There is no question that most rental properties offer the landlord or the owner a steady source of income. But this income is only consistent if the landlord is able to find a good long-term tenant and/or is able to maintain the property to ensure that the place is hardly ever vacant in between tenants.
One of the most effective ways of ensuring that your property attracts long-term tenants and does not remain vacant for long periods of time is to spruce it up. By making the property stand out, you not only add value to your own property but you also ensure that you continue to generate a consistent income from it.
Here are some tips to make your property stand out.
1. Renovate the Home’s Interior:
If you are working with a limited budget and have to choose, the one place in the rental property that you should upgrade is the bathroom. People like their bathrooms to look modern, clean, bright and fresh. If you have more money to spend, your next target should be to upgrade the kitchen. Even adding pot lights or a back splash in the kitchen can make a huge difference in your property’s overall look and value.
2. Paint the House:
One of the easiest ways to spruce up the place is with some paint. Pick a paint which matches the style and look of your property and choose high-quality, long-lasting paint that would make your place stand out. A good paint job not only gives the property a fresh look, it can also make the living space appear larger and more spacious and improve the overall aesthetics of the place.
3. Improve your Windows:
Throw away the tacky cloth curtains (if you still have them). Today, there are so many types of novel blinds that can make the interior look elegant and cool. Use of modern blinds can make your property look new and modern.
4. Get New Appliances:
Again, if you are willing and have the money, it is a great idea to upgrade the appliances in the home. Many landlords neglect to do this and don’t upgrade their appliances for two decades. Don’t make that mistake. If you want your tenant(s) to be happy, at least get a new fridge and a washing machine.
5. Do Upgrades:
Today, homes can be upgraded quite economically. An easy way to make the place look new is to replace the carpets. Try and use carpets that are easy to clean and do not wear and tear quickly. Another easy upgrade is to switch to wooden floors, replace old floors, install new faucets, have new shower curtains etc.
6. Install Tankless Heaters:
If your tenant has to pay for the utilities, you should install the new tankless water heaters. This newer appliance can result in significant reduction in heating costs and are more energy efficient compared to the older generation heaters. They also take up much less space in the basement and are a lot easier to maintain.
7. Maintain Property Even if Vacant:
If your property is vacant, it still needs to be kept clean and pristine. Make sure that you get the carpets professionally cleaned and give the interior a new paint job. Make sure the ceiling fan works, the toilets flush and the door locks are secure. New tenants generally look for safety and cleanliness. If the oven is dirty, either replace it or have it professionally cleaned. Investing money in this will not only get you a good tenant but increase the overall value and attractiveness of your rental property.
8. Enhance the Property’s Curb Appeal:
Another effective strategy to improve the overall look of your property is to improve the curb. Make it a point to mow the lawn regularly, remove weeds, fill all the potholes, replace any missing tiles or bricks in the walls and floors, pick up the trash and make sure there is no garbage littering around. This is something that you can do yourself and does not require any major investment on your part.
9. Secure the Property:
Most tenants prefer to live on premises that are safe and secure. Therefore, you should install security cameras and put up signs that the premises are being monitored 24/7. You should also ensure that there is ample lighting at night and put a notice that the place is being guarded by an external security system as well.
Remember that when you spruce up your property, you will attract tenants and you can also justify the rents you charge. The story doesn’t end here though. In order to find good people for your rental property, you should also dress well, look professional and be polite. Make sure your office is neat and tidy. Have a business card and prove to your prospective tenants that you are responsible and that you care about your property. First impressions count a lot more than you think.