Owning an investment property can be a lucrative business. But to make the most of your rental property, it’s important to make sure that your rental appears inviting and attractive to potential renters. Here are five tips from Complete Care Maintenance for making your rental more appealing so you can attract the best possible tenants, along with some next steps to help you pursue your real estate dreams.
1. Add Popular Amenities
Adding popular amenities such as in-unit washers/dryers, modern appliances, and hardwood floors will help make a rental more attractive. Installing these features can also increase the value of the property significantly.
2. Update Outdated Fixtures
Updating outdated fixtures and finishes is a great way to add value to an investment property while also increasing its appeal. This may include replacing old carpets with modern hardwood flooring or updating kitchen and bathroom cabinets and countertops. Westpark Loans explains that by making their rental more modern, landlords can attract better tenants and increase their returns on investment.
3. Deep Clean The Property
It’s important for landlords to deep clean their rentals before showing them off to potential tenants. Deep cleaning involves going beyond regular cleaning tasks such as vacuuming and dusting by sanitizing surfaces, steam cleaning carpets, and scrubbing tile grout in bathrooms and kitchens. Doing this will ensure that the rental looks spotless before prospective renters view it. Complete Care Maintenance can manage the deep cleaning of your flooring and grout so it will shine for your new tenants.
4. Install Home Security System
Installing home security systems like motion sensors, video cameras, alarm systems, window locks, etc., is a great way to both protect your investment property from break-ins and make it more appealing to potential tenants. Renters want peace of mind knowing that their home is safe from intruders or burglars; having a security system installed at the rental will give them that peace of mind they desire.
5. Upgrade your Home with Curb Appeal
Making sure that the outside of your investment property looks attractive is essential when trying to attract quality tenants. Investing in landscaping services or adding outdoor lighting can instantly make a rental look more appealing from the outside while also increasing its value significantly over time.
Secure Your Investment With An LLC Designation
At this point, you have put a lot of work into your property, which means it’s time to make an important decision: will you continue on your path to rent out the home or consider it a house flip that you will sell for a profit? Each choice has its advantages and disadvantages. Selling puts money into your pocket more immediately and, depending on the market and the cost of your upgrades, can yield a tidy profit. But renting the property will give you a steady stream of income for a longer period of time. Both are good options, so you should weigh them carefully before you proceed.
Regardless of which option you choose, you should protect your investment by choosing an LLC (Limited Liability Company ) designation for your business. This type of business entity protects personal assets from being used in case there are any legal disputes involving their investments. This type of protection shields investors from any financial losses due to lawsuits or other claims made against them.
Choose If You Want To Hire A Property Manager
If you’ve decided to continue on your rental property path, hiring a property manager may be beneficial, especially if you have – or plan to have – multiple properties. A property manager will handle all tenant inquiries, maintenance issues, rent collection, etc. for you, but for a fee. Property managers are knowledgeable about all aspects of running a successful rental business, so having one on board could help take some stress off of landlords.
Advertise Your Rental
According to Avail, advertising your rental online through sites like Zillow is one of the best ways to get qualified prospects into your unit quickly. Social media channels such as Facebook, Instagram, YouTube, etc . are also great places to advertise rentals since they have large user bases which allow landlords access to wide ranges of audiences.
In addition, print advertising via newspapers or magazines might also be useful depending on where you live. An infographic is a great way to advertise in both print and digital media. Plus, you can use free templates to design an attractive and informative visual aid to show potential tenants the upgrades you’ve made and the positives you want to highlight about the property. Just decide on your content, choose a template, make your changes, and it’s ready to share!
Prioritize Your Property’s Appeal
Making sure that your investment property looks appealing should be one of your top priorities as a landlord if you want quality tenants who pay their rent on time every month without any problems arising during the tenancy period. Make some strategic improvements and hire Complete Care Maintenance to detail your restrooms, kitchen and floors before taking pictures and showing the property. In no time, you’ll have great tenants knocking on your door to rent.