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Tips for Getting High-Quality Tenants and Making Your Rental Property a Success

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.

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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

How to Plan a California Move and Avoid Missing Essential Steps

If you’re planning a move to California, you’ve likely thought about the big stuff, like finding the perfect city and the perfect new job. While you’re mulling over these major choices, however, it can be all too easy to let smaller details slip through the cracks. That can result in more stress as you manage your big move. So instead of winging it, consider using these essential moving resources to plan your California relocation from start to finish.

Before You Start California Dreaming

Preparations for a long-distance move should start much sooner than later, so…

During Your Big California Roadtrip

There are also a few things you will want to plan for during your move, like…

After You Arrive in Your New Home State            

Before you start enjoying California, be sure to cross these items off of your to-do list…

Missing minor details can cause headaches and stress when you’re planning any move, but they can be a major hassle when you are moving to a new state. So before you make your move to California, make sure you have a solid plan that includes every task you will need to avoid stress and settle into your new home.

 

Guest Blog by Suzie Wilson. For more information, please visit: https://happierhome.net/