8 tips for maximizing your investment property
Article Submitted by Charlotte Meier, Home Safety Hub
As a rental property owner, it's important to ensure that your properties are appealing to potential tenants. A visually attractive rental property can help to increase demand and keep your vacancy rates low, while also helping you to command higher rents. This article provides eight tips to make your investment property more appealing and attract high-quality tenants. Whether you're a new rental property owner or an experienced real estate investor, these suggestions from BRC Real Estate can help you maintain your rental property.
Invest in Durable Flooring Options
One of the most important investments you can make in your rental property is in durable flooring options. High-traffic areas like entryways, living rooms, and kitchens can quickly deteriorate and look shabby without the right flooring. Consider investing in hardwood, tile or laminate flooring, which are more durable than carpeting and tend to hold up better over time.
Digitize Tenant-Related Paperwork
You can draft lease agreements or other tenant-related documents digitally for added convenience and peace of mind. This makes it easier for both you and your tenants, while also streamlining your processes to ensure more efficiency. If you’re changing from one platform to another and you’re encountering trouble with the file orientation, then you can rotate a PDF online using this free tool.
Consider Professional Property Management Support
If you're struggling to manage your rental property on your own, consider hiring a professional property management company for support. Not only can this help you to ensure that your property is being properly maintained and marketed, but also provide a buffer between you and tenants in case there are any disputes or service calls. Our sister branch BRC Multifamily is a great option for Property management who can also help you to optimize your investment property to its full potential, so you can get the most from your rental.
Form an LLC
If you're just starting as a rental property owner, it's important to consider forming a limited liability company (LLC) to protect your assets from liability. This can help to shield you from any liabilities that may arise from tenant-caused damages or accidents. An LLC can also help to separate your assets from those of your rental properties.
Add Insulation
Another great way to make your rental property more appealing to tenants is by insulating it. Adding more insulation to your investment property can help to reduce noise pollution and make the space more comfortable for tenants to live in all year round. This type of upgrade can also help to reduce your overall energy bills and save you money in the long run.
Offer Flexible Lease Terms
Offering flexible lease terms can help to make your rental property more appealing to potential tenants. Consider offering leases of varying lengths or rent installment plans. This will help you to attract tenants who might not be able to commit to a long-term lease but who still want a great place to live.
Invest in Sustainable Features
Nowadays, many tenants are looking for more sustainable rental properties. As such, investing in eco-friendly features can help to make your rental property more appealing to tenants. This can include things like installing energy-efficient appliances, lighting or water-saving switches, or even solar panels if appropriate.
Add Personalized Touches like Unique Lighting Fixtures
Last but not least, adding personalized touches like unique lighting fixtures can help to make your rental property more appealing. Consider investing in high-quality lighting fixtures that are both functional and beautiful. This can add a touch of elegance and sophistication to your rental property.
Making your rental property more appealing to tenants can be as simple as following a few of these tips. Investing in durable flooring and sustainable upgrades, digitizing important paperwork, and forming an LLC are a few measures you can take. By following these tips, you can attract high-quality tenants and command higher rents for a rental property that looks great and performs well for years to come.
BRC Real Estate is happy to serve both residential and commercial markets. Call 303.495.2212
