The goal of any rental property owner is to earn a reliable flow of income. But, that is only possible if the property is occupied consistently. If you’re currently in the market for new tenants, this article by Triumph Property Management explores various steps you should take to spruce up the home and start earning.

Learn from the Competition

Whether you own an apartment downtown or a family home in the suburbs, there are bound to be other rental properties in the area with whom you need to compete. The key to outperforming the competition is to keep your property in the best condition and match/exceed amenities provided by other landlords.

Visiting local real estate websites is a great place to educate yourself on other rental properties in the locality. Additional property listings can be found on Facebook Marketplace and Craigslist. When reviewing properties, note the best features they have, such as a renovated kitchen, appliances, furnished bedrooms, etc., and plan for the upgrades you can make to improve your property.

Make Necessary Modifications

Based on your competitor research and budget, start making modifications that help your property better cater to the needs of prospective tenants. For instance, adding kitchen appliances such as a microwave, toaster, blender, etc. can greatly improve your tenant prospects.

If budget permits, you can take it a step forward by furnishing the home with a bed, cupboards, and a few pieces of living room furniture. While these will involve an investment, it’ll allow you to quote higher monthly rent and make the property rank higher than unfurnished ones.

Having a furnished home will allow you to promote the property to short-term renters, such as working professionals, tourists, and students.

Improve Curb Appeal

As reported by Moving.com the external appearance of the home can make or break the deal. Here are a few ways to spruce up your home’s appearance and make a strong first impression on tenants:

• Landscape the lawn to remove weeds, debris, and other unwanted objects. Plant local variety of flowers to give the space some much-needed color and personality.
• If you have a porch or deck, decorate it in the same way you’d do for an event. Clean the furniture, add a few decorations, and play some calming music during showings.
• If the mailbox is old, consider buying a new one. Similarly, ensure the home’s number plaque is visible and in good condition.
• Hide your garbage cans away from sight during visits.

Create Videos

Creating a video showcasing your home is a great way to market your rental to potential tenants. You can use handy tools to combine video online to create slideshows and montages that are eye-catching and memorable. Such a tool allows you to edit video so you can share the exact moments you want to capture, then you can upload it to your website or post it on your social media channels.

Freshen Up the Interiors

A fresh coat of paint is a simple, cost-effective way to give your home a fresh look. But, as reported by Real Simple, when choosing colors, the best option is to go for neutral tones such as white and cream. While you may be a fan of experimenting with colors, your tenants may not.

Having a home painted in bright colors may turn away renters and increase the time it takes to fill your space. Follow this same principle if you’re planning to replace the flooring or carpeting. If you do want to experiment, consider creating an accent wall in the bedroom or home office.

Promote the Property

Creating property listings online and promoting them on social media is a tried and tested method for landing tenants. But, you can take it a step further by designing a dedicated website for the property. Here are the key elements your website should include:

• High-quality pictures of all rooms and outdoor spaces.
• A walkthrough video promoting the unique features of the home. The video can include you talking during the walkthrough or a text layover.
• Eye-catching infographics provide in-depth information regarding the property, such as its history, amenities, and more.

Once the website is ready, share the link with everyone in your network who can then spread it further to create a buzz about the property.

Every property has a few unique selling features that make it stand out from the rest, which is why using videos in the marketing of your rental is so important. Through your modifications and promotion efforts, put emphasis on those features to receive more inquiries and rent your space at the earliest.

Las Vegas-based Triumph Property Management is your go-to source for property management services that cater to everyone’s needs including clients, property owners, investors, and developers. Contact us today for more information! (702) 367-2323