhood to Your Advantage
Known for its sunny beaches and beautiful weather, South Florida is already like a magnet for tenants who want to relocate to a pleasant, relaxing house or apartment.
But what other aspects do you have to keep track of while choosing the location of your new rental property, and how can you use them to your advantage when advertising or presenting your home to potential new tenants?
The Bigger Picture
One of the most important things you have to keep track of even before buying your rental property is the value it may have for potential tenants.
The following tips will help you gather all the information you need for that in order to make sure your efforts for obtaining a profit will be worthwhile in the long run:
- A good place to start would be to check the demographics and profiles of South Florida cities, as well as specific neighborhoods.
- Make sure the location is close to schools, bus stations, malls, shops and any other facilities that could make your tenants’ lives easier.
- Find out as many details as you can about the most well-known and reputable neighborhoods from printed media, the internet and local news bulletins.
- Don’t forget to check the crime rate statistics for each area in part. It won’t do you any good to rent out a property that people will be afraid to live in.
- Also, locating and visiting any important venues and places such as libraries, bookstores or museums in the area can give you an idea of the town’s local cultural heritage and potential for providing quality entertainment.
- Finally, calculate the expenses associated with managing your ideal property and see whether it’s a viable option to choose it. Otherwise, continue your search.
After finishing with all that, and once you have narrowed down your choices to just a few locations, it is time to scan them and see what the most profitable choice would be. Should you either buy a property and turn it into a viable piece of rental real estate or wait and monitor the market until a feasible offer appears?
Once you have your property, of course, you have to remember that not all people are alike, and the needs of some may not be shared by others.
By weighing both the practical and entertaining value of your property and its surrounding areas, you can create quite a few interesting incentives to attract new tenants.
Your Tenant’s Profile
In order to present the best possible offer to tenancy applicants without risking to lose them, you will need to know exactly who to target. Forming a profile of your ideal tenant is easily done by simply thinking of what you want and don’t want to deal with; however, you also need to think in perspective, taking into account your applicants’ interests.
For example, would someone moving to a quiet neighborhood be more interested in reading or traveling to the other side of town to visit the noisiest night clubs? Or in case you want to rent to people with younger mindsets, having cinemas, malls and tech stores close by might be a better idea than being close to a clinic or old people’s home.
Based on the profile of your ideal tenant then, you can create a clear picture of what interests and requirements to keep track of the most when showcasing your property and providing information to new applicants about the neighborhood and surrounding areas.
