Marketing income property is different from selling a house – think of it as the difference between business-to-consumer marketing and business-to-business marketing. So the normal staging process to make your home more attractive to a buyer is not always going to have the same impact. But that all changes if the buyer is an investor as they are not looking at the appeal of the building, rather that they are looking at how much money they can make out of it. So leading on from that, the money that can be produced from the property is more important than the building itself.
As an investor there are lots of ways you can enhance rental income and below are a few strategies.
1. Do your research – look around at rental homes that are similar to the building you want to rent and find out how much rent is being asked for. If you’re asking for less than the going rate, you can raise rents and still keep your tenants.
2. It may need more money putting into the house to start off with, but look at finishing the basement; you may even be able to rent it out as a separate unit.
3. Find out what your renters want out of the property and ask around to find out what tenants ask for in general. For illustration, if you include on-site laundry machines, will tenants pay more rent on a monthly basis?
4. Looking at energy efficiency saving such as a new heating system or double-glazed windows could also increase the amount a renter is willing to pay, or if it is you as a landlord paying these bills then it will lower your overheads.
Putting together a marketing strategy, which will paint your property in a good light to investors, needs to be drawn up once you have worked out and understand the financial worth of your home.
Here are the last things to cross off your to-do list before your Calgary real estate income property is ready to be centre stage on the open market:
• Talk to rent payers tenants, if your property is currently tenanted. Sometimes owners don’t even tell their renters that they are selling, which is uncomfortable to say the least.
• When speaking to your tenants, use the time to explain not only what is taking place with the property, but what it means for them as tenants. The closing date is going to be crucial to rent payers so try and give them a rough idea when it will be.
• Even though property investors are more concerned about the financial ramifications of the property, this doesn’t mean you don’t need to stage it correctly; the property still needs to look its best.