improving your property

As a rental property business, it’s your job to ensure you get the most bang for your buck out of all the properties listed in your portfolio. However, the critical question to ask yourself is how you do things and how many ways this is possible.

If you want to continue to run a thriving rental property business, you’ve come to the right place. Below, you’ll find 6 helpful tips to improve your properties and take your next tenants by storm. Get ready to start sorting through the applications after you make these needed improvements.

1. Rethink the Exterior

When you tour a property, what’s the first thing you notice about the home? If you said the upkeep of the exterior, you’d be correct. The same applies to people looking for a home they want to rent and live in.

Therefore, to make a good impression, you must ensure that your home’s exterior is up to par. This could be in terms of improving the landscaping. It could also mean adding various elements, such as a double mailbox post which will not only simplify the delivery process of letters and packages, but it will also add character to your property. You never know what a potential tenant is looking for, but you want to ensure they’re wowed when they first arrive at the home.

And if anything, when they decide if they want to apply to live there, if some modifications made are things that they can ask you to change before moving in. Another reason to make changes to the exterior is that you can justify the amount you’re asking tenants to pay in rent when they move in.

2. Advertise the Home Properly

Some people in the rental property business assume that to draw people in, all you’ve got to do is put up a few ads and throw in some photos of the home, and then you’re good to go. There’s some more advertising groundwork that needs to be done in marketing your properties if you want to attract the right tenants.

Yes, you do need to put up ads for the home on sites that potential renters frequent. However, there are specific areas you need to focus on when doing so. In the description of the house, you need to take time to play up the features of the home that make it a steal of a deal, such as a swimming pool, a 3-car garage, or a finished basement.

These are all things that people are looking for and want to know about before they come to tour the home. You’ll also need to hire a professional photographer to come out and take photos of the property.

home advertising

3. Research Upgrades and Make Them

As times continue to change, people are looking for homes that offer more modern upgrades. Before making these upgrades, it’s always best to research and consider what people want in the homes they rent in your area.

Create a list of the most popular and functional upgrades you can make and determine which of them you’ll make. You don’t need to make them all because this would waste your time and money.

But, when you do make the upgrades, not only are you improvising your property, but again you’re giving yourself more of a reason to increase the unit’s rental price.

4. Allow Renters to Have Pets

Many people have pets, and when they look for a place to live, they want someplace that labels itself pet-friendly. Another common way to improve your properties is to make them a place where people can bring their pets to live.

Sometimes you have to fix things such as scratches in the floor or chewed-up floorboards, but it doesn’t benefit you. When you allow pets in your rental properties, you can add a pet charge to the tenant’s rent.

5. Finish the Basement

When you look at a listing that comes with a basement, they are often unfinished. If a tenant wanted to finish something themselves, they might as well have built the entire home, but this isn’t the case.

If you want to make your property more appealing, take the time to finish the basement and list that in the rental description. You’re going to get far more applicants that are impressed that you took the time to ensure everything was as it should be before they moved in.

6. Go Smart

Thousands of homes worldwide are becoming smart homes, and your properties should be joining them. You don’t have to spend lots of money to do so; you simply have to make better choices regarding things like appliance upgrades.

You could also choose better fixtures like lighting that are energy efficient and help save money in the long run.

Improving Rental Properties One Place At a Time

You can do several things to improve your properties as a rental business, and we’ve given you some tips above. Consider turning your properties into smart homes and rethink the way the exterior of the home looks.