Rental properties are a tried-and-true investment strategy that provides passive income while giving you the option to sell when the time is right. Additionally, owning a rental property allows you to diversify your portfolio. That said, any real estate investment comes with risks, and your profitability is contingent on being able to attract and retain high-quality, dependable tenants.
To mitigate vacancy losses, bolster new tenant applications, and keep good tenants, make sure you follow some of these tips:
Pick the Right Neighborhood
Most tenants will look for areas that have low crimes and good schools as well as easy access to shopping, dining, and parks. If your rental property is located in a desired neighborhood, chances are you won’t run short of prospective tenants.
Upgrade the Kitchen
Updating appliances will not only catch the eye of potential tenants, but also increase your investment home’s value when the time comes to sell it. Alternatively, kitchen upgrades that include new cabinets and modern finishes are sometimes all that is needed to impress sellers and regain some of the original investment.
Invest in Curb Appeal
Curb appeal is vital to making a great first impression on prospective tenants. In addition, home landscape upgrades can offer homeowners over 100% returns on their investments when it comes time to sell. A lawn service, fresh mulch, planted flowers, and clean edges will all help to wow tenants.
Adding in new amenities and conveniences can help close the deal. Consider things that can make the tenant’s life easier, such as including utilities in the cost of rent, providing extra parking or storage spaces, furnishing in-unit washer and dryer, and installing smart home features.
Show It Off
Once you’ve put in the work to spruce up your rental property, you’ll want to market it right. Having quality photos in a home listing is crucial to that listing’s success. When photographing a home for a listing, make the most of what you have by staging, utilizing natural light, and working angles to your advantage. A professional photographer with experience in real estate should be able to produce beautiful imagery that highlights the aesthetic of the house.
Are you ready to invest in real estate and see the value it can provide? RLG would love to help you! Call us today to learn more.