If you own an investment property, naturally you want to make it as appealing as possible to renters so that you can attract and retain the best tenants possible. So today, BK Homes & Signal shares some tips and resources to help make your investment property more appealing to prospective renters.
Price Accordingly
Price higher if your investment property is a holiday rental. Rentals United notes that vacation properties shouldn't cost the same as long-term properties since they're used less often. If it's only a short-term rental, the price should reflect how many people stay in the property.
Decide If You’ll Use a Property Manager
Deciding whether you want to use a property manager will impact your to-do list. You’ll have a choice of services and policies, some of which are better suited for holiday properties and others for long-term properties. Look into your options and see what fits best with your business model and the type of property you own – reach out to BK Homes & Signal today!
Deep Clean the Home
Deep cleaning is the first step in giving your property a fresh start. Generally, this includes carpet and upholstery cleaning, house painting, and minor repairs. It can also include design modifications or adding amenities that appeal to renters, such as allowing pets or installing a pool. Choose wisely when deciding whether you want to tackle deep cleaning on your own or hire professionals. The amount you'll save by doing it yourself will depend on the age of the home and the type of cleaner you're using.
Focus On Repair Work Over Renovations
One of the most important things you can do for your investment property is to maintain it. Holiday property or long-term property will require regular upkeep to attract renters and maximize profits. Look at common repair costs and time frames. Upkeep tasks include replacing worn carpets, fixing leaks, or giving facelifts to appliances such as washing machines and dryers.
Market to Millennials
Millennials are a large part of the rental market and, as When Women Inspire points out, often have specific modern design needs. If you want to access this group of renters, ensure your marketing is appealing with posts on Facebook and other social media platforms that target millennials.
That being said, don’t forget that Millennials still respond to some old-fashioned approaches, like brochures. In fact, those can be an excellent, tactile supplement to your online marketing. If you aren’t sure where to begin, this site may prove to be helpful. You can start generating your own brochures by taking advantage of the free online templates.
Buy a Second Home or Investment Property
The benefits of a second home as an investment include living in it when you want and renting it out the rest of the time. An investment property has the advantage of providing cash flow later in life. A large down payment is necessary for a vacation home loan but is deductible if the house gets rented out.
Protect Your Assets
Create a limited liability company for your investment property establishment to shield you from lawsuits and protect your assets. You have two options for creating an LLC: you may hire a lawyer or a formation service, with the second option being less expensive. This is a practical necessity for protecting your investment.
Appeal to Renters With Lucrative Property
These steps will make your property more appealing to renters and benefit your bottom line. Remember to price accordingly, consider bringing on a property manager, prioritize marketing the property, and focus on repair work.
BK Homes & Signal leverages industry-leading technology and talent to streamline end-to-end property management services for residential housing as income-generating annual and vacation rentals. Contact us today for more info! 239-324-9845 or 239-325-8038