5 Tips to Make Your Investment Property Stand Out for Renters

1 year ago

After going through the process of working with Realty Navigator and finding the investment property you have been looking for, it is time to start thinking about what you can do to make it appealing to renters. The market can be competitive, and renters often know what they want from a property before looking. The more you can offer, the better the return on your investment. Consider these five tips to help you gain that competitive edge.

Don't Cut Corners on Repairs

Some of the most common rental repairs include fixes for the HVAC system, pipes, and electrical work. Before you purchase the property, you should have a thorough inspection of these components to sniff out any possible, necessary repairs. Electrical safety is very serious, and damaged pipes could lead to significant future costs if left untreated.

Additionally, don't neglect the small repairs. If you see chipped paint or cracked molding, fix it. If the countertops in the kitchen are worn and torn, replace them. Check the caulking in the bathroom and have professionals clean the stains on the carpet. A little effort can go a long way.

Add Extra Amenities

If you purchase a rental property without an HVAC system, you would benefit from installing one. Whether your building is for commercial or residential use, you can charge significantly more for monthly rent if your tenants can enjoy central heat and air. The same rule applies to in-unit laundry. One study shows that many renters find the convenience of in-unit laundry worth the extra cost.

Modify the Awkward Areas

Renters like to visualize their belongings inside the property when they tour. An awkward layout can make it difficult for them to see how the space will work. If the bathroom has a nook, place some shelving in it. If any room has unnecessary walls breaking up the flow of the room, tear them down. Most people can appreciate an open floor plan.

Hire a Property Manager

You may think that you can cut down on costs by managing the property on your own. However, there are many reasons why hiring a property manager is worth it. They will:

Market your property
Save money on maintenance costs
Help you vet potential tenants to avoid problems
Ensure that rent is paid on time
Decrease tenant turnover rate
Act as a point of contact for tenants so that you don't have to

A property manager does all the dirty work so that you can focus on other things. (If you do not want to hire a property manager, consider listing the property for rent with a licensed REALTOR®, and/or purchase a home warranty to assist with potential repairs and field the calls from tenants).

Take Advantage of Marketing Opportunities

Today, it is easier than ever to market your rental property. Social media has become a major platform for companies to generate business. Create social media pages for your retail property. Post photos of updates and amenities to showcase what your place has to offer. Make sure you use easy to use image resizer online that will adjust images to suit the standard for the social media platform. It's a fast and easy way to upload photos that make your page and property look professional and appealing.

Updates, repairs, amenities, and proper management are constants that you can apply to your strategy to keep your property competitive. These little adjustments give your tenants faith that you will take care of their needs. Tenants that feel appreciated will stay much longer.

The Author: Suzie Wilson has been an interior designer for over 20 years. She created Happier Home as a side project to help everyone she can style their home stress-free.

Realty Navigator is a full-service, independently owned, and operated real estate brokerage with offices in Annapolis and Chester, MD. We provide customized real estate listing services, residential homes, and land for sale from Brandywine, Prince George's County, to Kent Island and in Talbot, Caroline, and Queen Anne's County. Trusted and experienced agents are standing by to discuss your real estate transaction. Call or click today at 443-256-3773 or 410-643-3404. If you need to speak to the Broker, Petra Quinn, call 443-600-1986.