Being a first-time landlord can be challenging when you’re unfamiliar with the process. Whether you need an additional income source or want to use it as an option to avoid selling your home during a slump, it’s essential to take a few steps to attract tenants to your property.
Finding the right tenants can speed up the process and help you rent your place sooner. However, your potential tenants will have some expectations from your property to ensure it’s the right fit for them. So, what can you do as a landlord to make your home more desirable to tenants?
Upgrade Home Services
Tenants want to ensure that the home they will be paying to live in is worth the cost. If they notice backdated home services and a lack of proper maintenance, they’re likely to steer clear of that property. Before you post your home vacancy listing anywhere, consider upgrading your home services including AC installation, to create a comfortable living environment. Replacing or repairing any outdated equipment will allow the systems to operate efficiently. This will provide peace of mind to tenants as it will save them the hassle of contacting you for repairs.
Upgrading home services, such as the HVAC system, also ensures that the unit runs efficiently. This can keep costs low as an unmaintained HVAC system will work harder to produce the same output, potentially driving up the bills. If your contract requires the tenant to pay the utility bills, they might be discouraged by the potentially high bills due to lack of equipment maintenance.
Refresh the Paint
You don’t need to renovate your home and make significant investments to rent out your property. However, it’s important to make minor changes to make the place look more appealing to tenants.
Interior paint jobs typically last between five to ten years, but this can vary depending on the paint you use and the condition of your home. Every tenant is different, and their lifestyle habits or the number of people living with them may also affect the longevity of the paint. For example, a home with children is likely to get more stains on the wall, requiring frequent touch-ups. Rental properties should be painted more frequently as fresh paint will attract more tenants.
Furnish Your Home
Furnishing your home and adding essential furniture to it before renting out the place can make the property more desirable to tenants. It can save them the cost of purchasing new furniture and the hassle of moving their old furniture. However, some tenants may prefer to bring their own furniture, so you should consider making minimal investments in furnishing your home as you may need to remove what you added if the tenants don’t require a furnished home.
Promise to Make Periodic Upgrades
When you promise your tenants that you’ll look after the property even after they start living in it, they’re likely to admire your dedication. Renting out a place and never stepping foot on the property unless you receive a call from a tenant can discourage people from continuing to rent your place.
Schedule occasional visits after setting a time with the tenant and perform inspections to determine if the home needs any maintenance or upgrades. Tenants will be more inclined to rent your home and stay in it for longer if their needs are met. This can also help you foster a good landlord-tenant relationship.
Renting out your home as a first-time landlord comes with many responsibilities. Take some time to figure out how you can attract tenants to your property.