To start realizing a return on your real estate investment, you need tenants. Attracting a good number of prospective renters can help ensure that there are several good options to choose from, which is always a good problem to have. To do that, your property needs to stand out from the others in the market. We’re here to help with tips for making your rental appealing to tenants.
Don’t skimp on the first impression
Finding a group of prospective tenants for your property is a competition. Your property is competing against every other listed property in the same price range, and in most areas, renters have multiple options. Rentals need to stand out from the crowd and shouldn’t give anyone casually browsing listings online, or driving by for a quick peak, a reason to move on. First impressions matter a lot.
- Keep the lawn freshly mowed and trimmed
- Remove any downed branches and other lawn clutter
- Make sure trash and recycling bins aren’t visible from the street
- Plant some shrubs or flowers
- Do any minor repairs to fencing, railings, steps, light fixtures, etc., that can be seen from the street
- Touch up the paint job
- Use professional photography for the listing
Make sure the interior shines
After you upgrade the property’s curb appeal, make sure to apply the same principles to the interior of the home. You want a prospective tenant’s first impression of the interior of your rental to be warm and welcoming. If it’s dark or dingy, they’ll start to wonder what else you’ve neglected.
- Have the property professionally cleaned. It’s not good if a potential renter gets their fingertips dirty touching the countertops or finds dust bunnies in the corners.
- Turn on the lights and open the curtains. Make sure the space is warmly lit and not dark or dim.
- Make it comfortable. Turn on the air conditioning if it’s warm; turn on the heat if it’s cold.
- Spackle any holes left in the walls by the previous tenant, and give the walls a fresh coat of paint. Don’t forget the trim! Freshly painted trim can really make a room pop.
- Make any needed minor repairs. Tighten door knobs and cabinet handles. Replace light bulbs. Make sure windows open if they’re supposed to.
Carefully consider larger projects
Every property needs a larger repair or upgrade from time to time. A new sink or toilet. A new appliance. Refinished floors or updated carpeting. Some of these larger repairs are required. You can’t leave a window broken or a roof leaking, after all. But some larger projects aren’t necessary, and you should carefully consider the reasons for doing them. A tile floor, new cabinetry, or updated appliances might be nice additions, but if your primary goal is to realize more income, some of these larger projects may cost more than you’ll be able to recoup from increased rent.
Larger projects that can increase your home’s value include:
- Giving the kitchen a makeover with new appliances, cabinets and countertops, and tile
- Updating the bathroom, either cosmetically or as a full renovation
- Opening up walls to improve the floor plan
- Upgrading windows for sound and temperature insulation
This is by no means an exhaustive list of tips for making your rental appealing to tenants. But it’s a great place to start! Do your research and figure out what makes sense for your property and the price range in which you’d like to rent. The good news is, a little labor and a little money will go a long way toward making your property shine.