Managing a rental property can become a lucrative investment for landlords if done right— but keeping tenants happy isn’t always just that easy. Between tenant screenings, home repairs, and keeping your property up to date, it can be challenging for landlords to stay on top of it all.
We’ve created a checklist to help you go through your property with a renter’s perspective to keep your property in high-demand, and your good tenants ready to sign their next lease renewal.
Whether you’re buying a home or renting out a space temporarily, curb appeal is important to most folks looking for a place to call home. Before you start looking for your next set of tenants, you may want to consider revamping the curbside of your property and outdoor spaces to make your property more attractive to prospective tenants. Including an outdoor space can increase the value of your property— and who doesn’t love the chance to soak in a little Vitamin D every once in a while?
While landscaping doesn’t have to be expensive, it’s important to think about the quality of your materials as you revamp your outdoor spaces. Are the materials you’re planning to use durable? If your property is pet-friendly, are the materials resistant to wear and tear from animals? Considering these questions may help you save money in the long term and delight your future tenants.
Below are some items to consider adding to or upgrading to improve your rental property.
· Grass or Xeriscaped garden
· Outdoor seating area
· Fenced in area for pets
· Gardening space, garden boxes
Investing in quality appliances can increase the value of your property and even help you make a quicker sale if you eventually decide to cash in on your property and retire from your landlord position.
Below are some suggestions for landlords to exchange old appliances for updated editions. If you don’t have some of these appliances, you may consider adding them to increase the value of your property.
· Washer and Dryer
· Stove, Oven
Inefficient or lacking storage seems to be a constant complaint from frustrated tenants or tenants on the market for a new rental. Outsmart the other landlords on the block by incorporating smart storage solutions in your rental unit.
Here are some areas of your property where you may want to optimize your storage solutions. Including shelving units or even renovating for more space can increase the value and your tenants will appreciate you for it!
· Kitchen cabinets
· Bedroom closet
· Garage or exterior storage space
· Additional hall/coat closet
You’d really be surprised what a fresh coat of paint can do to really spruce up the place. But don’t just stop at interior paint— making sure the cosmetic details of the unit look great too can also help attract renters. Imagine your own experiences hunting for a new home or temporary rental for yourself— what kind of details did you want to see? Show your prospective tenants that they can call your place home thanks to the upgraded details and refined look.
Check the following areas for opportunities to increase the value of your property and make your space a better option for new and existing renters.
· Eliminate lead-based paint
· Freshen up with a neutral, bright toned paint
· New kitchen tile
· Updated, easy-care flooring
· Enhance natural light with updated window treatments
Most of us expect some modern amenities whether we’re at home or staying at an Airbnb on vacation. Including these amenities in your rental is essential to keeping your space rented. After all, there are few who would even consider spending a day without WiFi available.
Below are some items you either simply can’t get by without, or may add value to your available rental unit.
· WiFi connection options
· Security system
· Online repair request service
Keeping your rental property occupied is the most important factor to maintaining income and establishing return on your property. Follow these tips to increase your property’s value— and practice compliant and positive practices to ensure your property is worth the investment!