Making Your Rental Property More Attractive for Renters 

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Making Your Rental Property More Attractive for Renters 

By Tina Martin

You can have a good source of income for yourself if you rent your property out. We wouldn’t call it a passive income—being a landlord is a lot more work than you’d expect—but it’ll be steady. Real estate is a tough market to crack, though, and finding worthwhile renters (the ones who don’t cause problems) can take some doing. Today, Danielle Russodivito shares some suggestions on making your property more appealing to good renters.

The Basics 

1. Modifications and amenities  

Everyone likes up-to-date, functional, and “luxury” amenities. You’ll have to cater to potential renters' expectations (take a look at the market trends for clues. Some suggestions:

• An ergonomic home office 
• Accessibility features—ramps, extra-wide doorways 
• “Cool” roofing 
• Patios and decks 
• Feel-good flooring—marble, wood, and other materials 
• A verdant garden 
• A home security system 

You can make the best impression by going the extra mile and including a special amenity – such as a home gym, yoga meditation space, or entertainment center. It’s possible to renovate your basement for this purpose—it’s convenient, affordable, and doesn’t take away from the main living space. You could DIY renovate or use a reliable contractor (which may be less of a headache and offer extra quality). 

If you’re planning on adding a home office to your rental property, try to locate the space near natural light and away from high-traffic areas of the home. Choose a paint color that promotes focus and calm, and add an extra phone line and outlet if necessary.      

2. Repairs and maintenance 

Nothing turns renters off like a leaky faucet or a loose floorboard. If your property looks rundown ill-cared-for, you can expect a high rate of vacancies. Inspect your property thoroughly and make all necessary repairs, including replacing fixtures, if necessary. You will also need a long-term maintenance plan—landlords have certain obligations, not to mention you want to preserve the property’s value long-term. 

3. Safety and security

Beauty and comfort aren’t everything—safety matters too. You want your renters to feel safe and protected when they’re living there. Start by making the property safe from the elements – check the heating, add insulation, seal windows and doors, and inspect the storm shutters. Next, evaluate the security setup. Are the windows and doors solid? Is there a place for renters to keep their valuables? Adding a full-fledged home security system may be a good idea—it’s an effective security measure and also makes for a good selling point. 

You’ll also want to make yourself secure by limiting your personal liability. You can do that by operating your rental business as an LLC. If you’ve never established an LLC before, an online formation service can make the process easy for you. 

Advertising Considerations 

1. House staging

House staging is, essentially, setting the stage for incoming visitors to make a powerful first impression. With staging, you make your property look and feel more attractive by adding some décor, furnishings, decluttering, cleaning, and maybe a fresh coat of paint.

2. The marketing

Depending on the type of rental, you can list the property for rent using an online listing site or partner up with a company like Airbnb to appeal to vacationers. You can also use this free Instagram story template to help spread the word via social media! Either way, pay special attention to the photos used. The better your photos, the more hits you will get. Additionally, you should also check your reviews and make sure you address the negative ones.  

Management decisions 

1. Short-term or long-term rental

First and foremost, you should decide whether you want to rent short-term (think Airbnb) or long-term (think traditional landlord). The first option comes with risk and requires extra work, says Women Who Money, but it can be especially lucrative. To determine the most profitable option, research the market at your location, run the numbers, and figure out the potential ROI. 

2. Hiring a property manager

As you’ve figured out by now, managing the property can be a lot of work. You have to manage everything, from maintenance and welcoming renters to finances and legal obligations. If that sounds like too much work to you, you could hire a property manager. They can look after the property on your behalf—for a price. 

Conclusion 

As a rule of thumb, it’s a good idea to honestly evaluate your personal thoughts and feelings about your property. Would you want to live in it yourself if you were a renter? If the answer is an unequivocal yes, you have done a great job and should have no trouble finding good renters.

Danielle Russodivito found her passion in real estate in 2011 when she purchased her first condo. Since then, she has formed her own team and is eager to help you make your real estate dreams come true! Call 845-664-2144.