Maximize Your Rental’s Potential With These Tips
If you are a new landlord or are thinking about purchasing an investment property, you should know that there are many things you can do to increase your bottom line. Simple strategies, such as upgrading the interior and presenting the property at its cleanest, can make a big difference when it comes time to set your price. Even better, you don’t have to spend a fortune to make your property stand out. Here are a few tips that can help you get started.
Make it sparkle from the inside out.
Having a home, condo, or apartment that is move-in ready is essential. Not only will a clean and damage-free dwelling command the highest price, but it will likely also rent more quickly, meaning you are not sitting on an empty property. A fresh coat of paint and a few simple maintenance tasks are things you can do yourself without the added expense of hiring a professional cleanup crew or handyman (professional cleaning services usually charge $50 - $90 an hour).
Clean your rental thoroughly, which should include vacuuming and shampooing the carpets, wiping down the baseboards, cleaning the windows, and sanitizing the bathrooms. Pay careful attention to the kitchen by cleaning the appliances, disinfecting the garbage disposal, and sweeping and mopping underneath the stove and refrigerator. HGTV offers more information on cleaning stainless steel, which is trickier than other materials to keep smudge-free.
Enhance the lighting.
Have you ever noticed that you feel tired or unmotivated when you walk into a dimly-lit room? Well, your potential tenants may feel the same way about your property if your lighting is not on point. Since lighting can affect mood and behavior, it makes sense to prioritize illumination.
Natural light will make your rooms look bigger and cleaner. When showing a property, make sure the curtains are open. Mirrors and other shiny surfaces will reflect light into areas that don’t have direct access to a window, such as the hallway. If your rental has a solid wooden door, swap it out with a fiberglass model that includes frosted glass, which maintains the home’s privacy while allowing light to enter.
Add storage and outdoor entertaining space.
One of the top features many renters look for is storage space. If the property is lacking in this essential element, a few strategically-placed shelves can go a long way toward boosting the usability of a home. In the kitchen, a lazy Susan in a hard-to-reach cabinet will appeal to many buyers. If your rental has a garage, a worktable and storage cabinets will be highly appreciated.
Similarly, renters want room to roam outdoors. Even if your property only has a small lot, adding a patio or place to put a grill will make the home more inviting. As the Home Depot illustrates, installing a small patio area is not difficult, and it’s something you can do on your own with a few simple tools and materials.
Hire a Property Manager
If you don’t have time to handle issues with your property or if you live too far from your rental, you’re better off hiring a property manager. Whether you’re renting to a long-term tenant or vacationers, the right management company can deal with tenant issues day and night and also take care of online booking. Some managers even offer to install keyless entry, providing an extra layer of security for your home and tenants.
Other tips
It is not enough to just decorate and add extra space to your rental. If you want to attract and keep the best tenants, you’ll have to go the extra mile. A few tips include:
Make sure your property has a compelling listing and excellent professional photos
Know the area, and provide helpful information to potential renters, such as proximity to public transportation and the quality of local schools
Maintain an open line of communication at all times
Outline tenant criteria from the beginning, which should include information on smoking, income limits, or pets.
Whether you are on your first or 15th rental, it never hurts to brush up on ways to keep your tenants happy. After all, they are your livelihood and the ones that ultimately determine your monthly ROI.
Image via Pixabay
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