Here are some points about why it’s beneficial to become a real estate investor.
I work with rentals on behalf of clients and for my own properties and the one thing I have learned is that pictures are critical. I repeat pictures are incredibly important. With more and more rentals available and with many people moving into Toronto for school and career shifts, I’m noticing a greater number of renters, renting places sight unseen because they live in other cities.
If you are renting a place sight unseen, the most important thing for you is great pictures. It also improves your chances of having your place rented given the competition. When I have a new condo for rent, I hire a stager who will make the place look amazing. I know that it’s common to have condos and houses staged for sale so it’s a little uncommon to have a condo staged for a rental.
Although the cost to stage the condo could be $1,500-$2,000 which is usually around the same cost as 1 month’s rent, I still feel that it is a worthwhile investment for the long-term real estate investor. Every time a tenant leaves, you will need pictures. Tenants don’t always keep their places in the best condition. In addition, many tenants don’t want their belongings photographed.
The best solution is to stage your rental and hire a professional photographer to take pictures. This way, prospective tenants have a great example to see. More renters will most likely come to see your place because of it. And when an out of town renter is looking for a home, they will most likely select your place because you have put your best foot forward. Your place will look amazing.
An initial $2,000 investment can become the gift that keeps on giving for the years to come each time you need a new tenant. Do this once and then you don’t have to do it again. Pictures in this digital world are simply uber important. People are moving at a faster pace and need a quicker way to select your place over the completion. So make your rental stand out. Stage your place. Take great quality professional pictures.