The 4 Tips That Can Help Investment Property Owners or Buyers Appeal to Potential Renters
You may already know that owning or purchasing an investment property comes with paperwork and regular maintenance requirements, but have you thought about your property’s overall appeal to renters and how that might affect your bottom line? Enhancing your investment property can help you attract and retain responsible, stable renters. From regular spring cleanup to redecorating efforts and even full-on renovations, here are four tips that can help you boost your property’s appeal:
1. Invest in Heavy-Duty Lawn Care and Aesthetic Landscaping
According to one study, curb appeal can actually boost the value of a property. If you’re hoping to charge top dollar for rent, it may be prudent to invest in high-quality lawn care and beautiful, aesthetically pleasing landscaping. Try these simple tips to dress up the outside of your property:
- Purchase an effective lawn fertilizer
- Hire a trusted company to keep the lawn neatly mowed
- Pull weeds from the surrounding garden
- Plant bushes, flowers, and small trees outside the property
2. Promote Your Property the Smart Way by Using Social Media
Making aesthetic tweaks to your property isn’t the only thing you need to do to attract tenants. If you want to cast a wide net, consider promoting your property on social media. This marketing method is especially effective if you’re promoting apartment units.
You can post photos of your property on Facebook. You can use this site to increase awareness of your company and spotlight your current offerings. If you want to share extra information about your property, you can download reports and other documents.
3. Research Top-of-the-Line Features and Amenities That May Appeal to Renters
One way to draw in potential renters is to install top-notch features and provide attractive amenities. Consider adding one or all of the following to your investment property:
- An in-unit washer and dryer combo
- A dishwasher
- Air conditioning and central heating
- Granite countertops
4. Invest in Key Repairs and Decide Whether To Hire a Property Manager
Lastly, you’ll need to fix up the property and continue maintaining it in order to keep its value high and keep potential tenants interested. If you’re not sure whether you can handle the repairs and maintenance yourself, consider hiring a property manager to oversee the projects for you. Some key repairs to make include:
- Replacing the water heater
- Fixing the roof
- Painting the walls
Bonus Tip for Entrepreneurs
If you decide that investing in rental property is your calling, then you’ll need to set up a business. There are a number of steps – not to mention some paperwork and legal considerations. You’ll also have to make some tough choices in terms of your business structure. Luckily, there are many online business formation services that can help you get set up, making sure you’re in compliance with your local laws and regulations, and leaving you free to focus on your day-to-day business.
When deciding to invest in a rental property, it’s important to consider the tweaks you may have to make to the property to enhance its appeal to prospective renters. Invest in landscaping, promote your property on social media, make necessary repairs, and add desired upgrades and amenities. Whether you own or plan to buy a single-family house, multi-family property, or another type of investment property, knowing these four tips and setting up your business appropriately can help you maximize your property’s appeal and increase the odds of drawing in stable renters for the future.
Image via Pexels