If you want your investment property to be successful and bring the return you hope for, you not only need to keep it rented out consistently, you also need good tenants. This can seem difficult to do right now given the pandemic, so you may want to consider only making preparations now so that the investment is ready for occupancy in safer circumstances. Whether you own a rental property or are considering purchasing one, it’s essential to approach it the right way so that you can attract high-quality tenants. From designing the property to showcasing local attractions to promoting the property, this article will provide tips to help you get started.
Take the First Step
When you’re an investment property owner, you’ll need to set up your business entity before any monetary exchange. A limited liability company is ideal because of its flexibility and legal protection. Once formed, you’ll need to get an EIN with the IRS and then set up a business banking account to separate your personal and business assets. Once that’s set up, find a realtor who can help you find good properties in locations that will maximize your profits. Remember to also do research on what competitors are charging for rent before deciding if the potential property is a smart short- and long-term investment. After all, the goal is to turn a profit with your new business.
Do any necessary repairs.
First of all, you want to make sure your property is in good shape. Perform regular inspections, and have any necessary repairs taken care of. The simplest way to ensure your property is in good condition is to hire a property management company, which can go a long way in relieving some of the stress that comes with being a landlord. A good property manager will take care of repairs and perform maintenance, as well as screen tenants and collect rent.
Boost the curb appeal.
The curb appeal of your rental property is essential, because it will be the first thing people see when they drive up. Be sure the lawn is in good shape by regularly mowing the grass, trimming the shrubs and disposing of any fallen limbs or leaves. It can also help to add mulch around the trees and plants. Other ways to boost curb appeal include:
- Clearing any clutter from the porch and/or walkway
- Adding window boxes
- Painting or replacing the mailbox
- Putting on new house numbers
Refresh the paint.
Painting is possibly the most cost-effective way to completely change how a rental property looks and feels. Evaluate the exterior to see if you should pressure wash it or add a new coat of paint. Also, consider painting the front door a bright color to add some pop. When it comes to the interior, it’s hard to go wrong with neutral colors, because they appeal to the most renters and allow room for unique design elements, such as fixtures, artwork, and so on.
Refresh the floors.
Floors are also important. Renters will be attracted to flooring that’s in excellent condition, so make sure you redo it if needed. If you have carpeting, consider replacing it with luxury vinyl flooring, which is a more durable and affordable option, and it’s easier to maintain
Keep the property spic-and-span.
None of the effort and money you put into designing the property will pay off unless the property is kept spotless. Anytime the property is vacant, make sure it stays clean—from top to bottom—so that it will be ready for last-minute showings. It’s hard for potential tenants to overlook a messy living space.
Find what makes the property unique.
Finally, you will want to find out what sets your rental property apart from others. That is, you need to figure out what can make your property appeal to high-quality tenants and capitalize on it through your advertising. It could be that it provides an amazing view of the mountains, sits in a quaint neighborhood or historic city district, and/or is within a block of a critically-acclaimed restaurant. Whatever makes your property stand out, be sure to showcase it in your promotions.
It’s essential to put in the necessary effort when you own a rental property so that you can attract good tenants. Be sure the property is in good repair, spruce up the curb appeal, and add some fresh coats of paint. Make sure the floors are in good condition (and consider getting luxury vinyl if the property doesn’t have them), and keep the property thoroughly clean. Lastly, highlight the most attractive aspects of the property when advertising. Following these tips will help you land high-quality tenants and turn your rental property into a success.
Guest Blog by Suzie Wilson. For more information, please visit: https://happierhome.net/
Photo Credit: Burst