Investing in real estate is one of the most significant ways to build wealth over the long term. As a landlord, you want to make your investment property profitable for years. You can achieve this by increasing the value of your property by focusing on fundamental improvements rather than cosmetic fixes. Here’s how you can turn it all around to attract high-quality tenants.
Enhance Property Appeal to Tenants
First impressions matter a lot. If your rental property has a garden, ensure the garden and the paths are cleaned regularly. Consider flexible pet policies. Many tenants are pet owners and treat their cuddly friends as family. For this reason, tenants will be looking for pet rentals for their next home.
Walk-in closets and sizeable built-in storage spaces will likely attract potential renters. They want ample storage, such as large cabinets, pantries, and wardrobes, to store their belongings without buying extra containers.
Other important areas to pay attention to include granite countertops and stainless steel appliances, walkability to significant points of interest like schools and restaurants, security and safety, adequately maintained unit and community free of trash, adequate parking space for residents and visitors, in-unit washer and dryer, and smart home features like thermostats.
Reduce Tenant Churn and Turnover
Avoid tenant turnover costs by improving tenant screening, avoid significant rent increases, promptly respond to tenant questions and concerns, ensure your property is in good condition and is regularly maintained, invest in good neighbourhoods with excellent transit services and key intersections, offer an incentive to stay and pay on time, and keep in touch with your tenants and offer help where needed.
Avoid Bad Tenants
Letting in an imprudent tenant is one of the worst things you can do as a property owner and results from poor rental standards and screening. A bad tenant can cause problems, including deliberate property damage, non-payment and delinquency, and unusual disputes with other tenants or the authorities.
Bad tenants don’t care about any rules you’ve set and will sneak in guests and pets against your lease agreement. Others will turn their short stay into an Airbnb or Stayz without your consent and profit illegally.
Maintain Outgoings Down
Outgoings are expenses that you incur directly as a property owner. While reviewing your outgoing can be tedious at times, it can result in huge savings. You can easily compare and change mortgages, building insurance, council rates, water rates, and corporation fees, thanks to the available comparison sites online. Set a day once every six months to a year to completely overhaul your outgoings.
Prioritise Urgent Repairs
Plan for repairs within the first 24 to 48 hours to avoid financial liabilities or penalties. Urgent repairs include:
- Leaking roofs or pipes
- Blocked drains or sewers
- Broken in-unit appliances
- Loss of water
- Bedbug infestation
- Gas or electric concerns
Treat all safety risks, even those not listed in the RTA, as urgent to lower the risk of liability. Examples include cracked glass, sagging ceilings, or rotting floorboards.
Preventive Maintenance
Occasionally, You can miss small repairs if you are busy with other tasks besides your rental property. But, before you realise it, the minor maintenance have piled up into a dozen things on your to-do list. Eventually, this can cost you more money if not resolved promptly. To help you make the most of your property investment, consider the following preventive maintenance checklist:
- Quarterly change HVAC filters
- Clean gutters every fall to prevent rust or leaks
- Turn off the water to spigots every fall
- Frequently stain your deck and fence
- Drain the water heater
- Check for timber pests
- Prune overhanging branches and remove leaves from your yard
- Powerwash your porch and siding
Quality Advertising
Your ultimate goal is to find your ideal tenant. However, your marketing strategies directly impact who you get as your tenant. In the tight rental market, the best you can do is to advertise your property and differentiate it from others strategically. Here’s how:
Draft an Amazing Advertisement Headline
Your advertisement’s headline is critical to grab your audience’s attention. Make sure it features the best features of your property, like a rooftop pool, location, or next to subways. Focus on the parts of the house, property types, and neighbourhood to grab attention innovatively.
Write a Perfect Body of the Advert
Include details such as the unit’s dimensions, location amenities, and other crucial features in your advert’s body. Avoid exaggerating or empty words. To stand out, make sure the best details are in front. In the end, your advert should follow this format:
- Catchy headline
- Short property highlight in a small paragraph
- Bullet points of the key features
- Map and location description
- A detailed section of your policies, fees, and any extra feature you’d want to highlight
Choose Your Advertisement Platforms
You advertise your rentals on different platforms to find your ideal tenant quickly. You can use free platforms like ThehouseShop, Facebook marketplace, or other classified sites. Consider rental sites, newspaper classifieds, and local bulletin boards.
Endnote
The above simple tips are easy ways to increase your rentals’ value. This takes time and effort but pays off in the long run. Always remember that tenants are willing to pay more for a properly maintained property with modern amenities.
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