In the rental property business, great tenants are crucial to the success of an investment. A well-maintained rental unit attracts not only reliable tenants, but maximizes cash flow as well. Although a rental property is a great way to secure additional income, it does come with a huge financial responsibility.
Luckily, there are plenty of ways landlords can better their property at minimal cost and little effort. No landlord wants a new tenant calling throughout the day and night saying “this” or “that” doesn’t work. That’s why it’s important that the subject matter, your property, is in great shape before renting it out.
Here at Stokley Properties we’ve had more than 20 years of experience in property management for the Contra Costa County area, and we’ve seen it all. To ensure your property is in tip top shape before renting, here are five things landlords can do to rent their property quicker and command top dollar in the process.
- Check Everything
Inspect all appliances such as the dishwasher, refrigerator, oven and stove to make sure everything is in working order. Check all switches, receptacles and faucets; anything people use on a daily basis. Essentially, you want to be sure that everything in the home is operational. So, take some time, check all items out, and if there are any needed repairs – make them.
A fresh coat of paint not only makes a vast difference in a home but also adds worth to a property as well. If your rental unit needs a new paint job – paint it. After all, people aren’t going to pay top dollar to rent a home that has dirty or scuffed up walls. When choosing a color, go with a neutral tone. This not only makes your home appear more spacious but also gives it a contemporary look as well.
Has it been a long time since you put new carpeting in your rental unit? If so, it’s time to invest in new carpeting and padding for all the rooms. Again, this will get you a much higher price for your property. And of course, anytime a tenant moves out, have the carpets thoroughly cleaned.
- Curb Appeal
First impressions are everything and you want to catch people’s attention the first time. Make sure the property is aesthetically pleasing by cutting the lawn, trimming the hedges, planting flowers, and pulling weeds. This simple cleanup will show people that you care about renters, as well as the property.
Having a nice “For Rent” sign in front of your property will ensure that people driving or walking by will know your unit is available and ready to rent. Also, advertise on sites like Craigslist and talk to your local real estate people; tap into a market you wouldn’t be able to otherwise.
As a landlord you want to get highest return possible on your investment. By following these five simple steps, you’ll be on your way to landing a reliable tenant who will maximize your profits and treat your unit with care.
If you have any questions, feel free to contact us.