Finding new tenants for your rental can be a little tricky sometimes. Naturally, one of the most important aspects of doing so is visually preparing the property. This can include everything from raking up leaves to remodeling the kitchen. Read on for some tips from Neighborly Franchising to help you get started.
Fixing Up the Exterior
Ideal Home notes not to overlook the power of curb appeal when trying to find new renters. At the very least, ensure the yard is neat, the gutters are clean, and the home’s exterior is free of mold and grime. Address any needed roof repairs. Check that all windows and doors open and close smoothly and change the locks to ensure your tenants’ safety. If your budget allows, consider investing in some of the following:
- New exterior paint
- Low-maintenance flowers and shrubbery
- Decorative or functional shutters
- Updated garage door
Remember that the exterior is the first thing prospective tenants see when visiting the property. The property should be clean, welcoming, and safe to make the best first impression.
Sprucing Up the Interior
The interior of a rental property should be fully functional and aesthetically pleasing. Ensure the plumbing and HVAC systems are in working order and take care of any other needed repairs. Deep clean the property to remove dirt, grime, and lingering odors. Freshen up the paint. The paint color should appeal to the widest variety of renters possible. This often means choosing a neutral but fashionable color. If you have multiple properties, it is usually most practical to use the same paint color in all the properties so that you don’t have to worry about matching paint colors for touch-ups.
For rental properties, Clever Real Estate points out that there are a variety of flooring options available. Choose floors that are sturdy and easy to clean so that your tenants don’t have to worry or spend too much on cleaning supplies. In the past, durable meant vinyl floors that looked like vinyl floors. With today’s technology, vinyl floors are manufactured to mimic hardwood, stone, and other materials realistically.
Bathroom and kitchen remodeling can make rental properties more attractive. Watch home renovation shows or visit model homes to see what finishes and designs are in style. Remember that rental properties need to be durable, so it is probably best to avoid delicate building materials. You want something that will last many tenancies.
Whenever making renovations and upgrades, be sure to document any work that’s being completed. These updates could increase the selling price if you ever decide to sell your rental property.
When your property is ready to rent, it is time to devise a marketing strategy to attract the right tenants. Take interior and exterior photos, and list the property on several rental sites. Consider posting the listing on social media as well. Use physical for-rent signs to attract prospects as they drive through the neighborhood.
In addition to the property itself, there are a few other things to keep in mind as you prepare for tenants, including:
- Tax laws
- Building codes
- Tenant rights
Being a landlord can be a profitable and rewarding experience. However, it is important to ensure your property is prepared for tenants to ensure everyone has the best experience possible.
Neighborly Franchising understands that when it comes to learning about franchising, sometimes it can be a little overwhelming – which is why we want to be a resource to you! Check out our FAQ, and let us know if you have any questions!
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