Rising home prices, more people than ever are renting their homes rather than buying. While many question the consequences of this trend, for property owners, that means there is a lot of opportunity to be had.
Preparing your home or property for renting has changed along with technology and other social evolutions. Gone are the days where you could rely on websites like Craigslist for reliable tenants. Conversely, there are now great software tools to help you calculate home loan repayments to keep you financially on track.
When you’re preparing a home, it’s important to keep these three things in mind to maximize your property’s investment.
A striking first impression isn’t only on the curb appeal
A prospective tenant should be swept off their feet the moment they step into the property, right? Wrong. You’ve got to start making an impression the moment you list it.
Software like TurboTenant allow landlords to post pictures and details of a rental property and post it across the web in all reputable platforms, minus the effort part. Since it saves time by letting you share your listings in multiple sites at once, it will be more effective if you spend time perfecting the images you use with your listing.
If you have a chance to make them professional, do it. Not only for the sake of image quality, but also to get the most inviting angles and lighting. Use blurry and shadowy images and you’ll notice you won’t fill your vacancy fast, or that might not even happen.
Small details aren’t invisible, nor are they inoffensive
While paint chips and dents on the floorboards aren’t always a reason for concern, they shouldn’t be overlooked, especially before a showing. If you’re renting to students who generally look for convenience rather than appearance, cosmetic damage wouldn’t be that much of an issue. But still, the high chances of initial cosmetic damage growing into exorbitantly priced problems should make you triple-check for even the smallest of leaks. Keep in mind that unrepaired damage might warrant a deduction from a tenant’s original rent price.
Even after a tenant is settled in, shrugging off “insignificant” problems may result in inconveniences and complaints later, so addressing them right away would be ideal. Major repairs might be costly, but keep delaying them and your bills will only get heavier.
They don’t live there yet, but it should feel like they do
Isn’t coming home to a clean, aired out and softly scented house one of the best feelings? Your prospects think so, too.
There’s a list of things you must check hours before your potential tenants step inside. Is there any clutter in sight? Get rid of it. How’s the temperature inside the house? Is it comfortable? A great tip is to open the windows to air out the property and let as much natural light in as possible. However, if it’s too cold outside, adjusting the thermostat to a pleasant temperature is ideal, but still keeping the blinds/curtains open for brightness.
Have a professional cleaner thoroughly clean the house a day or several hours before a showing. Avoid strong fragrances: a classic, fresh scent is all you need to give potential tenants a homely sensation that’s hard to ignore.
The key is to prep your rental property as you’d like your own home to be, yet avoiding too many personal touches. Showing a habitable, comfortable, and neutrally eye-catching property is what should be at the top of your mind. How your tenants wish to customize it later, it’s up to them.