You have a vacancy in your investment property, and you’re having trouble finding new tenants to move in. After researching the competition in your local market, you’ve realized that you need to update some features in your property to appeal to renters. If you’re ready to pressure wash your rental and make it shine, Ziggar.com is here for you! Furthermore, these tips will walk you through renovating your rental, from forming an LLC for your business to marketing your updated property.
Establish an LLC
Before you start financing improvements for your rental, take the time to file for LLC status. Setting up your investment properties as an LLC will protect you from litigation. In order to establish an LLC, you can hire a lawyer for assistance, or you can save money by filing through an online formation service instead.
Pressure Wash the Exterior
To impress tenants, start by sprucing up the outside of your rental. Begin enhancing your property’s curb appeal by pressure washing the exterior walls. Your home will instantly look more appealing in person and in photos for online listings! ButterflyMX also recommends adding a fresh coat of paint, mowing the lawn and pulling up weeds, cleaning the windows, and lining any walkways with decorative lighting.
Invest in Sought-After Features
To figure out which features renters really want, you’ll have to scope out listings for comparable properties in your area. Apartments states that renters tend to gravitate towards units with granite countertops, stainless steel appliances, outdoor spaces like balconies, in-unit washers and dryers, walk-in closets, and security systems.
How old are the appliances in your rental? If they look outdated and they’ve needed frequent repairs in recent years, it’s probably time to simply purchase and install brand-new appliances. Potential tenants will take notice when they tour your rental! Upgrading to energy-efficient appliances will allow your tenants to save on their utility bills, which could persuade them towards renewing their lease in the future. This will help you secure a stable source of income for years down the line.
Outfit a Room for Remote Work
Today, lots of people work from home. For renters, working from home without a dedicated office can be tricky. Remote workers who are searching for new rentals will likely seek out an apartment or condo with space that can easily be set up as a home office. You can design a room to make it suitable for remote work by adding storage options and easily accessible outlets. This will make your rental more attractive to people who work remotely.
Marketing Your Rental with Infographics
Once you’ve completed your renovation projects, you need to advertise your property in order to attract high-quality tenants. You can set up a social media page for your real estate business and highlight vacancies, and you can also put up flyers around town.
Additionally, you can spread the word about your rental property with the help of social media and your website. For example, here’s a possible solution: infographics. Not only can these be shared on sites like Twitter and Instagram, but you can also post them on your website. To make things easier, you can use an online infographic designing tool to create images that you won’t think twice about sharing with your clients and customers.
If you’re struggling to find tenants, your rental might need an update. It’s important to invest in new features every few years to keep up with your changing local market. With these tips, you’ll be ready to structure your rental business as an LLC, advertise your rental with new marketing materials, and more.