5 Ways to Ensure Your Investment Property Appeals to Tenants
You’ve recently bought your first rental property, and you’re eager to find your first tenants. But you know that you need to polish up your property before you officially put it on the rental market, and you’re wondering where to start the process. Once you’ve fixed up your rental, you can start hunting for your next investment property with the George Woods Home Selling Team! In the meantime, here are a few tips to help you get your property ready for tenants.
Before taking on any renovations or aesthetic improvements, you’ll need to prioritize completing some important repairs. You should ensure that all of the appliances in your rental are in good working order, double-check that there are no issues with structural integrity, and make sure that all of your drains are working properly – now is the time to get rid of any clogs.
Modifications and Amenities
Once you’ve taken care of those crucial repairs, you can move on to modifications and adding new amenities to your rental. If you’re wondering which renovations would be worth investing in, RentPrep recommends upgrading your kitchen and bathroom fixtures, installing attractive countertops, updating your flooring, and even installing new windows.
Remember, you don’t want to forget about your property’s curb appeal. It’s important to keep up with your landscaping if your rental has a yard. Yes, you could hire a landscaping service if the yard is in desperate need of maintenance – but you can handle most small landscaping projects on your own! LandlordStation recommends covering open ground space with upcycled paving stones and including trees or shrubs in your yard. Try to find native plant varieties if possible!
Decide on Your Management Approach
Maybe you already have a demanding full-time job, and you just don’t have the time in your schedule to handle property management responsibilities on your own. If that’s the case, you’ll want to hire a property manager. A property manager can handle lots of different tasks for you, from vetting potential tenants to collecting rent to answering maintenance requests. Yes, you’ll have to pay them a portion of your rental profits, but it’s often worth the cost.
On the other hand, you might have plenty of time to attend to your rental and respond to your tenants when necessary. If so, you do not need to hire a property manager – instead, you can take care of these responsibilities by yourself and save money in the long run!
Market Your Property
No matter how much effort you put into repairing and beautifying your property, you still need to advertise your rental – otherwise, you might not get many applicants! To get the word out, you can create a website for your property. In the future, you can add listings for your new properties to the same site!
If you want to spruce up your site and display some key details about your property in a visually appealing way, you can design an original infographic. While you could hire a graphic designer for this project, DIY infographic design can be quick with a template! After selecting a template, you can add a few personal flairs, like text, eye-catching colors, background visual, and other design features.
Becoming a landlord is a big step, and you want to ensure that you’re providing great accommodations for your tenants. By making essential property repairs and upgrading your rental with top-notch amenities beforehand, you can rest assured that your tenants will be satisfied. With these tips, you’ll be able to maximize your rental’s potential.
Are you on the lookout for a new investment property? The George Woods Home Selling Team can help you in your search! Request a free consultation through our website today.
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March 22, 2023 at 2:34 PM
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