Draw Prospective Tenants to Your Rental Property with These Practical Tips
In the real estate investment world, vacancy equals lost money. While some properties bring in enough income to allow vacancy for a month or two out of the year, sometimes even that amount of time can make your investment go sour. Rather than constantly struggling to keep your investment property rented out, you can take steps today to make it more appealing so that more prospective tenants are drawn to it. Whether you own or are looking to own a long-term or short-term rental home, these tips can help bring it to its full potential.
Prioritize the location
If your rental home is in a good location, the rest of your job will be much easier. Many tenants will overlook an imperfect home that sits on or near natural attractions, such as beaches, mountains, or lakes. And if there are great outdoor activities and entertainment options nearby, even better. Think about the importance of location when you’re looking for an investment property, and if you already own one, be sure to showcase the positive aspects of your location when you advertise the property.
Boost the curb appeal
If a prospective tenant drives up to your property and is turned off, they likely will not want to see the inside. Make sure your rental makes a good first impression. Do some basic lawn maintenance (mowing, trimming shrubs and tree limbs, adding plants and mulch, etc.), and clear the lawn of any clutter. Consider sprucing up the front door with a bold color of paint, and make sure the mailbox and house numbers are in good shape. Moreover, repair or replace anything that looks haggard — whether it’s a broken step, chipped paint, or ripped window screens.
Clean like your life depends on it
Okay, so your life might not depend on a clean property, but your occupancy rate probably will. Along with shaping up the exterior of your property, you want to deep clean inside and keep it that way. Go through each room and get rid of any clutter that will hinder a prospective tenant from envisioning themselves in the home. Then, deep clean everything. Here are a few essential cleaning tasks to start with:
● Dust up high (e.g., crown molding, ceiling fans, light fixtures, window/door trim, etc.)
● Wipe down furniture and lower fixtures (e.g., tables, lamps, dressers, etc.)
● Thoroughly clean inside cabinets
● Make the appliances shine
● Clean all hardware on cabinets, showers and bathtubs
● Clean all the counters
● Vacuum and mop the floors
A lot of rental property owners find it well worth the investment to hire a cleaning service to handle these tasks. While it takes a piece of your income, it will save you a lot of time and effort to know that professionals are cleaning and maintaining your property. Better yet, you can bring in a property manager to take charge of your vacation rental. Some management companies, such as Turnkey, will handle home care and housekeeping for you, along with bank-level screening of tenants so you’re far less likely to deal with fraud or property damage.
With a little work, you can make your rental property attract more prospective tenants. Remember to consider the location of the property and to capitalize on it when advertising. Put in the necessary work to bring your curb appeal to where it needs to be, and don’t hold back when it comes to making your property the cleanest on the block. Most of the time, the return on your investment will reflect the time and effort you put into the property.
When you’re ready to find your perfect St. Petersburg property, you need an experienced real estate agent in your corner. Jeffrey Nitz of Luxury & Beach Realty can help you find a home that suits your needs. Visit the L&BR website or call 727-424-6412.
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