4 RENTAL TIPS FOR LANDLORDS IN GRENADA
The ownership of residential property is an investment. Whether the primary objective is generating income, increasing its capital value or the enjoyment of occupying it, owners will want to be sure that their investment is managed effectively.
Here are four (4) general RENTAL tips for landlords:
1. Know Your Market - having a clear understanding of your intended target market will maximize rentals, minimize vacant periods, and guide decisions throughout the length of your investment.
The questions to ask are:
a. What class of tenants do I want to attract?
b. What amenities are tenants looking for in rental homes or apartments?
c. What do I need to do in order to appeal to those class of tenants?
Once you've answered these three questions, you've begun your marketing strategy for finding the best tenants for your rental home.
2. Choose Your Agent Wisely - choose the agent with the necessary qualifications, knowledge and skills from an established and reputable agency to guide your real estate decisions.
3. Prepare the Property for Marketing - finding a good tenant quickly is the key to maximizing income from your property. Regardless of a property's size, location or target market, the properties that are in modern, clean and tidy condition will rent best.
Prior to marketing, ensure that the property:
a. Is free from defects such as mold and condensation
b. Has a modern appearance and doesn't feel dated
c. Is ready to be occupied (working lights, air conditioning)
4. Make a Decision - 'Rent Only' or 'Property Management' - Think about who will manage the property after it has been rented. Ultimately, this comes down to what is best for you, the owner. Many landlords have sufficient time and experience to deal with managing the property themselves, whilst others prefer to outsource an agency for this.
In deciding what is best for you, consider:
a. How easy it is for you to co-ordinate maintenance issues and visits to the property?
b. How much direct contact/communication do you want to have with the tenants?
c. How do the costs and fees differ?
In understanding and applying these four tips, you are well on your way to sourcing the best tenants for your rental homes!
The Red Book Grenada 2022 includes a catalog of property listings in categories such as residential & commercial rentals.
The Red Book Grenada 2022 is readily accessible via the website:
https://www.terracaribbean.com/Grenada/The-Red-Book/ and on all @terragrenada social media platforms.