Education and news for smart DIY landlords!
Are you thinking of renting to families? Families make ideal tenants because they're likely to stay longer in your property. They seek stability. Since they have kids, it's safe to say that they're collecting a steady paycheck and are farther along in their careers.
In order to attract families, it's important to know what parents look for in a rental community. So you need to ask yourself, "Does my rental ensure that they live safely, happily, and comfortably?"
Here's how to make your property a great match for your prospective tenants. Keep reading.
Parents want their kids to have a place to run and have fun. A play house, wooden swings, climbers, and sandboxes allow children to use their imaginations. Make sure to fence the play area to ensure their safety.
When deciding where to rent, parents take into consideration local schools and other appealing amenities such as libraries, restaurants, parks, recreation centers, and healthcare facilities. Point out these family-friendly amenities in your rental listing description.
In case of an emergency, you'll want to ensure that your tenants have the necessary contacts and addresses. Provide the details of the following (pinned to a bulletin board or hung up on the fridge):
Choosing the right flooring is essential if you're renting to families. Because while families are great, you need to think about soiling and wear and tear. The key is to pick flooring that you can afford that's also durable, easy to clean, water resistant, and comfortable. I would recommend vinyl tile or plank since it's water and stain-resistant. It's ideal for busy families and families with pets. Not to mention, there are plenty of styles to choose from!
Got a pool in your property? That's great. But while it spells fun, it can also mean potential tragedies. Keep your mind at ease by installing one or more of these pool security devices:
According to the 2019-2020 National Pet Owners Survey, about 85 million families in the US own a pet. That makes renting to families with pets a good idea. And even if a family doesn't have a pet yet, they might be considering getting one down the road.
One of the keys to running a successful rental property business is satisfying the needs of your prospective tenant. Whether you are renting to families or another type of tenant (like students or young professionals), think about what amenities matter to them. If you need more tips on becoming a successful DIY landlord, check out Landlord Prep's blogs.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!