How DIY Landlords Can Upgrade Their Rental BusinessJanuary 09, 2020
With apps like Airbnb and Zillow on the rise, more and more people are using their properties as a source of income. When it comes to rentals, looks are important for attracting renters but they aren't everything. Here are a few ideas that can help upgrade your rental business and snag that next renter.
First, let's clean up your act
If you have a great home or a great location, you may think that's enough. But it takes more to make someone want to rent. Potential renters want to be able to feel at home regardless of what kind of property they're renting.
Let them see the good your property has to offer by maintaining it regardless of the season. If the property has a yard, make sure to mow, rake leaves, or shovel snow depending on the time of year. Renters don't want to look at a property and see work to do.
Inside the home, it's vital to stage and clean as well. Sweep, mop, clean windows, make it so the future renter will feel like they could eat off the floor if they wanted to. This will also make it easier when you're taking photos to advertise the property, which leads us to our next tip.
Social media is a friend
As obvious as it may seem, a lot of small rental companies forget to take advantage of social media. There are dozens of sites to list and sell properties, but you'll get even more eyes if you utilize social media sites and apps.
Posting about properties can ensure more potential renters get a chance to look at it than if you just listed it on a for-rent site. Not only does it let you put your best foot forward, but it also allows you to advertise in ways landlords couldn't, even as recently as ten years ago.
Instagram, a popular photo-sharing app, allows you to make a business account and pay a small fee to advertise to people in your area. Not only can you pinpoint your exact audience, but you can also control how long you want your inexpensive ad to run. The business side of the app allows you to see how often your posts are viewed or clicked on and can help you figure out what changes are necessary.
Be active on the apps of your choice and it'll pay off in no time. Be sure to include photos of what amenities are available; renters are more likely to go for a place that looks good and features all your cool amenities in pictures.
Give them what they want
You don't have to give in to every single demand (you're running a business after all) but some things are necessary. Access to a washer and dryer, a nice oven and stove; these are things people like to have available. They’re expensive big-ticket items, so if you feel constrained by the price you may want to look into appliance rental and leasing options that allow you to slowly pay for it over time. Also, folding in the cost of new upgrades to the price of rent makes a far smaller dent in your wallet. Just be sure to maintain and clean any large appliances regularly so you don't wash that investment down the drain.
Protect yourself and your wallet
Give your tenants a sense of security, and protect yourself legally and financially, by making sure you're insured and have security features on your property. A key-code entry that you can change daily is best for short-term rentals. Long-term, installing padlocks or security systems (like window alarms or wall units) can be extremely helpful.
Insurance is also necessary in order to be able to recover financially after any incidents or accidents happen on your property. Another option to protect yourself is to use home protection plans that allow you to hand over the stress of repairs on everything from ac units to fridges and washers and dryers.
When it comes to renting out properties, there's a lot to think about. If you take a few small steps now you can take the stress off your shoulders. Renters are just looking for a place to live, whether for a night or a year, and the best thing you can do is show them why your property is the perfect home for that amount of time.
Instead of having to organize tenants and properties yourself, you can take advantage of the multiple organization and networking services out there. Companies like TenantCloud give you tools that will make it easier for you to get and keep tenants.
As with any relationship, rental requires communication and understanding. If a current or past renter brings up a point or idea about the property, listen! They know what it's like to live there and might have insight on how to make your business even better.