Every landlord’s dream is to find tenants who will want to rent their property, preferably for a long period of time. However, as a landlord, you can`t expect tenants to come rushing to your rental if it’s not quite looking right. When tenants come to check out a property, they don’t really want to see chipping paint, worn-out carpets, water-damage stains or broken, outdated appliances.
That means that you will have to touch up and invest in upgrading your property before you list it. A rental that appears to be well-maintained, functional and clean will always be more sought-after than any other. Furthermore, even if your rental is not located in the best possible part of town, tenants will still be inclined to rent it out, especially if it’s well designed and decorated. So, let’s see how you can make your property more appealing to potential tenants.
Define your target market
In order to be able to market your property and ensure that you will attract the right kind of tenants, you first need to define who you want your tenants to be. Will you market your rental to students and young couples or you’d rather have a family move in? This will help you determine who your ideal tenant is which will make all of your other efforts significantly easier.
Get to decorating – but don’t go too personal
The next thing you need to take care of is some light decorating. However, when decorating your rental, it would be best to leave your personal likes and preferences at the door. You need to keep in mind that you won’t be the one living in the rental which means that you should aim for the design that a wide group of people will find appealing. When it comes to walls, white, off-whites and neutrals are generally the safest option. Not only do they offer a clean backdrop and can easily fit in with any style, but they are the easiest to repaint when the time comes. Furthermore, you should also consider what you want to do with the flooring. While wall-to-wall carpets are excellent at protecting the floors underneath, they also harbor a lot of dust and grime. Whatever you decide, just make sure that the final result creates a cohesive neutral environment.
Invest in good furniture
Good furniture doesn’t necessarily have to mean expensive furniture. Instead of going for the trendiest design or the hottest color, you should actually focus more on functionality. The size of your home will dictate the amount of furniture you’ll need to get. But no matter how big or small your rental is, make sure you obtain all the necessary furniture pieces. If it’s a studio apartment, go with a comfortable pull-out sofa that can easily double as a bed. Additionally, install neutral wall shelves wherever possible, but leave them empty so that your tenants can personalize them with their own décor. Finally, add easy to maintain area rugs – but again go with neutral shades – to make your rental feel more welcoming and cozy.
Secure your property and anyone in it
Your rental property is your investment and keeping it safe, and everything in it is a must. By obtaining home insurance for your rental space, you will insure it against various unexpected inconveniences. Some policies even go as far as to offer coverage in case of different weather disasters or include coverage for up to 12 months of rent if anything happens that leaves your unit unsafe to use. Since your rental property is your investment, you really should do all you can to protect it.
Get the necessary appliances
Appliances also play a very important role in setting up your rental the right way. Aside from the mandatory fridge and stove, you should also consider investing in a washing machine. Rentals rarely ever feature this appliance, but the ones that do are in significantly higher demand. Furthermore, you want to make sure that all of your appliances are in mint condition. Not only will this significantly reduce the overall costs, but it will also make your tenants’ experience in your unit much more pleasant. If possible, you can even invest in energy-efficient appliances and thus significantly cut the energy costs in the long run.
Decide on pet policies
Finally, you should think about pet policies you want to apply for your rental. You can either choose to ban pet altogether – which will significantly reduce the number of interested tenants – or you can choose to limit the number of pets you will allow in your unit. Also, do know that a pet gerbil will make significantly less mess than, for instance, the Great Dane would, so that’s definitely another thing you need to consider.
In this day and age, no matter what you’re doing, you can expect the competition to be fierce. That’s why you need to find a way to make your offer stand out from the crowd and do all in your power to ensure that people will be more likely to choose you over anybody else.
Read More: How to Choose the Best Firewood