Owning and managing an investment property can be a profitable and fulfilling venture. However, to get the most out of your rental property, you need to make it as appealing as possible to potential tenants. By providing your tenants with top-notch amenities, you’re sure to attract and retain the best renters. Here are some tips on how to make your rentals more appealing, courtesy of The 'Get-it-Done Guy' Handyman.
Realities of Owning an Investment Property
Owning an investment property is not as simple as putting a “for rent” sign outside and collecting rent. There are various rules and regulations to follow, maintenance tasks to complete, and rental agreements to manage. As an owner, you must be willing to put in the work to ensure that your property is a desirable rental option. Getting a clear understanding of what goes into managing a rental property is the first step in ensuring your property is profitable and appealing to renters.
The kitchen is an essential part of any rental property that prospective tenants scrutinize closely. Outdated or worn-out appliances can deter renters from choosing your property. Investing in updated appliances and kitchen finishes can help make your property stand out from the competition and be a worthwhile investment in the long run.
Hiring a Professional Cleaning Service
The cleanliness of your rental property plays an essential role in determining whether it is desirable to potential renters. A thorough cleaning of the rental property, including the floors, carpets, and bathroom, can help make your property more appealing to renters. Hire a professional cleaning service to ensure that your rental property maintains a high level of cleanliness for the entire duration of the tenant's stay.
Include Additional Storage
Storage space is always in demand, and providing additional storage options can make a property more appealing. Depending on the size of the property, additional storage space can be created in the form of a walk-in closet or shelves. Outdoor sheds or storage areas can also be an additional storage option.
Features Suitable for Pets
Many renters have pets, and being pet-friendly can help make your rental property more appealing to a broader range of renters. If pets are allowed, make sure to communicate any specific rules and fees to tenants. Also, include amenities such as a fenced yard, nearby park, or pet washing stations to attract renters with pets.
Outdoor amenities are a vital aspect of rental properties, and they are often essential to renters. Such amenities can include a BBQ area, a swimming pool, or a patio/deck area. These amenities are attractive to renters who want to entertain guests or host outdoor activities.
Tenants appreciate a rental property that is easy to access. Offering parking spaces, easy access to public transportation, bicycle storage, and elevator access can make your property more appealing. Tenants have busy lives, and having easy access to commodities is always a plus.
In today's digital age, having a reliable internet connection is essential for staying connected with the world around us. For many tenants, access to high-speed internet is a top priority when searching for a new home. By offering this service as part of your rental package, you can attract and retain more tenants who value connectivity and convenience.
Form an LLC
Forming your investment property business into a limited liability company (LLC) can help protect your personal assets in the event of any legal action. An LLC structure provides limited liability for the owners and also may offer improved tax benefits. Consult with an attorney to decide the best legal structure for your investment property business.
Once you’ve formed your LLC, it’s time to start marketing! Don’t just rely on social media, though. Instead, supplement your digital marketing efforts with some old-fashioned approaches, like handing out brochures. You can also save time by using a tool to create your brochure that offers free templates which you can customize as needed. Brochures serve as a great tactile reminder of your rental property, allowing you to attract the best tenants possible.
To make your rental property more appealing to tenants, it's crucial to have a clear understanding of the responsibilities of being a landlord. Providing modern amenities like a renovated kitchen or high-speed internet can significantly influence a renter's decision. Consider adding some smart features, as well! But it's equally important to structure your investment property business properly to protect your personal assets. By following these simple steps, you can make sure your rental property stands out from the rest and attracts the most suitable tenants.
The 'Get-it-Done Guy' Handyman is here to meet and exceed your expectations in record time. Call 859-576-0846.