How to Make your Rental Property Stand Out
Owning a rental property can be a lucrative investment that can help you towards financial independence. However, if your rental is consistently vacant, you are losing income which could ultimately impact your finances. As a property owner, you must exert every effort to ensure that your rental stands out in this competitive market. Here are a few tips that will help you make your property stay ahead of the competition.
Make sure that your property is in excellent condition
Even if your rental property is vacant, you still need to ensure it stays in tip-top shape. Give your property a deep cleaning, regardless if there are tenants or not. Scrub it clean from top to bottom, and do not neglect hard-to-reach areas. Prospective tenants need to see themselves living in your property, and it will be challenging to do that if your place is a mess. Remove any clutter and consider rearranging the furniture. Make sure to do the essential repair and maintenance, and address any issues that could significantly influence tenants from signing the lease.
Boost your rental’s safety measures
Properties that prioritize the safety of their occupants are more appealing to quality renters. As a landlord, you are responsible for tenants’ safety. You need to make sure that your property meets the necessary safety guidelines. Always check the plumbing and electrical systems, and ensure that they are working efficiently. In addition, consider installing a security system on your rental property. You can use this as a selling point in your marketing strategy, as renters tend to feel anxious whenever they move to a new home. Having a quality security system might be able to alleviate some of their uneasiness.
Highlight your rental’s best assets
Place yourself in your prospective tenants’ shoes, and imagine the features that can generate your interest. Do you gravitate towards properties with a modern kitchen or an updated bathroom? Are you willing to go beyond your budget to get more space? If you want your rental to generate interest, you need to focus on featuring its best features. A well-maintained facade can do wonders in engaging potential tenants, so do your best to ensure that the exteriors are at par with the property’s interiors. To enhance your curb appeal:
- Remove any clutter in your patio or front yard
- Paint your front door a new color
- Fix or update the mailbox
- Replace outdated light fixtures
If your budget permits, consider getting the help of a professional staging company or a real estate photographer. They can make your property more appealing to prospective tenants and highlight its assets in the best way possible. In addition, remember to go big on marketing. Since modern renters find listings online, make sure you utilize multiple platforms to promote your rental property.
Check the competition
Aside from focusing on your property, it would also help to check similar properties within the area. Find out what their major selling points are and how they market them. For instance, if they have a chef kitchen, focus on how spacious your property is. If their selling point is their balcony or patio, then showcase your proximity to essential establishments. Remember that it is all about finding what makes your rental unique. In addition, checking out the competition can also help you find other real estate opportunities. Consider checking the cap rate of the properties near your area as you might be able to find valuable rentals to invest in.
Always remember that every property has its own set of assets. You just need to figure out what makes your property special so you can market it effectively.