8 ways to attract executive tenants
A quality investment property in an urban location near transport, cafes, business and commercial premises is highly likely to attract an executive tenant.
They’re usually time poor, sophisticated, used to travel, want a comfortable home and can afford to pay top money either out of their own or their company’s pocket. In other words, most are great tenants you’d love to attract!
Now, with the New Year just around the corner, many executives are relocating either for a new permanent role or contract and are ready to move. So how can you make your furnished investment property an attractive, potential corporate rental?
Make a great first impression
If your investment property is a house with a front garden, spend some time tidying up the garden beds, remove any weeds, water blast the paths, paint the fence and clean the windows. If you own an apartment, perhaps add window boxes, clean the front door or give it a fresh coat of paint and add a new front door mat to make the place more welcoming.
A Bedroom sanctuary
Executive tenants want a bedroom where they can escape the worries of life. You can make your bedroom/s feel like a sanctuary by adding a little luxury with fresh linen, puffed up pillows and extra cushions, a throw rug, a comfy chair and bedside lamps.
Storage is also important so it is worth considering having built-in robes installed, but keep the interior simple because if you include all the bells and whistles you won’t recoup the costs. Bedroom lighting is really important in creating atmosphere. Consider adding dimmer switches and bedside lamps.
Luxury in the bathroom
Executive tenants like to have a bit of luxury, but this doesn’t mean you need to spend a fortune on re-doing the bathroom, this can be achieved relatively economically.
Replace any old shower curtains, shower heads and fixtures, scrub away any mould and if need be put in a new vanity – these are relatively cheap but make a huge difference to the presentation of the bathroom.
Today luxury spa bathrooms are very popular, but we don’t all have this look. You can however add a little luxury to any bathroom. Fresh plump towels, some handmade soaps, plant or fresh flowers and some boutique bath products set out in your bathroom will give that feeling of luxury.
The kitchen is the heart of the home and like bathrooms, executive tenants are happy to pay more for a home with a good kitchen.
A fresh coat of paint can work wonders in a drab kitchen, especially if cooking splatters have become a feature! Don't forget your worn tiles - a little primer and paint can make a huge difference.
They appreciate nice appliances, so if yours are looking a bit tired perhaps consider replacing the dishwasher, oven or fridge. You can purchase affordable 2nd hand appliances on eBay or keep an eye out for sales. If you don’t have a dishwasher it is worth adding one as this will automatically increase the appeal of your property. These aren’t ridiculously expensive and if you are handy you can install it yourself.
Swapping cabinet doors can give your kitchen a whole new look. If entirely new doors are outside your budget you can make a huge difference by simply replacing the handles of your cupboards and drawers.
Have a look at the kitchen benchtop – if it is damaged with stains and scratches, it would be worth replacing it with a cost effective option such as laminate. This will help freshen up the whole room and won't cost a fortune.
Finally, if your kitchen floor is a little worse for wear, lift the lino and if you have them, polish the floorboards underneath – if they are in good enough condition - otherwise lay vinyl flooring, which is easy to clean. Alternatively, you may like to use tiles for a contemporary cool feeling.
Add off street parking
A car space can be a huge bonus especially if your rental is in a high density living area such as the inner city or in the beach side suburbs. In fact, the closer your place is to the city the more appeal the parking space will add to your property. Perhaps you could add a car port out of the front of the home or create a drive way in the front garden. This can cost a bit, however it’s worth talking to your accountant to find out what is tax deductible.
Add a laundry
Internal laundries are desired by many executive tenants and can certainly increase your investment property ROI. Perhaps you can make some space in a bathroom, the hall way or in the kitchen to fit a washer /dryer. Tenants will love the convenience of an internal laundry and happy to pay a bit more.
Outdoor entertaining space
An outdoor entertaining space is a great draw card for tenants and in Australia as we love being outside…plus it will add value to your property when you go to sell. You don’t need to spend a fortune, simply by adding a deck, tiling a courtyard, adding a gazebo and BBQ plus some outdoor furniture will be a big draw card for execs.
Other features executive tenants love:
- Well maintained flooring – either fresh carpet or good quality floor boards and rugs
- Good cable connection for internet and Wi-Fi, a strong signal for smart phones, and multiple power points to facilitate simultaneous connections across a multitude of platforms
- Create some personality by adding some artwork to the walls.It doesn’t have to be expensive it just helps create a homely feel
- Comfy living space – add some nice cushions to the sofa, a throw rug, a few beautiful coffee table books and a an interesting ornament / sculpture to help make your property feel like a home
- A good quality TV
- Air conditioning and heating
- Fresh window coverings – either quality blinds, shutters or curtains
Every property is different so before you look at making any changes to your investment make sure you talk to your property manager as they are the best person to advise you on whether any of these changes will help attract executive tenants in your area.