- Refurbish rental property before showings to attract and retain tenants.
- Utilize high-quality photos in advertising to make the property more attractive.
- Create a solid tenant screening process to ensure responsible and reliable tenants.
- Keep up with maintenance and cleaning tasks to maintain the property’s value.
- Respond quickly to tenant requests to show that you value their time and concerns.
If you own a rental property business, it’s essential to maintain an attractive and well-maintained property to attract and retain tenants. An attractive rental property increases its value and ensures that tenants are satisfied and more likely to renew their lease. This guide will discuss five tips to maintain an attractive rental property business.
1. Refurbish Before Showings
Before showing a rental property to potential tenants, you should refurbish and renovate it to make it look its best. This may include repainting the walls, replacing outdated fixtures and appliances, and ensuring the property is clean and well-maintained.
Refurbishing the property before showings make your property more attractive to potential tenants and increase the property’s value. A well-maintained and attractive property is more likely to attract higher-paying tenants and retain them for extended periods.
2. Utilize High-Quality Photos in Advertising
One of the most important aspects of maintaining an attractive rental property business is to utilize high-quality photos in advertising. The photos should be clear, well-lit, and showcase the property’s best features. High-quality photos attract potential tenants and make them more likely to inquire about your property.
In addition to high-quality photos, consider using 3D virtual tours or video walkthroughs to showcase the property. This lets potential tenants better understand the property before scheduling a showing. To ensure an ideal property presentation, use a professional photographer or videographer to capture all angles and details.
You should also consider including floor plans in your advertising. Floor plans give potential tenants a clear understanding of the size and layout of the property. This allows them to easily compare different properties before making their decision.
3. Create a Solid Tenant Screening Process
Maintaining an attractive rental property business also involves creating a solid tenant screening process. This process helps ensure that your potential tenants are responsible, reliable, and more likely to pay rent on time and take care of your property. Additionally, consider requiring a rental application fee to cover the screening process costs. This helps filter out potential tenants not serious about renting your property. Here’s how to create a solid tenant screening process:
Collect Necessary Information
Before you begin your tenant screening process, collect all the necessary information from potential tenants. This includes copies of their ID, credit report, and any other documents that may be required. Additionally, ask questions on the application form to gain further insight into a tenant’s character and financial history.
Run Background Checks
Once you have collected all necessary documents and information, it is time to run background checks on potential tenants. Your background checks should include a criminal record check, rental history verification (if applicable), and credit score analysis. All of this information can help you determine whether someone is trustworthy or not and if they are capable of taking proper care of your property.
Perform Employment Verification
Lastly, perform employment verification for all potential tenants. This helps you confirm whether a tenant is employed and able to pay rent on time each month. You can request pay stubs and/or contact the applicant’s employer to verify their employment status and salary information.
Make an Informed Decision
Once you have collected the necessary information and performed background checks, it is time to decide who your tenant should be. Before deciding, consider prior rental history, credit scores, criminal records, income level, references provided, and other factors. By taking these steps in creating a solid tenant screening process, you can help ensure
4. Keep Up With Maintenance and Cleaning Tasks
Keeping up with maintenance and cleaning tasks is crucial in maintaining an attractive rental property business. Regular maintenance tasks such as lawn care, HVAC maintenance, and appliance repairs should be performed promptly to ensure the property is in good working condition.
Regular deep cleaning of your property is also important. You should do regular house deep cleaning to ensure your property is free from dirt and grime and stays in top condition for your tenants. A deep cleaning helps keep your property attractive, increasing its value and appeal to potential tenants.
5. Respond Quickly to Tenant Requests
Responding quickly to tenant requests is essential in maintaining an attractive rental property business. Promptly addressing maintenance requests, responding to inquiries, and providing excellent customer service can go a long way in retaining tenants and attracting new ones.
Consider implementing a tenant portal or mobile app that allows your tenants to submit maintenance requests and communicate with property management easily. This streamlines the process and shows tenants that you value their time and concerns.
Maintaining an attractive rental property business requires a combination of refurbishing, utilizing high-quality photos, creating a solid tenant screening process, keeping up with maintenance and cleaning tasks, and responding quickly to tenant requests. By implementing these tips, you can attract and retain responsible and reliable tenants and increase the value of your rental property business. Remember, a well-maintained and attractive rental property can lead to long-term success and profitability.