To attract and retain good rentpaying tenants, you must offer tenants something better than your competitors (remember the MVP goal). To achieve this objective, there are new set of features and benefits:
1. Eliminated bad tenants. Bad tenants drive out good tenants. If you don’t quickly deal with problem tenants (or the problems that tenants present), you’ll soon find that your entire property has turned into a money pit of vacancies and repairs.
2. Beefed up safety and security. It’s not just the rich who care about safety and security, all decent people want to live free of hooligans and drug dealers. Your team need to initiate safety and security measures that included a grounds patrol.
3. Improved the aesthetics. Good tenants want to live in a home that shows pride of ownership. When serving the less well off, many property owners forget this fact. You should think differently. So, you try to attend to not just big ticket maintenance issues. You also cared enough to add special homey touches such as white shutters, colonial white doors (to replace the ugly, cheap aluminum doors), and an impeccable cleaning program.
"Know your customers. You’ve got to really get into the mind of the audience you’re aiming at. I don’t like hired gun, number-crunching market researchers. I do my own surveys and research. I draw my own conclusions."
Search for Competitive Advantage (Create Your MVP)
Many owners of investment properties still think of themselves as “landlords” (with an emphasis on “m’ lord”), and they think of their residents merely as “renters” who don’t deserve customer care. But just the opposite is true. Today (and in the future), market conditions require savvy investors to treat their tenants as valued customers—not serfs.
I don’t just build to a market. I create the market. I deliver to my customers more than they expect.
To create an MVP, intelligently survey and inspect competing properties. This market knowledge helps give you the insight you need to strategically customize your properties to make them stand out from competitors. When you adopt this MVP approach, you add to your profits (and to the value of your properties) for two reasons:
1. Better Resident Relations: The residents of your properties will reward you with lower turnover, fewer problems, and higher rents.
2. Alert to Opportunities: With a customer-oriented, constant improvement attitude, you will consistently look for and come up with ideas that will add value to your property operations.
To build a great brand, be conscious of the image and the quality of the product. You should focused not only on location, but the quality of the building—the windows, floors, rooms, kitchens, the whole thing.
To create an MVP, provide people a home. As you survey a property, imagine whether the units will live well for your target market:
Do the units offer enough square footage?
Are the units spotlessly clean, fresh, and bright? Do they smell clean and fresh?
Do the room counts and room sizes represent the most profitable use of space?
Do the aesthetics of the units excite with emotional appeal?
Does the unit bring in enough natural light?
What views will the tenants see from inside the units looking out?
Do the units offer generous amounts of closet and storage space?
Are the units quiet?
Will tenants feel safe and secure within the units?
Do the kitchens and baths offer eye-pleasing pizzazz?
Experience proves that homes rent faster and yield lower vacancies than mere rental houses and rental apartments. Homes sell faster and command higher prices than mere houses. Offer your tenants and buyers something special. They will pay you higher rents, stay longer, and show more care for their units—because they will regard those units as their home.