One of the most difficult parts of being an owner of Turkish real estate as a foreign investor is to make your Turkish property more attractive to reliable tenants to generate pertinent and high rental income from it.
There are many ways you can make your rental property more attractive to prospective tenants.
First, you have to choose the right city and the right district. This advice may not be helpful if you already have a property, but if you are just getting started or if you are on the Turkish real estate market to add a new property to your holdings, it’s a good one to keep in mind. Invest in a property that is in a safe area with good property values, good school systems, and access to amenities like restaurants and stores. These properties may cost you a bit more upfront, but they are likely to appreciate in value over time and are far more likely to attract reliable tenants.
Setting a rent price is an important variable to consider if you want to attract the right tenants for your property. One of the easiest ways to set rent prices is to see what other landlords in the area are charging and define the right price for your property (adding or subtracting to compensate for the differences your property offers).
However, you can set your prices lower; this will increase the number of applications you get and could fill your property faster. The downside is that these tenants may have less income or less reliable income, and because you will be getting more applications, you’ll also be dealing with more candidates.
The kitchen and the bathroom are two of the most important rooms for your property. The difference between an old and new bathtub, or between old and new countertops, can make a significant difference in the eyes of a stable, choosy tenant. Plus, this will increase your rental revenue and you will increase the value of your property at the same time. Kitchen and bathroom remodels can get expensive but are a good key to a positive ROI.
Modern appliances are standard in new units, but if your property is older so, you need to make sure you are offering appliances that are comparable to new apartments.
You will also want to take lots of images and videos of your property to include in your advertising—and get them professionally done if possible. Attractive, accurate imagery will entice better and more interested tenants.
Rental properties can be a good opportunity to invest in Turkish real estate or specifically Istanbul properties for those seeking to acquire Turkish citizenship by real estate investment in Turkey. Contact our Professional real estate consultants for more details about our citizenship offers with high rental income.