What’s the first thing that any of these friends bring up during their monologuing? Amenities.
Since any decent apartment has a bedroom, a bathroom, and a kitchen no one really feels the need to talk about those. So instead, they move on to the list of features that are difficult to find anywhere else: the dog park in the back, the free workout room, even a dishwasher.
But should duplex owners even try to compete? If so, what kind of amenities should they be offering? To find out, watch this short video featuring our team of licensed realtors (and seasoned investors) or feel free to read the article below.
Duplexes Vs. High Rises
In bigger cities like Minneapolis (our area of expertise) duplex owners are faced with vicious competition in the fight to get great tenants.
Who is the competition? The major conglomerates that own large apartment complexes.
These companies are packing out their properties, buildings, and units with tons of amenities: everything from swimming pools to on-site car washes (seriously!)
Realistically, duplex owners can only do so much in the fight to provide amenities. But if larger complexes are doing it, perhaps duplex owners should do what they can to make their properties more appealing as well.
But what kind of amenities can duplex owners offer? Some good examples are:
- Free Laundry
- Fenced In Yards
That’s not to say that duplex owners should go out of their way to add in all sorts of costly amenities. However, it just might make sense to add a few here and there that could make a difference or increase your property’s value.
As great as it is to offer amenities, it’s not so great to offer amenities that you don’t know you’re offering.
Many duplex tenants wrongfully assume that taking care of the lawn and snowfall are your responsibility as the landlord. They think that they will have the opportunity to have that done for them by someone that you hire.
Because of that, it’s best to clarify with your tenants on the front-end that this will be their responsibility. You should even consider including that and any other non-amenities within your lease so that tenants are clear on what their responsibility is.
That way, you’ll also have something to lean on if trouble ever arises.
Whatever amenities you decide to offer, just ensure that you set up an environment that will attract tenants so that you can compete with all of the larger complexes in town. Do that, and you’ll be well on your way to a zero percent vacancy rate.
Also published on Medium.