While many investment options exist for those willing to take risks, the real estate market remains one of the best. It is less volatile than other avenues like stocks and yields high returns over time because when have people ever stopped buying properties? A better option, though, than buying and selling properties would be leasing them, and it’s a great way to add an extra steady source of income. Leasing does come with specific challenges, though, the biggest of which is making the place look appealing to potential tenants.
These are eight tips to help you do that.
1. Get a professional photographer
It doesn’t take an expert to tell you that we live in a digital world where everything is done online, and people basically shop for anything they need on the internet. While that is great for growing businesses and people selling products online, it also might be problematic. The first impression you make is on the internet, and if it isn’t a good one, chances are you won’t have the opportunity to make a second impression. This is why you should hire a professional photographer to upload high-quality, clear photos of the property, as most people will be looking at listings online.
2. Do repairs before anything
How well do you think a property with a leaking sink would sell? Or one with cracked paint? It’s essential to fix any issues before even considering leasing a place because no one wants to rent a house/apartment with existing problems—even if you do find someone, you’ll have to charge a lot less than you need. So, make it a priority to inspect the entire place and take care of any potential problems, no matter how small. A trivial detail like a missing door knob might, in fact, deter a potential tenant.
3. Get new parts
You naturally want to save money, not spend it, but you should consider it an investment. Instead of just fixing damaged parts of your property, consider getting replacements for the things that are in deplorable condition. You can even increase the rent for this, but in any case, it will draw more tenants since you’ll have brought better furniture or facilities to your property.
4. Work on curb appeal
First impressions matter. Ensure the exterior of your property is well-maintained with clean landscaping, a tidy yard, and a fresh coat of paint if needed. A welcoming entrance can set the tone for the rest of the property. If pictures are how a tenant forms the first impression online, curb appeal is the one they form when it’s time to visit the property. It can be straightforward and cost-efficient to improve your property’s curb appeal, which many people care about when renting.
Start by removing weeds and trimming overly long trees, and don’t forget to mow the lawn. Remove all trash or clutter around the place, and make sure you repaint the façade, as this is the first thing a tenant sees when they visit. Small details like painting the mailbox and getting new house number plaques make a difference, and they won’t cost you much.
5. Clean rigorously
Just imagine a tenant visiting your property only to find an unclean toilet or spots on the floor. It’s a safe bet they wouldn’t consider renting here, and they shouldn’t. The place will most likely be in a mess when a former tenant moves out, so cleaning an end of tenancy is a must. A clean and well-maintained interior creates a positive impression. Make sure the property is thoroughly cleaned before showing it to potential tenants. Address maintenance issues like leaky faucets, broken fixtures, or peeling paint.
As indicated, you shouldn’t try to do it by yourself because you will definitely miss a lot of spots and do a poor job of cleaning thoroughly, compared to a professional, at least. Hiring a trained team ensures the place is in excellent condition, which would impress any future tenants, as professionals come with their own detergents and equipment that are definitely better than your average product.
6. Put effort into the written content
Considering you’ll most likely be posting your property online, you must put a lot of effort into the content of your listing, which many people don’t. Your description has to be exciting and captivating enough to make any possible tenant want to come and visit, and it has to be written appropriately—typos and grammatical mistakes don’t usually inspire confidence. You also have to include every possible information on the listing and not leave anything out. The more you add, the better the listing will do. Mention everything from amenities in the neighborhood to nearby transportation because people care about those things.
7. Be flexible with visiting time
People have varying schedules, and the more flexibility you give them with visiting time, the more motivated they will be to view the property. Some landlords require a 24-hour notice before anyone can view the place, which isn’t really encouraging for a person who might not even know what their day looks like tomorrow. So, it’s best if you make it all-day-long visits without the need for a notice or anything.
Install quality locks, smoke detectors, and carbon monoxide detectors to ensure the property's safety and security. For added peace of mind, consider adding security features such as outdoor lighting, alarm systems, or surveillance cameras.
8. Don’t ask for too much
Hundreds of properties are up for rent in your area alone, and you need to consider the competition. Your place's quality is essential, but people care a lot about money. If you set too high of a price, you risk alienating possible tenants who’d just go to someone offering more competitive pricing. So, be sure to set the correct rent, and remember that it will help you find a tenant much faster, and having someone rent the place for less is definitely better than waiting for someone who’d accept your higher offer.
Finding a tenant can be difficult at times, but you must consider if you’re going about it the right way. You can’t just post mobile photos of the property in its current condition and hope for the best. Take your time and ensure you’re doing everything right, and you will get a lot of applications to rent your property.
9. Clear and Transparent Communication:
Be transparent about rental terms, policies, and expectations from the outset. Clear communication builds trust and fosters positive relationships with tenants, increasing the likelihood of long-term tenancy.
Does a landlord need to give notice at the end of a tenancy? The requirements for notice at the end of a tenancy can vary depending on the jurisdiction and the lease agreement terms. In many places, landlords must give tenants notice before terminating a tenancy, typically ranging from 30 to 90 days, though this can vary. Similarly, tenants may also be required to give notice before moving out.
