If you own rental properties, you are probably always looking for a way to keep the property occupied. As soon as one person leaves the property, you may not want to wait very long for someone else to come take their place. How do you keep your property enticing for renters? Maybe you have a great location and great rates, but you still can't get anyone to rent from you. What's the problem?
We are going to look at a few things that may be holding you back and keeping your property from looking appealing to potential renters.
Keep the Property Spotless
The first thing that is going to keep potential renters away is if the property is dirty looking. It does not take much to keep your rental property clean when it's not in use. If you are having trouble with that, though, you can always hire a professional cleaning service to take care of the work for you.
If you have a tenant who is moving out soon and you want to show off the property, be sure to remind them ahead of time to clean up the place so it looks good for potential renters. Even a lived-in space can look great if it is kept tidy. Once again, if you are having difficulty getting the place to look clean while you have a renter there, you can always offer to hire a cleaning service to handle that for them. It can be worth that small investment to get a new renter for your property and keep the cash flowing.
Make Sure the Place Is Maintained
Another big aspect of the property you want to be looking at if you're trying to attract renters is functionality. You want everything to work well in the property you are renting, specifically electrical and plumbing components. Those can be some of the most annoying property problems to deal with, and you'll scare off new renters if the water doesn't work and the lights don't come on every time.
Check these components in the house regularly to ensure there are no issues. Also make sure that doors and windows open and close easily. Check for components in the property that need to be changed out, cleaned up, or repainted. Making small repairs as needed will keep you from having to do major repairs later on.
One part of the property that may get overlooked is the roof. You will want to have that checked about once a year to ensure there are no leaks or structural issues. This is another part of the property that may need minor maintenance from time to time in order to avoid major, expensive repairs later on.
Install Some Upgrades
If your rental property is an older building, you may want to consider putting in some modern upgrades. Older fixtures can look out of date after a few decades and may not be very appealing to younger renters. Some electrical components can actually be dangerous if they are not upgraded at some point.
Consider what renters in your area are looking for in a home and what might appeal to them. They may expect certain modern conveniences in a rental property, particularly if you advertise the place as being fully or partially furnished. Renters will appreciate upgrades that make life easier on them and improve the convenience of the home. You can install sliding doors, a security system, walking paths, a paved or covered driveway, a tankless water heater, and even extra rooms. A lot of value can be added to a rental property by adding another bathroom or an additional bedroom. This can also give you an excuse to increase the rent.
Improve the Landscaping
First impressions can be really tough to get right, but if you want to make your rental property look appealing for those who are just passing by or those who take a quick peek at the property, you will probably want to target the landscaping. Have you put much thought or effort into how the outside of the property looks, particularly the yard or walkways? Upgrading and improving the landscaping can have a huge impact on how appealing the property is. It may not take a lot of time or money to give the landscaping a serious facelift, but the perceived increase in value to renters can be incredible.
Unless you have a clear idea of what you want to do with the landscaping, you should probably leave it to professionals. You can get a few ideas from a landscaping company and then make your decision based on their suggestions. Try to create look that has broad appeal to attract the largest renter base possible.
Create Extra Storage
Maybe you can't add extra rooms to the house or you are trying to make improvements that don't cost a lot of money. One way to add extra value to rental property is to create additional storage space. That storage space can be created pretty much anywhere.
You can have new cupboards installed in the kitchen or bathroom. You can create storage space under sinks by installing shelves or racks there. Additional storage space can be created underneath the bed or behind the staircase. There are so many different storage ideas you could try, and it is not a bad idea to search online to see how people are making use of the space they have to create additional storage.
Imagine taking a potential renter through the property and showing off a number of great storage spaces that they can use. If you have a renter with a lot of stuff, this will be very attractive to them.
Making your rental property appealing to new renters can take some work. It may need some touching up or quite a few repairs to get in shape, but attracting a good renter will also mean steady income for a while. Putting in some effort now can pay off in a big way in the long term.
If you need help renting your property please reach out to the experts at Bottom Line Property Management.
