If you own a rental property, it’s important to keep it updated and attractive to attract quality tenants. There are several steps you can take that will help make your rental property stand out from the competition. From fresh paint and new appliances to energy-efficient upgrades and smart technology, here are eight ways to make your rental property more attractive to quality tenants, courtesy of Shippy Realty and Auction.
Adding Fresh Paint
One of the quickest and easiest ways to spruce up your rental property is with a fresh coat of paint. A neutral color palette like whites, beiges, and grays is safe to bet since it appeals to many different tastes. You could even go with an accent wall in one of the rooms if you want to add some personality to your rental.
Replacing Appliances
Old or broken appliances are a surefire turn-off for prospective renters, so it’s important to make sure all of the appliances in your rental are working properly and look nice. This includes everything from the refrigerator, dishwasher, washers, and dryer. If possible, replace any outdated models with modern energy-efficient versions so that you can charge higher rental rates due to lower utility costs for tenants.
Deep Cleaning
No matter what improvements you make, they won’t have much impact if the property isn’t clean when potential renters come by for a showing. Hire a professional cleaning service if necessary or take on the task yourself if you have the time. Just make sure every inch of the place is spotless before anyone sees it!
Installing Smart Technology
Smart technology can go a long way toward making your rental property stand out from the crowd. Consider installing things like voice-activated lighting controls, programmable thermostats, automated window treatments, as well as security systems that allow tenants to control their locks remotely via smartphone or tablet device.
Making Energy-Efficient Upgrades
Installing energy-efficient upgrades such as LED light bulbs and low-flow shower heads will not only appeal to eco-conscious renters but also help save them money on their monthly utility bills over time. These types of upgrades may cost more upfront, but they will pay off in the long run by helping reduce operational costs while increasing tenant satisfaction levels at the same time.
Updating Flooring With Modern Materials
Outdated flooring can give prospective renters an unfavorable impression of your rental property right away, so consider replacing any old carpets or worn-out linoleum with modern materials like hardwood floors, laminate flooring, tile, etc. Doing so will instantly give your space a modern feel without breaking the bank in the process!
Marketing Your Rental
Once you’ve made all these improvements don’t forget about marketing them! Leverage powerful online platforms such as Instagram, Facebook, and Airbnb, or use listing services like Craigslist. Show off what makes your property stand out from its rivals.
You might also consider putting together a PDF that contains information on your rental, as well as photos. Your best bet is to start in Word, then save it as a PDF that you can then share online. If you need to make any changes once you’ve saved it as a PDF, no need to start over; the best solution is to take advantage of a quick PDF editing tool that you can use for free.
Protecting Yourself With an LLC
Finally, don’t forget about protecting yourself legally when renting out properties by forming an LLC (limited liability company). An LLC helps separate personal assets from business assets while also providing limited liability protection in case of litigation against you, a must-have for any serious investor looking into buying rentals. You can form an LLC on your own or let a formation service take care of it.
Renting out properties is no easy feat; there’s a lot involved in keeping them maintained and attractive enough that prospective renters want to live there! However, by taking care of small details such as updating appliances, adding fresh paint colors throughout the space, and protecting yourself legally with an LLC, you will be able to find greater success when renting out properties!
Karyn Winrich is a personal accountant with over 20 years of experience in the field. She believes that with some strategic planning, anyone can take charge of their financial wellness. She created Financial-Literacy to offer helpful and practical advice to people from all walks of life to establish a more financially secure present and future.
If you’re looking for a licensed, experienced real estate company in Winner, South Dakota, look no further than Shippy Realty and Auction! We do it all. Call 605-842-3212.