Investing in real estate to help grow your income can be a thrilling venture. However, you need to be smart and research what you need to do to attract the best clientele — and keep them coming back! Before you dive into the rental market, here are some ideas to consider.
Research Your Market
It may seem simple to start researching, but it goes beyond pricing. After all, you must also factor in size, amenities, and what your location offers. The nearer it is to transportation links, active businesses, and safe walkable spaces, the higher the likelihood that you can charge a better rate. However, if you’re near to vacant properties, closed businesses, or don’t have easy walkability, then you may be less likely to rent at a price you’d prefer. Of course, once you get going and see how many applicants are interested, you can adjust the price as necessary.
Very rarely is a property ready to go from the moment it is purchased. In fact, you may need to put in a bit of work to make it viable and stand out from the competition. Take, for example, the first impressions that come with curb appeal. How does it look on the outside as compared to surrounding properties? Even if it blends in, that isn’t enough, as you want it to inspire and be pleasing to the eye. Don’t ignore the inside either, as it should be in excellent condition, from being dust-free to having freshly painted walls. By giving your property some proper TLC, you also give yourself time to stage it so that you can wow from the get-go. To further sweeten your offer, consider including a reputable security system. Not only is your property protected, but your renters will also feel safer in their new home.
Make Payments Easy
To keep things easy for potential tenants, as well as for yourself, try to simplify rent payments. Although you can still accept cash, checks, and credit cards, going online will streamline the process for a tenant, giving you both a little peace of mind.
Gadgets and Tech
By investing in technology, you’ll not only make your property attractive, but give yourself the means to keep an eye on things from a distance. For instance, a smart lock can ensure no one makes duplicate copies of a key, offering you an extra layer of security as you go between tenants. Likewise, a smart thermostat allows you to ensure energy is saved, but might also draw in renters. You can even get a smart leak detector to prevent water damage from spiraling into the thousands. Most of these devices aren’t expensive, and can serve you well in the long term.
Making your home look beautiful goes beyond staging the furniture and gets into the small details of hardware and wall color. Don’t fall into the trap of thinking that bold colors will appeal to young or business-minded people, and stick to neutrals when possible. As you choose your shades, stick to a paint that’s easy to clean to ensure your walls stay spotless, especially between renters. Next, consider what hardware, including door knobs and drawer handles, you put in throughout the property. Even if you don’t opt for expensive options, you must, at the least, have them match the furniture, cabinets, and doors they are attached to.
Turning your rental into a steady stream of income is no quick venture. It may take a little work to get your property competitive, but the right tenants will make it worth the effort. Do your research, and be sure that your house looks as attractive as possible.
Content courtesy of Suzie Wilson
Image courtesy of Pixabay