Painting your property’s interior and repainting the exterior makes a great first impression on buyers and prospective tenants!
Making functional and aesthetic upgrades to your investment property to make it more appealing to tenants could be an excellent move – you could find tenants faster, have more tenants to pick from, reduce turnovers and time between tenants, and pull in more rent money. You don’t necessarily have to invest a ton of money for this, either.
Painter Ready offers some targeted advice on making your investment property more desirable to tenants:
Adding extra amenities
Who doesn’t like quality-of-life home upgrades? SmartMove offers a curated list of amenities that would appeal to tenants. To give you the highlights, some in-demand ones include high-speed internet, walk-in closets, in-unit washers or dryers, soundproofing, and balconies or patios. Community-centric upgrades like fitness centers and lounges are also good options.
Enhancing the curb appeal with a fresh coat of paint
All that glitters might not be gold, but it sure does catch the eye. Repainting your property’s exterior can help you make a powerful first impression on prospective tenants. You could upload professional-looking photos to your online listings pages, for instance, and also wow viewers when they visit in person. Painting the interiors can also be a worthwhile investment – use color psychology to pack an extra punch. Get in touch with The Painter Ready team for painting estimates, advice, and a tailored approach.
Deep cleaning and de-cluttering
A deep cleaning and de-cluttering drive can give your investment property a new lease of life: A neat, tidy place looks good and, more importantly, feels wonderful. You could hire a cleaning crew or do it yourself if you have the time. Home Made Simple offers a deep-cleaning checklist that’s worth following. Going all out is recommended. Use a steam cleaner on your carpets, power wash your floors, wipe down your walls, and re-organize your furniture.
Installing a smart home and security system
Smart home systems make it a breeze for tenants to enter and exit. Said systems can also automate some key functions like the heating, lights, and (opening and closing) windows. Some even allow pets to enter and exit by themselves. A home security feature will safeguard your tenants against thieves or natural disasters, giving them peace of mind.
One-upping the competition
Sometimes borrowing a leaf from your competition’s book can pay off. Take a look at the other rentals in your area to see which ones are drawing in the most tenants and why. You could add in the same amenities, home modifications, beautifications, or other upgrades. Better yet, you could try to one-up them by fine-tuning or otherwise improving upon their ideas.
Making it a business and forming an LLC
You’re more likely to make money from your investment property if you treat it like a business venture as opposed to a passive income source. It’s also better for you for taxation purposes. Understand the local marketand create a business plan with a monetization and growth strategy. A business plan will help you figure out crucial details like your financial projections and growth opportunities.
Furthermore, forming a limited liability company (LLC) for your new investment property business can be worthwhile. It protects yourself and your assets against litigation, a common problem for landlords, and offers other benefits besides. In order to form an LLC, you could hire a lawyer or use a formation service – the latter being the considerably less expensive option.
Marketing your property effectively is essential to success
Putting your property out there and, more importantly, making it stand out from all the other listings will help you draw in tenants. You could join rental listing groups, feature your property on real estate sites, and release offline and online ads. Social media can be an especially effective advertising channel because it’s convenient, cheap, and fast.
Consider creating a PDF brochure to showcase the highlights of your property. It makes for a beautiful, shareable marketing aid. You could send it to interested tenants via email or include it with your listings. You can use an online PDF editor to create the brochure as well as to make changes to your documents and drawings without having to print anything out. It’s as easy as uploading files or pictures, making changes, downloading, and sharing. Be sure to include high-quality pictures with your listings.
Functional and aesthetic modifications will make your property more attractive to tenants, while good marketing will raise your profile. Additionally, try to be a good landlord – be available, make repairs, stick to the contract, and try to cater to your tenants’ needs. Being seen as a good landlord with an excellent rental is almost guaranteed to bring you a steady stream of tenants long-term.
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