The housing market is a competitive place for property owners. With the right updates and amenities, you can stay a step above your competitors and justify your pricing. Consider these six ways to make your investment property more appealing to potential renters.
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Don’t Cut Corners on Repairs
Your goal as a property owner and landlord should be to market your property as luxury. Luxury rentals go for much higher pricing on the housing market, but they also require you to make changes and repairs at the highest standard. Renters notice when you cut corners on repairs. Even a sloppy paint job can lessen the appeal of your property. Hire a qualified handyman, and make sure the job is done right.
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Add Amenities
Amenities are among the first things that a renter looks for in a property. Spend the money to install an HVAC unit or a washer and dryer. You can even add furniture. Furnished rentals go for exponentially more per month than unfurnished apartments. If you have space for a dishwasher, include that in the kitchen. Get rid of carpet and lay down hardwood floors for a clean, modern appeal.
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Hire a Team to Manage the Property
Most renters will argue that dealing with the property owner directly can make communications difficult. Sometimes it takes a team to manage a property. You can find companies that offer a full staff to manage requests from tenants and keep track of rental agreements. They’ll handle rent collection and vet the maintenance team as well.
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Develop an Effective Video Marketing Strategy
Given the competitive market, having an effective advertising strategy is very important. Take advantage of the opportunities that social media has to offer. Put together a video that you can share on social media showcasing your rental property’s best features. Learn how to merge videos online with an online tool that lets you combine videos and images together.
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Update the Kitchen
Research shows that your functional rooms, such as the kitchen and bathrooms, are the ones that sell the property. With a top-notch kitchen, you’ll attract exponentially more applicants. This means you need to make updates and add amenities. Epoxy countertops from La Belle Vernice, LLC are a beautiful and relatively inexpensive way to provide the kitchen with a modern focal point. Choose a simple design with mass appeal. The same is true for the cabinets. You can make a dramatic difference in the kitchen’s appearance with a simple coat of neutral paint, such as gray or white.
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Protect Yourself With an LLC
If you are just starting out with your first rental property, you’ll want to establish a Limited Liability Company as the property owner. It is relatively inexpensive to become an LLC, and it comes with a few necessary benefits, including tax advantages and liability protection. With liability protection, your assets are protected in the event of a lawsuit. You can hire a lawyer to handle the registration process for you or do it online for significantly less.
Making repairs and renovations keeps your property from looking dated. As rent prices go up, what you can offer renters should increase as well. Take the above suggestions and make changes to your property that will keep your rental in style and appealing to renters.
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