Choosing a new investment property means evaluating more than just the house itself! If you're focused only on the home, you might soon realize that renters look for more than just the house they'll live in. They also consider the location and what's nearby!
Partnering with professional Bradenton property management is a smart idea when operating a successful rental house, but so are all the neighborhood amenities. Keep reading to learn more about what to consider in the area surrounding a potential investment property!
A Great Rental House Can't Do It All
Renters want a great home, but having an excellent rental isn't everything you need to build consistent long-term income and maximize ROIs. In reality, a great house might not be a good investment if it doesn't have access to excellent public amenities that attract quality tenants.
You probably already know that Bradenton-area tenants look for homes with excellent curb appeal, new appliances, energy-saving features, plenty of outlets and space for working from home, and modern property updates. While all of those features help make a great house that attracts good residents, that's not all investors need to consider.
Assuming that the best house on the block will overcome a lack of city resources, entertainment, shopping, or restaurants could leave you with a rental property that tenants don't want. Without tenants to pay rent, you lose money!
What Amenities Should Rental Property Owners Consider?
The ideal amenities for your property could depend on your target renter market. For example, if your home is perfect for families with young kids, it needs to be near parks, excellent schools, and kid-friendly city amenities and activities.
However, if you primarily rent to young business professionals or baby boomers, they might prefer a location with restaurants and shopping within walking distance, a nearby golf course, and easy highway access to reach entertainment and sports venues.
Those examples are probably oversimplified since most investors don't rent to only one type of tenant. Finding investment properties near enough to a variety of amenities can help your property appeal to different types of quality residents. So, where do you look, and what do you look for? A Gulf Coast property manager can help you understand the lay of the land and highlight properties that give renters access to plenty of options for kid-centric resources, eating, retail, and more.
Take a Tour
If you're not local to Bradenton or the surrounding areas, partnering with a local property management company is the best way to learn about the best areas for rental property investments and what tenants look for in (and near) a home. Even if you live in the area, working with a Bradenton property manager gives you insights into investments that you might not have as a resident. It's important to think like a renter instead of a homeowner when evaluating properties that have an excellent return on investment potential!
Tour neighborhoods and check out which attractions surround your Bradenton real estate investment. Check out schools, restaurants, parks, movie theaters, public transportation options, gyms, and other area perks that renters want or need nearby. You might also find promotional literature at City Hall or on a city-run website that shows where the best blend of recreational options and quality housing can be found in the Gulf Coast area.
The best rental properties might not be where you think! Let a local rental property management expert be your tour guide throughout the area to help you find an excellent investment that stays occupied and generates the ROIs you need.
What Happens When You Find a Home That Has It "All?"
It has an ideal location, and it has everything a renter could want in a house. What do you do? Before you buy it, make sure to run the numbers!
The best property management companies know that you can never take anything for granted. Even with a property that seems like it has it all, research the neighborhood and surrounding market, estimate potential expenses and a rental rate that answers the question "how much can I rent my house for," and run an ROI calculation to make sure the investment will pay off for you. If you're not sure how to gather the information you need, or you'd just like a second set of industry expert eyes on your numbers, connect with a Bradenton property management company to give insights.
The Right Local Amenities and Property Managers Boost ROI!
The decision to invest in a property requires careful consideration. There are many factors to take into account, but it's important not to overlook the neighborhood and its amenities. While you may know your area well enough to determine if something is lacking or an amenity that might be missing, working with a professional property manager can help you identify what renters will find attractive about your investment.
Gulf Coast Property Management helps investors analyze potential returns! Our experts can help you identify properties with good potential and help you tour the area, and run the numbers. Learn more about our property management services when you reach out to chat!