Simple Ways To Make Your Rental Property
More Inviting
As a landlord, you want your rental properties to be attractive to renters. However,
making your rental property more appealing can be a daunting task. With the rental
market becoming more competitive than ever, it is essential to stand out from the
crowd. In this article shared by real estate professional Michelle Sylvia, we will discuss
how to make your rental property more attractive to renters.
Understand What Goes into Running a Rental Property
Before you make any changes or improvements to your rental property, it’s important
to understand what goes into running a rental property. It includes everything from
maintenance, repairs, and upgrades to marketing, rent collection, and tenant screening.
It is best to have clear procedures in place to ensure that everything runs smoothly.
Refresh the Paint
One of the easiest and cheapest ways to make your rental property more attractive to
renters is by adding a fresh coat of paint. Fresh paint will help to hide any scuffs,
scratches, or dents and give the property a clean and updated look. You can pick a
neutral color that appeals to a wide range of renters.
Appliances Should be Changed
Outdated or broken appliances can be a significant turnoff to potential renters. It is
worth investing in high-quality appliances that look modern and function well. Brand-
new, energy-efficient appliances can be a valuable selling point for your rental property.
Put Smart Tech in Place
Smart technology is becoming increasingly popular among renters. Installing smart
technology in your rental property can help to boost its appeal. Some popular smart
home devices and features include keyless entry, smart thermostats, and security
cameras. You can install and troubleshoot many of these options yourself, which can
save you time and money. And you no longer need expensive monthly contracts with
security companies to help tenets feel safe.
Implement Energy-Saving Improvements
Making energy-efficient upgrades can help to save money on utility bills and attract
environmentally conscious renters. Additions like energy-efficient windows, insulation,
and water-saving features can make your rental property more appealing while also
reducing your long-term costs. These upgrades can be expensive initially, but the
savings will pay for themselves in the long run.
Include Pet-Friendly Choices
Many renters have pets, so making your rental property pet-friendly can attract a larger
pool of potential renters. Consider adding pet amenities like a fenced-in yard or a pet
washing station. You will still need to set up tenant agreements regarding pets, like
setting up a pet limit or breed restrictions.
You Might Want to Add Amenities
Adding amenities to your rental property can make it more attractive to renters. This
includes things like a shared pool or gym, balconies or patios, on-site laundry facilities,
and parking options. These amenities can be expensive to install, but they can also help
to boost your rental income.
Protect Your Investment with LLC
Understanding the legal and financial implications of running a rental property is
crucial for landlords. Forming your real estate investment business into an LLC can be a
smart decision to protect your personal assets in the event of legal issues or lawsuits. By
doing so, you’re creating a legal barrier between your personal assets and the assets of
the rental property.
How to Promote Your Rental
Social media is a great way to get the word out about your new listing, but there are
other effective ways to market, too. For instance, put together a brochure that highlights
the best qualities of your property. You can use a free brochure builder where you can
choose from a variety of templates to get started. Be sure to add plenty of pictures and
relevant information about upgrades and the location that will make it appealing to
potential renters. Then ask if you can leave your brochures in nearby stores and cafes to
get the word out!
Create a Desirable Property
Making your rental property more attractive to renters doesn’t have to break the bank.
A little bit of investment, time, and effort can go a long way in boosting the appeal of
your rental property. Keep in mind that making changes to your rental property
involves careful consideration and strategy to ensure that you’re reaching the right
tenants and getting the return on investment that meets your goals.
Michelle Sylvia helps her clients find the perfect property in Cape Cod, whether they
want to rent or buy. Visit her website and consider listing your rental property with
Michelle!