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Ways to Make Your Property More Appealing to Renters

Posted by Wholesale Invest Pro on July 5, 2023

Article by Laurie Abner, author of Safe Happy Houses.

If you own an investment property, one of your most important tasks is to make sure it can sell quickly. Whether you own a vacation property or are renting out a long-term home or apartment, you’ll want to make sure everything is in order for prospective renters. Today, Wholesale Invest Pro shares a few ways you can clean up and manage your properties so that you can make them more appealing to potential tenants. 

Make Repairs 

One way to attract more tenants to your property is by fixing any significant damage to the home or its appliances. Check that there are no obvious holes or chips in walls or malfunctioning electrical or plumbing systems. Stessa explains that many of the costs you incur from repairs are tax-deductible, making it worth the cost. If you want to further spruce up your property, consider remodeling some rooms and adding amenities.

Create a Catchy Listing 

Making sure to properly market your property is important for getting the attention of prospective tenants. One way you can market more effectively is by taking high-quality photos of your property. Posting great images of your home on your listing gives you a large advantage over other properties and may be enough to seal the deal for a renter.

HomeUnion suggests expanding your marketing by posting on multiple listing sites, and ensuring that your description describes the strengths of your home. You should especially concentrate on Facebook, since that’s a great way to reach a huge audience of potential renters.

You’ll also need to create marketing materials, like brochures and fliers. There are great online templates to make creating professional-looking documents easy. But whether you work with a professional or design them on your own, be sure to save them as PDFs when they’re done. If you need a PDF file converter, use this resource for a free option. Once everything is converted, start printing and sharing the promotional materials online to get your property rented quickly!

Branch Out 

Owning multiple properties can increase your chances of finding tenants to rent out your holdings. If you buy a second home for your personal use, you may consider making it a vacation property that you can rent out in the months it’s vacant. The down payment for a vacation home is quite large, but it could be offset by the income generated when used as a vacation rental. If it’s still too much money, consider buying an investment property instead to get more guaranteed income.

Smart Home Features 

As the world becomes increasingly connected, many people are turning to smart home technology to simplify their lives and streamline daily tasks. If you’re a landlord or property owner, it’s worth considering the benefits of incorporating these features into your rental properties. From keyless entry systems to energy-efficient appliances, smart home technology can enhance the overall appeal and functionality of your units.

Additionally, renters are often willing to pay more for properties that are equipped with these features, making it a wise investment in the long run. By offering smart home options, you can set yourself apart from other landlords in the market. With the right setup, you can even monitor and manage your properties remotely, giving you greater control over your rental business.

Make Your Properties Pet Friendly

Many renters are looking for places where they can own pets. While landlords have been skeptical about pets in the past, more are now choosing to open their doors to pet parents. In fact, many are providing accommodations specifically suited for animals, like dog runs, bathing stations, and virtual keys for dog walkers.

You can find pet grooming supplies that have been reviewed by veterinarians online to stock your bathing stations with. Although adding a self-grooming area will cost you some space, it will encourage tenants to have cleaner, well-groomed pets. Show potential tenants that you and their pets are welcome by making your rental office pet friendly, too. Include a few office toys and bed along with some treats.

Hire a Property Manager

If you end up with multiple properties, you may consider hiring a property manager. When deciding whether to do it yourself or hire a manager, consider your time constraints. If you own more than a few properties, you’ll likely need a manager to keep track of tenants, property maintenance, and other tasks. Consider your goals with property management and your time constraints to find a solution that works for you. 

Keep Your Assets Safe

As an investment property owner, you’ll want to keep yourself protected from litigation. When you own property, you could be held accountable for situations such as injuries incurred on the property, no matter the context. Forming an LLC offers you and your business more protection from these troubles by helping you avoid personal liability.

When you look into how to incorporate or form an LLC, consider tasking out the process to a reputable and affordable formation service that will file all the necessary paperwork accurately and on time.

Build a Great Reputation with Renters

It takes work to get the most out of your property. However, by keeping your properties up to date and managing them well, you can attract and retain the best renters out there. And don’t forget to include possible four-legged tenants, too. With many people owning animals, being pet-friendly can get you more applicants and a great reputation for being a hospitable landlord.

If you’re looking for a new property to update and rent, contact the real estate professionals at Wholesale Invest Pro!

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Rehab Calculator Cheat Sheet

This table can provide a rough estimate on what rehab costs might look like. This is in no way meant to represent your rehab costs, rather a guide to help get you started. You’ll want to consider the labor costs and materials in your area.

Light: Condition with only paint or simple exterior cleanup needed to improve curb appeal.
Medium: May need new fixtures (plumbing and light), new tile, new tub/shower, new sinks, new paint and more. Windows and doors may also need complete replacement due to age or functionality issues.
Heavy: This is the all-in rehab where you look at everything from the “light” and “medium” levels to throwing in major items, such as foundation repair, roof replacement, replacement of appliances such as AC/Furnace, and door and window replacement.