Easy Upgrades You Can Make to Your Rental Properties to Make them More Appealing to Potential Renters

A vacant property is an expensive property. For every single day your rental goes unoccupied, you’re losing money. In a perfect world, you’d already have a new tenant lined up before the last tenant moves out, but that’s not always possible. If you’ve found yourself in a situation where there’s no one living within the walls of your investment property, there are a few simple steps you can take to make your house or condo unit more enticing to potential tenants.

Let’s take a look!

1. Step Back and See Your Spot from the Street

It doesn’t matter how stunning the inside may be, if the outside looks run down and like it needs a lot of work, nobody’s going to bother stepping through the front door. Curb appeal has a lot more to do with moving rental properties than a lot of landlords give it credit for. But think about it: you do only get one chance to make a first impression. If you were on the other side of the apartment search, would you want to explore a home that has a dirty exterior, chipped paint, torn window screens, and dilapidated railing?

It’s important to focus on the outside of your property because that’s the first thing any potential renter’s going to see. It’s a good idea to have a maintenance checklist you can refer to often to make sure those small exterior repairs don’t get over looked. On top of normal repairs, here are some other simple ways to spruce up the exterior of your property:

  • Paint is about the best friend any landlord who’s trying to lease his or her space can have. You’ll be amazed at how much difference a fresh coat of paint to the outside of your property can change the way it looks and feels to passersby.
  • Repair and Replace.Look at your property with fresh eyes; what’s broken, damaged, or dingy? If you’re able to repair broken railings, mailboxes, and other elements of the home with items you can find at your local hardware store, you’ll save yourself some cash. For things like window screens and other things that can’t be repaired, make the investment to get new stuff. The ROI will be worth it when you’re able to fill your vacancy quickly.
  • Get rid of any dead plants, pull weeds, and make sure the lawn is mowed neatly. Add a few (living!) plants to brighten up the aesthetics of your outdoor areas.
  • Markyour property with easy-to-read street numbers. If your place is too hard to find, people will keep driving.

2. Make Sure the Interior is On-Point

Nobody’s saying you need to drop $100,000 on a huge reno, but a quick trip to the cleaning products aisle of your local store can make a big difference in the way potential renters perceive your space. And, as we noted earlier, a fresh coat of paint will go a long way in giving your rental property a proper facelift.

  • Really clean. If you’re not keen on getting on your hands and knees to scrub the bathtub, this might be a good time to consider outsourcing your cleaning needs to people who make apartments sparkle for a living. Your future renters will expect to see a dust- and dirt-free rental when they schedule a showing. Cobwebs, creepy dust bunnies, and unidentifiable crusty substances are sure to make great tenants run away screaming.
  • CheckLights and Electrical Outlets. Replace any light bulbs that don’t work and figure out why any outlets may not be working. While your future tenant may not notice some stuff right away, it’ll be embarrassing if you take them down a dark hallway because you didn’t think to check the lights. Plus, if you don’t do this now, you’ll surely be called out for a maintenance ticket at some point, so you might as well conquer everything you can while you’re prepping your place. This is also when you’ll want to check the appliances and plumbing to make sure it’s all in good working order.
  • Paintwith a Neutral Palette. While you may love the idea of a fuchsia pink living room, you’re more likely to get positive praise from shell-colored walls. Remember, you’re trying to appeal to a mass audience, so sticking with specific color choices can be detrimental to your ability to get a new lease signed. Satin and semi-gloss paints work best in rentals because they’re more resistant to crayons, grease, and scuff marks than matte paint.

3. Know Your Market

Overpricing your unit can cause people to turn away before they even give you a chance. Make sure you know how much your unit is truly worth in terms of the local rental market and competing units to ensure you show up in renters’ searches the right way.

Taking on each of the above upgrades yourself can surely be daunting and tedious. If you feel you need a little extra help, reach out to the pros for help. A reputable property management company can handle everything for you including maintaining the property as well as managing your tenants, so you don’t have to.

 

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