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5 Things Today’s Renters Want in a Rental Property

Sometimes it can be difficult for investment property owners to stay on top of the latest trends in home design, but knowing what renters really want can make a big difference when it comes to filling your property. Here are five of the top things that today’s renters are looking for when deciding whether or not to sign a lease.

  • A large kitchen with a lot of storage. Renters (especially women) know that the size of a kitchen can make or break a house. Prospective tenants want kitchens with plenty of counter space, storage space, and walking room. If your property doesn’t have a large kitchen, consider renovations. If a major renovation is not in the financial cards, look at smaller changes you can make, including adding a rolling island or open shelving.
  • Light, neutral paint. Neutral paint is a great way to make a home feel clean — like a blank slate for renters. Keeping the colors light will help the space feel bigger and more airy. A nice, neutral gray is a very modern choice that today’s renters love.
  • Upgraded lighting fixtures. Nothing can make a house feel more “dated” than old light fixtures. On the flip side, upgrading the lighting fixtures is an easy and relatively inexpensive way to update a house and give it a modern feel. Many of today’s renters like a more “industrial” look, but you also can’t go wrong with classic fixtures that are widely appealing.
  • Carpet that is in good shape. Old or very dirty carpet will be immediately off-putting for potential renters. Make sure to at least have the carpets professionally cleaned. If they are particularly bad, replace them.
  • Crown moulding and clean baseboards. Adding crown moulding to even a few rooms in your property (including the living room, family room, and maybe the master bedroom) is not too difficult and will give your property a “luxury” feel that renters love. Similarly, clean or upgraded baseboards will change the look of a room as well. If they are very old and you can’t afford to replace them, try giving them a fresh coat of paint instead; it will make a big difference!

Today’s renters want homes that are well-maintained with an upgraded feel. Focusing on these five key aspects will help you find a renter for your home quickly. Another thing that will help make the process more painless is using a property management company. These companies will prove invaluable in making sure that your rental property is consistently profitable, and a fantastic investment.  

 

Communicating with Tenants: Why, When, and How?

Keeping an open line of communication is key for maintaining a good relationship with your tenants. In fact, having a good relationship with your tenants may prove to be beneficial in extending your renting arrangement with them.

So what are some good guidelines when it comes to tenant communication? Read on to learn why you should focus on good communication practices, when it is appropriate to communicate with your renter, and how you should approach these discussions.

Why?

Being able to have a comfortable conversation with your tenants will prove very useful to you over the course of your rental agreement. If your tenant observes a major problem with the property, for example, you probably want to hear about it as soon as possible, rather than months down the road when the problem has gotten worse. Similarly, if you have routine maintenance or repairs that need to be performed at the property, you will need to be able to get in touch with your rentals easily.

Beyond this, good communication with your tenants will develop mutual feelings of respect, which will help immensely should any future disagreements or disputes arise. It could also make the tenant more likely to renew their lease and extend the time your property is occupied. Never underestimate the power of a good relationship!

When?

As mentioned above, repairs obviously require communication between tenant and property owner. However, it is a good idea to open lines of communication right from the beginning of the renter’s interest in your property. When they are considering renting your property, be open and available in your communication in terms of scheduling showings and answering important questions. They will appreciate it and it will set a good precedent. Additionally, when a lease is ending or it is time to renew, communication will be vital. If you’re concerned about the workload you’ll face at these vital times, consider hiring a property management company to tackle these problems for you.

How?

Ask your tenant what the best way to reach them is, and share with them how to best reach you. Effective communication can be achieved over the phone, of course, but also through text and email. Be accommodating and respectful to their wishes. If you are simply too busy to be regularly available to your tenant, consider using a property management company to handle these communications for you. This will take the burden off your shoulders while still providing incredible service to your tenant.

Hopefully, you now have a good grasp on the basics when it comes to effective communication practices with your tenants. Use these basics as a foundation for a strong owner-renter relationship, and build on them to help ensure that your property stays occupied and profitable!

How to Make Your Rental Property Really Stand Out

When someone is searching for a new property to rent, they usually have some criteria that is non-negotiable: size, location, and pet-friendliness, just to name a few. Chances are, though, yours won’t be the only home that meets these necessary standards. So what can you do to make sure that your property stands out? Here are a few tips:

1. Up the curb appeal.

Prospective tenants expect the home to be clean and well-kept on the inside, without question. But working on the outside of the home can make a big difference in making a home really stand out and beat out competitor homes. Beyond major things like paint and landscaping, think about minor touches too: updated light fixtures, modernized address number, and clean windows.

2. Clear it out.

Obviously, this can sometimes be difficult if your property is currently occupied, but having the home as empty as possible is always a plus when it comes to showing to potential renters. This allows them to visualize their own belongings and decor in the space, which will automatically make the home feel like it could be theirs. In this case, less really is more!

3. Use live plants.

If you are showing the home furnished or occupied, see if you can add some live plants to the decor. These add a pleasant green accent to the home that is very appealing. Many live plants also help to purify the air, giving the property a fresh look and feel.

4. Open the windows.

Natural light will show off your property in the best way possible. It will also make it look bigger and cleaner. Open the blinds and drapes and let the light flood in!

5. Be available.

This has less to do with the property itself and more with the experience you provide the renters. Searching for a rental property can be very stressful, so if you can make showing your property a pleasant experience, you’ll automatically give yourself an edge over your competition. Be as helpful and as flexible as possible when it comes to scheduling showings and answering questions. Their choice might just come down to who gets back to them first!
Making your rental property stand out doesn’t have to be hard. For more great tips and help filling your rental property, consider using a property management company; this is the easiest way to manage your investment and will make finding and dealing with renters as painless as possible.

3 Questions to Ask Yourself When Listing Your Property for Rent

Renting out your property is no small decision. Being an investment property owner can be extremely profitable, but it can also be a lot of work. You want to make sure that you do everything just right in order to make your investment worth your time and energy. So before you list your property for rent, whether for the first time or the tenth, here are some questions to ask yourself to make sure everything goes well.

1. What are my competitors doing to their properties?

When considering things like price and upgrades, it is often very useful to look at comparable rental properties to understand where the market is at. You want to make sure to ask a fair rental price for your property in order to make sure it is vacant for the smallest amount of time possible. You should also check out the latest trends in home decor and upgrades, in order to make your property appealing to today’s renters. Knowing what your competition is doing to rent their properties will help you immensely as you endeavor to fill yours.

2. What improvements do I need to make to get the most return on my investment?

You want to make sure that your property is appealing to renters, so you should be sure that any necessary improvements are made right away. However, you also don’t want to spend so much money on improvements that it diminishes the profitability of the property. When considering which improvements to make, think about things that will fill the property quickly, and take into consideration how much they will cost versus the rent price you are asking. If a room desperately needs new carpet, for example, you will probably be able to get it done at a reasonable price that will be more than made up for once the property is full.

Bottom line: make improvements if they are necessary, but don’t go overboard as long as you don’t have to!

3. How can I make this process easier for myself and prospective tenants?

The last thing you want is for your property to be vacant for any extended period of time. You also don’t want to deal with a lot of back and forth with prospective tenants, or negotiating terms of contracts or lease agreements. You want simple, fast, and fuss-free. And guess what? So do tenants! To make the entire process more simple for everyone involved, consider using a property management company. Not only will such a company help you find good renters, they will also do a lot of the heavy lifting associated with being a landlord. It’s a great way to get a good return on your investment without any extra work.

When you’re listing your rental property, the ultimate goal is to fill it as quickly as possible. Asking yourself these three questions will help you do that, which in turn will help turn your vision of a profitable rental property into an exciting reality.