So you’ve got a rental property for lease. But of course, yours isn’t the only one on the market for tenants to come and check out. How do you give your rental property a great first impression and stand out from the rest?
The good news is, there’s a few ways you can make sure it generates as much interest from potential tenants (and subsequently, the best returns) as possible.
To achieve this, take note of the following:
#1. Go With Essentials Over Being Fancy
There’s no need to put ultra-modern items in your rental. In a short space of time they can look worn or dated, which equals poor return on the initial investment. Instead, buy minimal items that are practical and not over the top.
#2. Purchase Quality Appliances
Following on from #1 however, don’t skimp on the essentials. It’s worth spending extra for quality appliances, as they last longer and (generally) there will be less faults with them as time goes on.
#3. Keep It Simple
Don’t make the mistake of offering too much. Generally, when a new tenant comes in they give the place their own distinct touch. The aim is for potential tenants to inspect your place and easily be able to envision how they could make your place “theirs”. So make it as easy as possible for them, and save some money in the process.
#4. Ad Basic Amenities
Where possible, include appliances such as a washer, dryer and dishwasher. You can then write off the depreciation on these items, and it makes your property more appealing to tenants who’ve seen other similar rental properties that don’t offer them these small luxuries. Regarding long-term investment, you can cover these amenities by charging $10- $20 extra per week on top of the rent.
#5. Liveability Is Key
Again- it pays to keep it simple here. No need to be fancy. Make sure the main functions work and you avoid any costs that would invoke a compromise of the liveability of the place.
#6. Let Them Live In Comfort
As an investment property, you might not be too concerned about the heating and cooling options, but these can be a significant make-or break item for potetial tenants. Best to play it safe and have air-conditioning built-in.
#7. Ready For Inspection
It’s crucial that your property is clean and ready for inspection. If you currently have tenants in, you may need to tell them that the place is being inspected. They might not be happy about this so to reach a compromise, why not offer to have the place cleaned for free so they’re willing to cooperate?
#8. Smelling Fresh
If there’s an odour in the place, it could be the death-knell right there and then for potential tenants. You can avoid this by having an air-freshener running a few days before the inspection, or burning some candles (even of the non-scented variety).
In A Nutshell:
Taking a little extra time and care and spending a little extra on good appliances up front can make a big difference in how quickly your rental is snapped up by new tenants. Any extra that you spend will soon be well and truly covered within a few months of your new tenants moving in, as is.