As rent prices soar throughout the US and the rental property market remains competitive, it’s an excellent time to invest in real estate — especially in cities like Albuquerque, Chicago, Houston, and Tampa. But to rent your property in less time, it’s important to create a well-designed space your potential tenants will love. TableChamp offers the following design tips and tricks to help you avoid long-term vacancies and get the maximum rent for your investment property.
Focus on Furnishings
While there are pros and cons of furnishing your investment property, furnishing is the way to go if you’re looking to increase your return on investment (ROI) and minimize tenant vacancies. Furnished properties rent for more than unfurnished rentals, and a portion of your furnishing expenses may be deducted from your taxes. Furnished properties also tend to fill more quickly since tenants don’t need to worry about buying and moving their own furniture.
If you decide to furnish your rental property, look for solid wood pieces — as they photograph well, last a long time, and are perfect for everyday living. TableChamp’s collection of solid wood tables, benches, and chairs are the best choices for kitchens, dining rooms, living rooms, and TV rooms; but some other furniture pieces you may wish to purchase for your rental property include beds, linens, couches, kitchen appliances, dishes, and pots and pans.
Make Upgrades and Repairs
As a landlord, keeping your property in tip-top shape is crucial. This means repairing water leaks, dealing with pest infestations, keeping the property’s HVAC system in good working order, and choosing the right paint colors for each room. You might also consider offering desirable amenities like stainless steel appliances; air conditioning; a balcony, backyard, or outdoor space; and an in-unit washer and dryer. Any sellable feature can then be highlighted in your rental listings, photos, and videos.
If you don’t have the time, desire, or experience to maintain your rental property on your own, you may be better off hiring a property manager. If you live near the rental and have the time and desire to manage it, however, hiring a property manager may not be necessary.
Effectively Market Your Rental Property
Once you’re ready to start looking for potential tenants, you can begin to market your rental property online. These ideas will help you to attract quality renters without spending a whole lot of time and money on marketing:
- Create a great rental listing. As we mentioned above, your rental listing should highlight any recent upgrades or repairs you’ve made to the property. Additionally, your listing should include a detailed description of the property (e.g. square footage, required fees, shared amenities, and lease terms), quality photos, and a 3D home tour.
- Share your property on rental listing sites. A few popular options include Avail, Realtor.com, Zillow, Trulia, Apartment List, and Zumper.
- Advertise your listing on special media. Use this Facebook ads maker to create a customized advertisement that can be posted to social media. Add your brand logo, colors, and fonts; include any highlights from your rental listing; and post the ad to Facebook Marketplace.
Other Ways to Attract Potential Renters
Depending on the type of rental property you own, there are some other things you can do to appeal to potential tenants. If you own a single-family home, townhome, or duplex, for instance, be sure to focus on curb appeal: Plant a few flowers and shrubs, maintain the lawn, and hang window boxes. If you own a condo or apartment with a patio, balcony, or outdoor space, consider adding a grill or fire pit table.
Even in a competitive rental market, you’ll need to keep your investment property clean, decluttered, and well-maintained. You won’t just attract potential tenants and rent your property in less time, but you'll also appeal to the best renters around.
TableChamp’s collection of solid wood tables, chairs, and benches are perfect for all rooms and living spaces. Visit tablechamp.com to view their catalog of products and to place your order online. 786-220 4903; info@TableChamp.com