There’s a big difference between selling a property and putting it up for rent, and the major distinction can be seen in the way sellers and landlords treat their properties. While rental properties might seem like smaller investments in many ways, that doesn’t mean they shouldn’t get the same TLC that’s granted to properties for sale. Taking the time and making an effort to make your rental property stand out from the crowd will make it possible for you to find long-term tenants who will treat your investment right.
As a landlord, it’s difficult to invest hard-earned money in upgrading a property and going beyond basic maintenance necessities if you are worried that the tenants will undo your efforts through wear and tear. Yet rental properties that are properly maintained are much more likely to receive appropriate care from tenants. What’s more, a rental that looks and feels more livable and appealing with command higher rents and draw in long-term, stable tenants. Keep maintenance to a high standard and ask yourself “what would I want if I lived here?” when planning renovations and upgrades.
Potential tenants care more about the layout, size, and feel of the kitchen and bathroom more than any other room. Providing a clean, clutter-free, and properly maintained kitchen and bathroom area will have potential tenants more interested in what you’re offering. Simple, budget-friendly upgrades like changing out hardware or adding a new backsplash can make all the difference in the world.
Ensuring your property is in good, attractive condition when showing it to potential tenants is extremely important for a couple reasons. First, it increases the likelihood that the tenant will want the place, and maximizes the amount they are willing to pay. And second, it makes it clear that you expect them to keep the property in similar condition. You don’t want to set the bar low and make it seem as though a dirty or damaged apartment is acceptable. So make sure the unit is clean, uncluttered and in a proper state of repair when performing showings.
It is crucial for property owners to perform routine property maintenance. Make sure you address the different problems and functional issues that arise before, during, and after a tenant’s stay to ensure the property is kept in great shape throughout its lifespan and the tenant remains comfortable and happy. Leaving small issues to compound and worsen will cause much bigger problems in the future, and might even cause your rental to become unworthy of a tenant.
A property management company can help your building stand out from the crowd and market the property for rent to attract desirable tenants. From managing maintenance and repair tasks, to creating unique advertisements and conducting viewings, Medallion Capital Group handles it all.