If you’re investing in real estate, and following the podcasts, reading the books and crunching the calculators, then you know what it takes to purchase a sound investment. But, if you’re buying a house hack or rent-by-the-room you’re not just getting into the real estate business, but also the people business.
Here are our tips to put the cherry on top of your RBTR investment. It’ll not only help you attract quality renters, but keep them around & happier.
- Pay for the fastest speed, unlimited WI-FI. With 6+ renters in the house. Nothing will annoy the tenants more than slow WI-FI, so just stay ahead of this issue and start with the best.
- Offer big trash pick-up if all your tenants are moving in at the same time and 1-2 other times throughout the year. We know everyone’s buying a lot on Amazon and overflowing on boxes or placing broken lamps on the side of the house. This can easily be set up by your trash provider for little money.
- Don’t put a TV in the common area. Seems like a nice amenity to have a TV, but it actually makes hanging out in the common areas more appealing and can cause issues if tenants have different tastes in programs. Encourage TV watching in the individual rooms!
- Have 2 fridges and meal prep areas. You don’t need two full kitchen, but 6+ people in one fridge will be tight. And offering a kitchenette or additional full kitchen can allow some residents to prepare meals socially, but other renters can prep a meal in peace if they’d prefer.
- Label common area storage including all kitchen areas. Remove the need for renters to have any discussion around how to use extra space or allow one tenant to take over too much common space. Make it clear up front.
- Add house rules to your lease agreements. Your leases should include all the common language like when rent is due and lease terms, but it should also have a section that includes quiet hours and the number of nights guests can stay for example.
- Keep it keyless. With multiple people coming and going you want to make it easy for them to lock the house and get back in. The front door should be a smart lock that you, as the owner/landlord, can let anyone in at anytime. Also include keyless doorknobs all on bedroom doors. This keeps everyone’s personal space. Personal.
