A consistently occupied rental property can augment your bank account, but one that’s vacant for even a few months can rapidly erode your savings. In addition to setting a fair rental price, the solution to getting your rental occupied and keeping it that way is differentiating it from competing properties.
We’re here to help. If you’re having trouble landing tenants, we have six easy tips for making your rental property a standout, and hooking the tenants of your dreams.
1. Get Property in Tip-Top Shape
Your rental property is vacant, but that doesn’t mean you can slack on basic property upkeep. In fact, if you invest a few hundred dollars into basic maintenance there’s a good chance you’ll be rewarded with tenants.
You’ll want to clean the carpets, give the interior a fresh coat of paint, and scrub it from top to bottom. Go the extra mile and wipe down the baseboards, ceiling fans and window sills. You’ll also want to walk from room to room and make note of items that need repair. Whether it’s a loose door knob or a toilet that doesn’t flush properly, now is the time to get these items fixed. The work might sound costly, but you can end up saving money by knocking these tasks out yourself during a weekend.
2. Consider Staging
If you’re serious about getting your property occupied, you might want to consider staging it. A staging company will supply your home with furniture, wall décor and other household items that give it a “lived-in” feel so you can move yours out. Professional stagers also know how to highlight your rental’s positive aspects and downplay its drawbacks, helping make it incredibly appealing to renters.
Of course you’ll pay to have your rental property staged, but doing so could mean it gets rented sooner rather than later, and save you money in the long run.
3. Pull Out All the Stops When Showing
When meeting promising tenants at your property for showing, you’ll want to arrive at least 20 minutes early. Shower rooms with natural light by opening blinds, sweep off the front porch, vacuum carpets and consider lighting a mildly scented candle.
If you know the tenants have small children, consider bringing along a few toys to keep them happy (if you have them).
4. Small Updates and Upgrades Make Big Impressions
It doesn’t cost much to switch out an outdated ceiling fan with a modern model or replace worn out faucets with sparkling new ones, and the return on your investment could be huge. If you don’t have an eye for design, ask a friend or realtor to walk through your home and point out fixtures that could benefit from an upgrade. Often, a few simple changes can result in a drastically improved overall impression that motivates tenants to sign on the dotted line.
5. Check Curb Appeal
Your rental home’s interior could be magazine worthy, but if it lacks curb appeal you’re going to have a difficult time renting it. Trim shrubbery for a tidy look, cut back tree branches to open up your property to the street and repair any hardscape elements, such as brick walkways. Then add seasonal flowers to give the rental a homey feel. If you can’t maintain the property yourself, pay to have a landscaping company (or neighborhood teen) do so on your behalf.
6. Secure the Property
It isn’t uncommon for tenants to feel a bit uneasy about moving into a new neighborhood and settling in a new home, but a home security system can relieve their anxieties. In fact, a home security system can also put you at ease knowing that your property is less likely to be a target of a break in.
You’ll want to let potential renters know that home’s outfitted with security systems are three times less likely to be burglarized, and make them away of any home automation options that your security company offers. In addition to adding convenience to their lives, home automation products may save them money on utility costs.
Remember that by keeping your property in prime showing condition you’ll not only have a better chance of renting it, you may also be able to justify a higher rental rate. To find out more about how you can boost your rental home’s appeal by protecting it with a home security system, call and speak with a SafeWise security agent today.