I was staging an apartment today, one of the ones I am currently looking for an awesome tenant for. I’ll also be managing this apartment for the owner. It boasts an absolutely awe inspiring view.
You need to highlight whatever features you believe will attract your tenant. That’s the goal. In this case it’s the downtown location and view of the lake from every room that will sell the space. It’s beautiful.
Staging The Space
In this case my job is to make sure that the main feature of the apartment is the very first thing that you see. Next it has to be prominently featured in photos of the space.
Your Client – The Tenant
I wrote an article about tenant demographics for Million Dollar Journey. In that article I discuss the different desires of the tenant groups. Not everyone wants the same benefits, in fact, one man’s benefit is another man’s nightmare. To be successful you need to fill the need of your client. You need to be right or your apartment will be extremely difficult to find a tenant for.
For example, one mistake I have seen is over improvement in basement suites. In that case your target market wants cheaper rent not granite countertops. The people who will pay more for that type of design and finish will not, under almost any conditions, live in your fantastic basement. There is almost no market for super duper designer basement apartments that will pay the delta in price justified by the owner’s investment.
It’s a lot easier to figure out what most of your target tenants want and give that to them. Don’t build a rental business that relies on finding a needle in a haystack every time a tenant moves. This is a sure recipe for high vacancy.
Renting a space to a tenant means that you have met their needs and desires better than any other property owner. It’s not rocket science, it’s marketing just like almost everything else.