So you’ve bought a rental property and are looking forward to the steady monthly cash flow you can put towards your retirement fund. Great – there’s just one more little detail to take care of –finding tenants to move in and pay you each and every month!
If you want to get your property rented fast, so you can make as much money as possible, it’s important to ensure that you attract the right tenants. While marketing and advertising your property may get some attention, if your property doesn’t have any appeal, then you’re literally throwing money out the window. Potential tenants will drive by without even stopping to look inside.
Here are 5 things you need to do to your rental property to get it rented fast:
- Landscape: Having neat and tidy lawns and gardens will give your property the curb appeal it needs to get people to the front door. Rake the yard, get rid of the leaves, plant lawn seed, put some flowers in the flower beds, weed the garden and make the outside look as attractive as possible. If you’re not the DIY type, or you don’t have the time to maintain your lawn and gardens, hire a professional landscaper.
- Update kitchen and bathrooms: These are the rooms that get used the most, and are important considerations for potential tenants. Outdated kitchens and bathrooms could mean they rent from someone else. This doesn’t mean you have to go out and buy the latest and greatest fixtures and appliances, but they should look clean and fairly new (something from the current decade is always a good choice!).
- Clean inside and out: Your rental property needs to be as neat as possible, both inside and out. Steam clean the carpets, get rid of any and all debris and freshen things up with a coat of paint. Every room should be sparkling clean, including any furniture that you’re including with your rental fee.
- Update plumbing and furnace: These are the two major components of any property and you will need to make sure that they are updated and in good working order. Furnaces that are more than 10 years old should be replaced. Call for a professional inspection to make sure all is working as it should.
- Hire a property management company: If you’re just starting out as a landlord, or you don’t have the time that is required to complete everything on this list, consider hiring a professional property management company. They will act as a liaison between you and repair contractors to get your property in tip-top shape. They can also deal directly with potential tenants by giving them applications, doing the necessary background checks and even collecting the rent every month. Having a professional company to help you will definitely get your property rented quickly.
Being a landlord can be a very rewarding and lucrative career – but it can also be the cause of major stress and frustration if you don’t have the time and skills necessary to make it work. Partnering with a professional management company can make your life a whole lot easier.
Benefit National can handle all of your property management needs. Visit our website for more information.