5 Ways to Make Your Property More Appealing to Tenants
Vacancies are costly. Every day that a unit sits empty, you’re losing money, draining the resources you need to meet your mortgage or loan obligations, make upgrades, and save for a rainy day (and the roof to go along with it). Ensuring your property is attractive to potential tenants is key in building a layer of financial security. What are the most important steps you can take?
Boosting Property Appeal: Steps You Can Take Now
- It’s all about curb appeal. If a building looks rundown, it doesn’t exactly invite tenants to line up at the door for a unit. Take some time (or hire a landscaping/maintenance service) to pull weeds, remove trash and debris, mow the lawn, trim the hedges, etc.
Replace any worn or missing address numbers, ensuring they are highly visible and attractive; spiff up your light fixtures (light is crucial in appearance and safety both); and remove any torn window screens. A few pots of bright flowers can also make a tremendous difference.
- Have a painting party. Take a look at your property and scrape any loose paint. Prime these areas and apply a fresh coat to revitalize your building’s appearance. Use a high quality exterior paint to touch up railings, posts, and any other elements that need a refresh.
If you have vinyl siding, now’s the time for a good pressure wash. Again, you can call a service to handle this professionally or rent/buy a pressure washer. Just be careful if you DIY!
Inside, apply high quality neutral color satin or semi gloss to walls and hallways. A clean, bright hallway and entryway will make prospective tenants feel right at home.
- Pay attention to the most-used rooms! These are the kitchens and bathrooms. In turnkey properties, they will be beautifully maintained and up-to-date. If you purchase a fixer-upper, attack dirt, grime, and grit from the floors, appliances, cabinets, tubs, toilets, and hardware. And don’t forget to scrub the grout!
If you have funds for a remodel, focus on these two rooms first. If not, at least consider purchasing new hardware (e.g. drawer pulls, knobs, handles, etc.) and matching appliances.
- Clean everything. Then clean it again. Regardless of your budget, some good old fashioned elbow grease will make it more attractive. Sweep, mop, vacuum, dust, and give it the old white glove test. From cobwebs and greasy range hoods to backsplashes and windows, you need to make sure everything is spic and span.
- Advertise. Want reliable tenants? Want to build a wait list? Then market your property! Think about what makes it special or unique (e.g. onsite washers/dryers, floor to ceiling windows, newly remodeled kitchen, wi-fi included, close to great schools/shopping/services/, etc.) and get the word out via social media, renters’ websites, and your local bulletin boards and newspapers.
Alternatively, you could rely on an experienced property management service to handle these details – and a myriad more! – so you can focus on on other investment projects.
Is your property in need of a spruce up? No time like the present!