Attracting Potential Buyers or Tenants to an Investment Property
Have an investment property to sell or rent? Perform the research before buying the property to make sure it is marketable. Once the purchase has been made, however, follow these tips to attract potential buyers or renters: increase the curb appeal, make certain improvements to the interior, price the property correctly, and make the most of advertising tools.
Think Before You Buy
The absolute best thing to do to attract potential buyers or tenants to an investment property is to do the research. Before buying in the first place, research what the market is like in this area. Is it possible to find buyers or renters-- or are they leaving in droves? Also, consider factors that cannot be changed by the buyer. Is the neighborhood run down? Research if the location is optimal for shopping and schools. Bottom line, make sure this property is marketable in the first place.
Amp the Curb Appeal
Next, amp up that curb appeal. Remember, first impressions always count, and people are not likely to look twice at an investment property that appears run down. Consider repainting the home or performing some basic landscaping. Flowers and a well-kept lawn can go a long way toward creating that appeal. Also, consider that the upkeep of the property can have an impact on the impression of the overall neighborhood, which can impact the value of the property.
Inside the Property
There are several things inside the property that can also attract potential buyers or renters. First, paint and carpet in neutral colors, which may appeal to a wider range of people. Key areas of the property to update are the kitchen and bathroom. Other possible improvements that attract people include good security on doors and windows, and lots of storage. Of course, always keep the property clean and clutter free and smelling fresh.
The Price is Right
At the risk of using a cliche, the price must be right to attract either buyers or tenants. Get a market analysis from a reputable real estate agent to see what other investment properties in the area are selling or renting for. If the price is too high, the property will be out of reach for the target market. If the price is too low, the property may attract less than quality buyers or tenants, or even worse, people may wonder what is wrong with the property.
Advertising
Though an occasional buyer or renter may be attracted by a drive-by, do not rely on this alone. Consider listing the investment property with a qualified real estate agent. They will have access to advertising tools including internet listings, which may attract out of town buyers or renters. Also, make sure any ads highlight unique features and benefits such as quality schools, or proximity to shopping centers and parks.
Attracting potential buyers or tenants to an investment property does not have to be difficult. Making a wise initial investment will make that job even easier. Then consider increasing the curb appeal, making certain interior improvements, pricing the property correctly, and advertising smartly. Following these tips will greatly increase the likelihood of selling or renting the property, and will likely increase the profit as well.
About the Author:
With over 20 years of experience in northern Nevada real estate, Greg Hughes is an expert at buying investment property in Reno. His business offers clients a great way to invest in real estate. Sign up for Reno real estate investment advisor Greg Hughes' special series of reports "The Power Wealth Collection."
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