Meet the Renters: Who Are the Takers of Your Future Rental Business?
So you like to buy residential properties as an investment option. Great! The real estate rental market happens to be a very lucrative and profitable business venture. It is also very competitive. To get a good lease on your investment choice, you need to know your target clientele. Here are some potential clients and their needs.
Families usually prefer their rented property to have rooms and, at most, slightly furnished. They usually come with their own furniture and appliances. You may also have to consider certain factors, such as pets and young children, as families do have those.
This would mean possibly renting out a room at a time. Investopedia cites student boarding as a way for college students to live comfortably outside the campus. It would be great if you could get them all as one group, but you have to specify the minimum number of renters per property. It is best that you keep a stricter selection process and implement regulations better. In addition, you may have to check your unit more often than usual.
These renters are usually looking for holiday accommodations in the Perth area. They are set to stay for more than a month but less than a year. They opt for monthly or quarterly leases. This group also includes business executives who are looking for more affordable places to stay while doing their work in Perth. For both kinds of renters, you can charge a higher lease since their commitment to stay is very limited.
Knowing your customers and target market is part of establishing a business. It allows you to gauge your capability to offer what they need and how you can possibly earn from this need. And since knowing is half the battle, all you need now is to consult experts to find and manage the right residential units. Good luck on your new business!