Whether you have purchased a piece of investment property to rent out, or you’ve simply upgraded to a new home and want to generate some income renting out your old home, the rental property doesn’t generate income until it’s occupied. Depending on the market you’re in, expectations can be high, and competition can be steep. You’ll want to give your rental property every advantage so it can be rented out quickly and for top dollar. Read on for a few tips for giving your property a competitive edge.
It’s always important to make a good first impression, and your rental property’s first impression is its curb appeal. Some easy ways to improve curb appeal are:
- Keep the lawn cut and landscaped
- Place flowers on porches and window sills
- Keep trash and recycling out of sight
- Fix chipped paint and broken railings
- Make sure the house number is easily visible
A coat of paint is probably the cheapest and easiest way to revamp your rental property’s look. Choose a paint suitable for the location where you are painting (i.e., use exterior paint outside, satin, or semi-gloss on interior walls) and opt for neutral colors that appeal to everyone’s taste. An exception can be the front door, which many people like to be painted a bright, fun color.
Know Your Property
When advertising your rental property, make sure you include lots of details. While all details will not matter to all potential tenants, having a complete profile of your property available will make sure you’re appealing to as many people as possible. Missing or incomplete details in your property’s profile will cause potential tenants to move on from your listing in favor of listings that include the details they are interested in. Some important details to include are the number of bedrooms, the number of bathrooms, square footage, school districts, homeowners association affiliations, and pet restrictions, to name just a few.
Know The Competition
You need to know all the same details about close competitor properties that you know about your own property. Being familiar with competitor properties can give you an advantage by making sure your property offers all the same or more amenities. For example, if you know nearby competitor properties offer jacuzzis or hot tubs, consider installing one in your property as well. In fact, think about one-upping the competition and installing one both indoor and outdoor, attracting even more renter interest.
There are many things you can do to improve your rental property and generate more interest from potential renters. Property owners who make small improvements to their properties can earn more in rental income and reduce income loss due to vacancy. Our property managers at Douglas Realty can advise you on what improvements would be best for your property based on our extensive knowledge of local markets. We can also help you take the improvement projects from start to finish with comprehensive property management services. Trust us to keep your property attractive to potential renters and generate maximum income.