One of the biggest factors affecting rental property cash flow is the perception of its value in the eyes of potential renters. Anytime there is a transition between tenants is the perfect opportunity to spruce up the property and boost the rental value. The following are a few low-cost ways of attracting more tenants and garnering top dollar in rent.
1. Create a Good First Impression
It is important to ensure that the lawn is mowed, bushes and shrubs are trimmed, and that leaves and clutter are removed. A few colorful flowers on the porch and inexpensive outdoor lights along the walkway can make the home seem more inviting. Any fences should be painted and in good repair.
2. Clean the Carpet
If the carpet is still in decent condition, a professional steam cleaning can make it look like new and the whole house smell fresh and clean. If the carpet is stained or damaged beyond repair, this is the time to have it replaced. The cost of the new carpet will be offset by the higher rent in no time at all. Remember to clean or replace the vinyl floors in the kitchen and bathroom as well.
3. Spruce up the Appliances and Bathrooms
Tenants want kitchen appliances that are new or that at least look new. All appliances should be in working order and clean. This may take a little time and elbow grease, but it will be well worth the effort in the end. Washrooms should also be clean, modern-looking, well-lit, and preferably white. If necessary, spend the money on a professional cleaning service so that everything will shined to perfection.
4. Change Fixtures
Most tenants are instantly turned off by 1970s-era light fixtures and tarnished cabinet hardware. Adding shiny new door knobs, cabinet handles, and light fixtures can breathe new life into an outdated space.
5. New Paint
A fresh coat of paint on the front door and the inside of the home can brighten up a tired-looking space. Be sure to keep the palate color neutral to appeal to as many potential renters as possible.
6. Add a Washer and Dryer
No one likes the prospect of spending hours at a laundromat doing laundry. Purchasing a relatively inexpensive washer and dryer can easily add $100 or more to the rental income.
7. Add Laminate:
Many renters are turned off by carpet because of allergies or hygiene concerns. If possible, try to replace the carpet with a laminate floor. The floors will be more durable and will attract more tenants and command higher rent.
8. Be a Savvy Marketer
Try scheduling all of the showings for the same day and time. It is human nature to want something more when others are interested in the same thing. Having multiple prospects show up at the same time may even lead to a bidding war. For your showings, have refreshments and snacks for potential renters to grab on their way out.
9. Look Professional
While it is not necessary to wear a suit and tie, dressing in business casual will give prospective tenants the impression that you care about your business and the property.
10. List for Top Dollar
If the property usually rents for $1,100, try listing it a week earlier than normal for $1,200. If there is no interest within the first week, the price can always be lowered. There is no way to get top dollar without at least trying.
For help finding the perfect investment property or for information on how to get the most out of your current rental property, contact our team of real estate professionals.
If you would like to see properties or list your home please contact TreeHouse Brokerage and Development at 303.296.3331.