Being a landlord can be a thankless job, but if you’re seeing financial gains from it, that can make all the difference. A crucial piece of the success puzzle comes in attracting the right tenants to your property. Many will tell you this is the key to long-term happiness and success, but it’s harder than it seems.
If you’re relatively new to the landlord-ing game, you might need some guidance. Read on for seven upgrades that will attract great tenants.
- A Fresh Coat of Paint
One cannot overestimate the power of a new coat of paint on the interior and/or exterior of a home. Scratched walls and chips in the paint point to laziness—not something anyone wants in a landlord. The bonus is that this is a relatively easy and inexpensive tweak that will go a long way in attracting solid tenants.
Much like when you’re selling your home, you don’t want go with any colors that are too bold or unique. Neutral tones allow a prospective tenant to envision themselves in your rental.
- Kitchen Upgrades
Anything you do to the kitchen is going to come back to you in spades. Because it tends to be the focal point of every property, people want top-of-the-line—or at least high quality—kitchen amenities. And while premium kitchen upgrades like granite counters and new cabinets will surely “wow” potential tenants, it’s not always the big things that renters seek.
As this Zenith Properties article notes, a recent survey from the National Multifamily Housing Council revealed that 88 percent of apartment renters were interested in a garbage disposal. Who would’a thunk!?
- New Appliances
You might not want to stock your rental property with top-of-the-line appliances, per se, but you do want to invest in things that offer convenience, like large dishwashers and front-loading washing machines. Millennials appreciate smart appliances and smart lighting, as they are generally energy and money-savers.
ENERGY STAR appliances are money-saving appliances that renters often desire, too, as they will help control their utility bills. Of course, sleek looking appliances are often desired, so don’t dismiss the factor of aesthetics.
- Hardwood Floors
Nothing turns off potential tenants like dirty carpeting—or any carpeting, really. People love hardwood floors or faux hardwood floors, as they are easier to keep clean and more aesthetically pleasing.
Whatever type of flooring you choose, you want to make sure it’s low maintenance, as you know tenants aren’t going to take the time or effort to maintain them.
Renters love having access to the outdoors. If you are renting out a condo or a house without a deck or outdoor living space, you might consider adding it to attract great tenants. The great thing about landing stellar tenants? They’ll likely return the favor by taking good care of their new living space.
- Make it Pet-Friendly
While this isn’t an upgrade, per se, you’ll certainly widen the net of great tenant applicants by allowing pets. According to a recent Gallup poll, 49 percent of Americans have a dog while 29 percent have a cat. Imagine how many possibly excellent tenants you are excluding if you don’t allow pets. Simply require a pet deposit and/or monthly pet rent to recoup any damage they might cause.
- Bathroom Upgrades
Much like the kitchen, bathroom upgrades always reap major benefits when selling or renting out a property. If you don’t have the money for a full upgrade, consider making relatively simple tweaks like replacing sinks and/or sink handles, showerheads, lighting, and/or flooring.
Make Sure You Advertise Your Upgrades Correctly
The work isn’t done when the upgrades are installed. As tip number 2 on this piece about landlord tips and advice indicates, it’s important to “tell tenants what they want to learn”. The more information you can provide, the better. Once you’ve invested money into these upgrades, don’t let them go to waste; explain in detail the changes you’ve made to your property (this will also help you justify higher rent prices).
You don’t have to make major upgrades to your rental property to attract great tenants, but these somewhat simple tweaks will pay off tenfold.
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