After your first investment property purchase, you may be eager to get it on the market and available to rent. However, you will benefit from taking the time to make the necessary changes that will add value to the home and the renter’s experience. Consider these tips to make your property appeal to more renters.
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1. Prioritize Repairs
Most homes need at least a few small repairs after purchase. Even a simple paint job can make the entire place look different. You can DIY something that simple, but don’t be apprehensive about hiring someone to do repairs properly. It’s much easier to get them done before someone moves in. You can also avoid complaints and costly maintenance requests if you get the job done right the first time around.
2. Make Valuable Renovations
Think about changes you can make to the home that will add value and allow you to increase the monthly rent. For example, research shows that outdoor living space, open floor plans, and green appliances are among the top things renters look for in a home. Take the time to make the outdoor area as nice as the inside. You can add a simple patio to the backyard with plenty of space for furniture. Upgrade the kitchen appliances and remodel the bathroom to include more modern fixtures. Even small changes, such as replacing the carpet can add significant value.
3. Market Effectively
Marketing is an important component for any real estate investor. One simple thing you can do is create a PDF to showcase your property and use it to email interested renters. You can even use a PDF editor online to make changes to documents and drawings as you make upgrades. Just upload the file to the website and make the changes. Then you can download and share. Hire a professional web developer to create a website for your company as well. That way you can show all your properties in one place. After your first investment property purchase, you may be eager to get it on the market and available to rent. However, you will benefit from taking the time to make the necessary changes that will add value to the home and the renter’s experience. Consider these tips to make your property appeal to more renters.
4. Register Your Business
As a rental property owner, your business now is to cater to the needs of the property and the tenant. However, things can go wrong. Protect yourself and your assets from possible liability lawsuits by registering your company as a limited liability company. An LLC provides liability protection, and you can use the company name on the deed for your property. Hire a lawyer to complete the registration process for you, or you can do it online at a significantly lower price.
5. Hire a Property Manager
A good property manager will handle all the tasks a landlord would handle. They will ensure you have well-vetted tenants, make all the arrangements for rent collection, handle any issues with default payments, and schedule maintenance staff. Be sure to find someone you trust, or you can hire an established company to act as a property manager for you.
6. Focus on Amenities
You can add value to the rent by including amenities. It can be as big as installing a swimming pool or as small as including a microwave. If your property is in a high-demand area for business travelers, consider furnishing the apartment. Then you can market it to corporations.
Once you have the home ready and the renters are moved in, your job changes. Being a good landlord requires patience and sometimes empathy. Treat your tenants with respect, and they will likely return the favor.