One common mistake that both those new to real estate investing and even some experienced investors make is not thinking like a renter. No matter what your real estate investing strategy is, unless you learn to think like a renter you are not going to be maximizing your returns and cash flow.
You might be tuned in to thinking like a buyer who wants to purchase home to live in or even some other investors, but that isn’t enough. You need to be able to think like a renter and understand what they want and are looking for if you want to be flipping houses to buy and hold investors faster or even renting them out yourself. The more desirable your properties are for renters the faster you can move them and the more they will rent for.
This way of thinking and analyzing properties becomes important at every step of the real estate investing process from selecting which properties to buy to knowing where your repair budget is best spent to crafting your marketing in the right way and knowing the right triggers for closing the deal with prospective tenants looking at your homes. The better you get at this the more desirable your properties will be and the higher the volume of homes your real estate investing business will be able to turn around.
So what do renters want? According to real estate brokerage franshisor ERA renters top concerns include being conveniently located to shopping and services as well as having sufficient parking and being close to public transportation. Also consider just asking your social media fans and followers who are tenants what is most important to them or come up with a creative way to attract tenants to complete a survey with the promise of a giveaway. This will instantly help you create masses of new leads.