If you are the property owner of a rental property, your objectives will generally be to raise the rent and increase your return on the property, while still retaining tenants is much as possible.
Here are some of the best ways to accomplish those twin objectives.
Improve external appearance
The first impression made by a rental property is much the same as a first impression among people – it is extremely important. To impress potential tenants, make sure to undertake any aesthetic improvements which might be low-hanging fruit, such as mowing the lawn, trimming bushes and trees, re-painting windows and doors, and making sure house numbers are new and easy to read.
It’s not nearly enough to just put a sign in the front of the property advertising a vacancy in one of your rental property units. The more you can advertise about a property availability, the better chance you’ll have of reaching a desirable tenant, and possibly even having several to choose from.
Prepare adequately for showings
You will of course want to make sure any rental unit is clean and appealing when showing it to potential tenants. However, you should also make sure that the lights are on and the windows are open, so that rooms are well-lit and appealing. Air fresheners will subconsciously increase the appeal of the unit, and will generate a positive association in the minds of potential tenants
Don’t just show the unit
You may be fortunate enough that your rental property is so dazzling that it sells itself, but that’s not usually the case. When you are showing off a rental unit to prospective tenants, it’s okay to do a little bit of selling, to advise them of all the benefits of living in this location, and in this specific unit.
Screen your tenants
Believe it or not, it’s more to your advantage economically to let a unit sit vacant, rather than to rent to bad tenants. The cost of evicting a tenant is far more than what it would cost you to just let the unit remain idle for a month or two. That’s why it’s important to screen all tenants as much as possible, not so much to find ideal tenants, but to avoid renting to bad ones.
Need money to spruce up your rental property?
Providing financial assistance to commercial real estate owners and developers is an area of our business that is constantly growing.
If you own a rental property which could benefit by some maintenance or upgrades, contact us at Black Wolf Capital Group to discuss some financing options.