Take a guess – what’s your greatest enemy as a real estate owner? The answer is a vacancy. Without tenants, you wouldn’t be able to earn rental income, purchase more properties, pay your mortgage, and more. Hence, your task is to make sure that your property reels in potential tenants. The best way to do it is by turning your real estate investment into an attractive home that meets the modern tenant’s standards.
Even if your real estate investment looks rent-ready, you still need to make it stand out in the rental market. In your eyes, your property may seem picture-perfect, but oftentimes, what you want is not what your potential tenants want.
In this post, you will find a few improvements to implement preparatory to accepting rental applications. Here’s how you can spruce up your home for your potential tenants, as recommended by our reputable property management agents:
#1 Create Curb Appeal
What impression do you want to give your prospective tenants when they drive up to the home? If your real estate investment’s exterior looks like it needs work, you can’t expect your tenants to have high hopes for the interior. Keep in mind that how the outside looks can set the tone for the rest of the house. An untidy yard can distract your applicants from the home’s potential.
When preparing your rental property for renters, start with landscaping. Get rid of damaged plants and shape bushes or trim trees that are starting to look unkempt. If your property has a good neighbor fence, make sure to repaint it with neutral colors like white, gray, and beige.
Is your property in a community with a homeowners association (HOA)? Make sure to check your HOA’s rules and regulations regarding fences. Some HOAs don’t allow fences that are made of specific materials and are taller than four feet. If you don’t know where to find your HOA’s “rulebook”, ask a South Florida property management firm.
#2 Repaint and Repair the Doors and Windows
Your real estate investment’s doors and windows should be inviting. No one wants to walk into a home with windows that look like they’re from a horror film or doors that are worn down. Remember, your home’s doors and windows are also visible from the outside, so they’re part of the overall curb appeal.
A cost-effective way to improve your home’s doors and windows is to repaint them. Choose a color that stands out from the rest of the homes on the block, but that doesn’t look too bold, either. Make sure the color of the front door complements the color of the windows, otherwise, it will look like you splattered the first can of paint that you found at the store.
Apart from repainting, be sure that the doors and windows are in great condition. The door shouldn’t get stuck when you open it, and the windows shouldn’t look worn. Consider hiring a contractor through a property management company to check the doors and windows before your first showing.
#3 Repaint the Home
Repainting your home can significantly change its appeal. If your home hasn’t been repainted in years, it probably looks old and dilapidated – two words that you do not want your tenant to think. To make your home look well-kempt, make sure to repaint its exterior with neutral colors that can attract a wide pool of tenants.
The interior should be presentable, too. The walls should be free of scuffs, scratches, and other blemishes. Again, if it hasn’t been repainted in ages, consider sprucing it up with colors such as whites and grays.
#4 Remodel the Bathroom
By remodeling the bathroom, you’ll be able to raise your rent. That’s because potential tenants tend to be picky when it comes to the kind of bathroom that they’ll be using for twelve-or-so months. The return on investment (ROI) on a bathroom improvement is about 70.1 percent!
If you can’t conduct huge upgrades, at the very least, conduct minor improvements such as replacing the shower curtain, cabinet hardware, and toilet seat. Bigger upgrades include adding storage space, turning the bathtub into a shower, and installing a vanity to elevate its overall design. If you’re willing to go all-out on bathroom improvements, consider building one bathroom for every bedroom.
#5 Renovate the Kitchen
Another home improvement that your potential tenants will like is a newly renovated kitchen. When your kitchen looks like it’s well-maintained, you’ll be able to attract a wider pool of potential tenants. Among the rooms in your rental home, the kitchen is where your tenants will likely spend most of their time – that’s why they’re very picky when it comes to how it looks. If your kitchen offers outdated features and tiles that look like they’re from the 80s, no one will want to rent it.
With that said, consider investing in kitchen improvements such as new countertops, stainless steel appliances, and so on. A cost-effective way to improve your kitchen without breaking the bank is by repairing and repainting the cabinetry.
#6 Update the Light Fixtures
Real estate investors often overlook lighting, but it’s an upgrade that can significantly boost your house’s rentability. Ensure that your house features modern fixtures, for example, LED lightbulbs that can save your tenants hundreds of dollars in energy bills.
Remember to use the appropriate type of lighting for each room – for instance, soft lighting in the bathroom (your tenants don’t want to see the grime on the walls, anyway) and bright lighting in the kitchen because it’s best for cooking. Consider installing dimmable lights to allow your tenants to set the mood in case they want to entertain. What’s important is that the brightness of the lights complements the mood of each room.
Need Help Preparing Your Rental Property?
There are other ways to improve your property to get it “rent-ready”, all of which the property managers at Luxury Property Care can help you with. Ultimately, the improvements you should implement depend on the type of real estate investment that you have, and the potential tenants that you’re trying to attract.
For full-service property management, get in touch with Luxury Property Care today. We’ve been in the business for over fifteen years, giving us the leverage in terms of securing contractors at competitive rates. With our experience, we know exactly what your target market wants, and we’ll make sure that your property provides it so that you never have to worry about vacancies.