If you want your rental property to be consistently occupied, you need to make it more attractive to tenants. A more attractive property is going to invite more applications, expedite the process of filling the property, and eventually help you become more profitable.
There are some obvious ways that you can make the property more attractive, but not all of them are especially accessible. Sure, you could demolish the building and rebuild it bigger and better, but this would be a massive time commitment and financial investment that wouldn’t necessarily pay off. Accordingly, landlords and property managers need to carefully consider not only which moves can make a property more attractive to tenants, but also which moves are affordable and reasonable to make.
Fortunately, making properties more attractive to prospective tenants doesn’t have to be ridiculously expensive or time-consuming.
Fixing the Little Things
First, make a concentrated effort to fix all the little things that are likely wrong with the unit. Holes in the drywall, chipped laminate flooring, squeaky doors, and ceiling fans that no longer work should all be addressed long before you start touring the property.
It’s true that these little things don’t have much of an impact on daily life, and some of them may be practically inconsequential. However, when a tenant stumbles upon something wrong with the apartment or home, it may instantly make the property less attractive and give them concerns that the property isn’t being taken care of properly.
Appliances and Amenities
Next, take a look at the appliances and amenities currently available. Buying a new appliance is a significant expense, but it’s often worth it to make the property more functional and more attractive. This is especially true if any appliance is currently missing or so old and worn down that it barely works.
- Basic kitchen appliances. The refrigerator, oven, stove, and microwave are included in most rentals. Make sure these appliances are modern enough to offer reasonable efficiency and aesthetic appeal.
- Dishwasher. Tenants love dishwashers. If you don’t currently have a dishwasher in the kitchen, consider adding one.
- Washer and dryer. You may also want to include an onsite washer and dryer, so tenants can do laundry without leaving the property. It’s a massive convenience that can help you charge more rent and reduce tenant turnover.
Paint
Depending on the size of the property (and whether you’re willing to do the work yourself), repainting the entire interior of the property could be just a few hundred dollars. Despite this, a fresh coat of paint can have a massive impact on how people see and think about the property. The interior can look newer, cleaner, fresher, and more inviting with very little work on your part.
Also Read: 12 Perfect Colors That Go Well with Burgundy
Storage
Most tenants appreciate extra storage, so try and give it to them however you can. That could mean adding new closets, cabinets, shelves, or storage areas inside the property. It could also mean providing nearby or offsite storage options, such as a detached garage.
Parking
Speaking of garages, you should also consider parking. Even if you manage this property in a somewhat walkable area, most prospective tenants are going to want a place to safely and reliably store their vehicles. Street parking may not be enough; can you make room for a dedicated, private parking space in the back?
Professional Cleaning
If you haven’t already, make sure you clean your property professionally, from top to bottom. Hiring professional cleaners is a non-negligible expense, but your property is going to look much more attractive when it’s scoured by the pros.
Curb Appeal
Curb appeal refers to the aesthetic beauty and impressiveness of the exterior of a property. It’s a vital quality to master if you want to make stronger first impressions with tenants touring the property.
Consider:
- A new front door. If it’s been a few decades since the front door received any attention, consider replacing it entirely.
- Landscaping. Fix the lawn and add new landscaping features like pathways or decorations to appeal to the people who want to spend more time outside. Flower beds are another good, inexpensive investment.
- Siding, roofing, etc. Take a look at the siding and roofing of the property and fix any defects you find. A good power washing may be in order as well.
Mirrors and Lighting
As a finishing touch, consider hanging more mirrors in the property and adjusting the lighting to make the area seem brighter and more inviting. Mirrors, especially, are valuable because they create the illusion of additional space.
With these strategies and changes, you can almost instantly make a property much more attractive to prospective tenants. When you combine these measures with a thoughtful marketing and advertising strategy, you should have no trouble finding tenants to occupy your property.