Turning Your Investment Property Into a Renter’s Dream Home
Guest post by Natalie Jones
With investment properties, ensuring the home is appealing to renters is essential. By doing so, you’ll have an easier time finding tenants and getting top dollar.
Whether you currently own one or hope to in the future, here are some tips from Krispin Watson for turning your investment property into a renter’s dream home.
Must-Tackle Repairs for Investment Properties
Before renting out an investment property, you need to make sure it’s structurally sound, and that key systems work correctly. If you’ve recently purchased the soon-to-be rental, use the inspection results as a guide.
If there are issues with the roof, foundation, exterior walls, or other critical structural elements, fix those first. Also, make the electrical, plumbing, and HVAC priorities. That way, the basics are handled right away.
After that, you can focus on aesthetics. G3 Management notes that new flooring and paint give any rental a fresh look, which could be good places to start. Additionally, many prospective tenants focus on the kitchen and master bath, so consider improvements there if you want to rent it out quickly.
Features and Amenities That Appeal to Renters
Today, renters have different priorities due to lessons learned during the pandemic. By providing what they’re looking for now, you’ll have an easier time securing a tenant. Here are some features and amenities that renters want:
· Outdoor living space
· Designated parking
· Home office
· In-unit washers and dryers
· Natural light
· Keyless doors
· Smart tech (programmable thermostats, smart appliances, etc.)
· Pet friendliness
· Ample storage
Also keep in mind that kitchen and bathroom remodels will make your home more appealing to renters. In fact, they’re among the best things to update in terms of return on investment. Call on Choice Kitchen And Bath to get the job done right!
Protecting Yourself (and Your Assets) with an LLC
Before you find tenants, it’s wise to take steps to protect yourself and your assets. One simple option is turning your investment property into an official business and forming an LLC. That way, you reduce liability and get other benefits.
Forming an LLC can be relatively straightforward. If you prefer some assistance, you do have the option of hiring a lawyer. However, if you go with a formation service instead, you can get everything handled for far less money.
Handling the Management of Your Property
Generally speaking, you have two options for managing your investment property. First, you can step into the role of landlord. If you go that route, essentially everything is on your plate, including screening tenants, collecting rent, coordinating repairs, addressing complaints, and more.
Alternatively, SmartMove points out that you can hire a property manager. Property managers help advertise the property, screen tenants, collect rent, enforce leases, schedule repairs, and more, all on your behalf. It can make overseeing the property far easier but does take a notable bite out of your profits.
Marketing the Home to Tenants, Including Using Videos
Once your property is ready, the business is set up, and you’ve decided on how to manage the rental, it’s time to market the home to potential tenants. In most cases, you want to start by gathering high-quality property photographs. Professional photos make a difference, so it’s an investment worth making in many cases. Using free video tools, you can now combine video online with other images to generate slideshows and montages that will capture potential buyers’ eye right away. All that’s needed are the videos and images, which are uploaded, organized, then downloaded for sharing on whatever digital platform you desire.
After that, you want a compelling description of the property. Cover the must-know basics - like the number of bedrooms and bathrooms - and overall square footage. Then, mention amenities and features that matter to renters, ensuring the copy is concise but persuasive.
Finally, you’ll need to decide where to advertise. There are plenty of options available, including classified sites like Craigslist and specialty options like Apartments.com, or you can advertise on Facebook. Consider which approach will reach your target tenant fastest that fits your budget. That way, you can get a new renter quickly without breaking the bank.
Last but not least, you can always turn to an experienced realtor like Krispin Watson for help!
In Closing
Use these tips, from getting your home ready for renters, updating with desirable amenities, registering your business, and marketing your property using videos on all your digital platforms. Before long, your investment property will hopefully turn into a long-term dream home for your next renter!
Whether you are a buyer, seller, or investor, Krispin Watson is the professional Birmingham agent for you. Reach out today to get started!