Whether you currently own a rental property or are thinking about purchasing one, it’s critical that the property attracts good tenants. Reliable tenants who won’t give you many problems as a landlord are not easy to come by, and they typically have higher expectations. That’s why it’s important to think of ways you can increase the appeal of your property. Despite being in uncertain times, you can work on these projects now and then open up the property to tenants at the right time.
Below are Treehouse Gift & Home's suggestions for practical changes that you can make to your investment property, so that it brings in the best tenants and gives you a good return.
First Steps for Your Business
The first part of drawing in renters is making your rental business official. You can set up your new business by establishing an LLC, for instance. This will provide personal protection liability for your company and your personal assets. Next, you'll want to pick a reputable realtor that specializes in rental properties to show you areas that are profitable. Then you’ll want to price your new property accordingly. This will ensure that you are able to rent your property at a high rate and stay profitable as well.
Inspect the Property
One of the first things you should do as landlord is to ensure your rental property is in good repair. Do a walk-through of the property and inspect it for any needed repairs (e.g., broken steps, holes in the drywall, broken cabinet knobs). You will want to perform an inspection each time a tenant moves in and moves out, as well as every three to six months when the property is occupied. Making sure your property is fully functional (and clean) will not only attract good tenants, but it will also show tenants what condition you expect the property to be kept in.
Routine maintenance and repairs can cause a great deal of stress for landlords, which is why hiring a property manager is generally a good idea. If you bring in the right agency, they will be able to help you screen tenants, handle rent collections, and keep the property well-maintained.
Explore Renovation Ideas
If you want good renters, your property has to be up-to-date. No one wants to live in a place with dirty walls, old carpet and wobbly furniture. Consider what renovations need to be made, and think of how you can get it done within your budget. For instance, painting all the walls yourself can save a good deal of money, which will leave more funds to invest in updating the kitchen, bathrooms, and floors, which will raise the property’s value the most. For furniture and decor ideas, feel free to browse our offerings at Treehouse Gift & Home.
Add thorough security.
Tenants also want to know they are safe when they’re home. Make sure all doors to the outside are in good condition and have high-quality locks. Invest in a good alarm system if there isn’t already one, and consider putting a fence around the property if necessary. Also, explore your options with smart home security, which can be a heavy attraction for renters.
Enhance First Impressions
Curb appeal is also essential for any investment property. You want the property to be attractive not only to your tenants but also to everyone else who drives by. So, perform some routine lawn maintenance and basic landscaping, such as:
- Mowing the grass
- Trimming bushes and tree limbs
- Adding some native plants around the property
- Putting mulch or pine straw in plant beds
Additionally, make sure the property is clear of clutter — from the yard to the walkway to the porch. A messy yard is a quick way to turn off potential renters.
Update the Appliances
Another way to make your property more appealing to renters is to bring in new appliances. An outdated oven, refrigerator, or washing machine is not only an eyesore, but it also gives the impression that the appliance could stop working at any given moment. For most tenants, knowing that the appliances will work well throughout the duration of their lease is a big deal.
Attracting high-quality renters to your investment property is key to keeping the income flowing. Once you've established your business and found a place to rent out, remember to routinely inspect your property, and consider hiring a reputable property manager to help with many of the duties that come with being a landlord. Think of any updates you can make to the property, and make sure it is adequately secured. Finally, boost the curb appeal and put in new appliances if necessary.
Photo Credit: Burst