Have you ever been a renter a home that you that you ended up sincerely not liking? Perhaps the home was old and had plumbing problems. Perhaps you had a landlord who ignored maintenance issued until the very last minute. Perhaps it seemed as though things were always broken or breaking. These situation put a bad name to how a rental property should be run and a bad name to rental property managers.
Now go on a journey and imagine the opposite scenario. Have you ever been a renter a home you loved? Or had a relationship with a landlord which consisted of clear, open, and regular communication that lead to quick repairs and general upkeep?
In one scenario you see why a tenant would not care about a property and not feel like they can call it home, in the other scenario you see a tenant who is more willing to care for the property and proud to call it a home.
If you have tenants who love the home and are happy with the services you provide them, they are more likely to care for the property. But the reverse is also true. If your renters are unhappy, these feelings could lead to irresponsible or intentional damage to the property which cost 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 Coeur d’Alene investment property ownership is to choose a home as if you were the one living in it if you were the tenant and then treat the tenant with understanding and care. Here are a few features of the home you may 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 (specifically with Coeur d’Alene rentals, a large majority of renters are single families so close to schools is a large draw to your market)
These small things will make a world of difference in the types of renters you attract to the property, and number of 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, your local Coeur d’Alene property management team is here to help.