If you have been a real estate investor for quite some time now, you know full well that rental properties are the most lucrative kinds of assets to acquire. This is due to the fact that, unlike basic single-family residences, rental properties offer numerous units that can be rented out to tenants. Even if you have five of these units vacant, you still have other income-generating units that are active.
That said, you might want to consider investing in rental property, but the option is not all that protected from risks. At best, you should worry about your vacancy rate indicating the number of units you need to fill up. It’s ideal to have at least 75% of all these units rented out, but anything below that figure needs action.
One thing’s for sure, you need more tenants to reach that required number. And the first thing you need to do is to improve your property. Here are a few things that should help you spruce up your assets and attract potential renters.
1. Upgrade your exterior paint
As an investor, you don’t spend all of your time looking at your properties’ numbers or exploring other investment strategies to use for your acquisition. You also need to take care of the creative aspect of managing an apartment. That said, you can start by replacing your exterior paint with one that jibes with current trends. Sure enough, you can look no further than pastel shades. That way, people will want to rent your apartment based on first looks.
2. Improve your landscaping
While you’re repainting the facade of your apartment, you should also spend ample time taking care of the lawn and all other aspects of your landscaping. For sure, you can always plant shrubs and hedges that can be pruned to perfection. Aside from plants, you may also need to keep the grass on the lawn shorter, put in a fish pond, and lay down a walkway. No doubt, great landscaping can bring out the best in your apartment, allowing you to attract more people to your property. It’s already an investment that works wonders!
3. Decorate your interiors
When it comes right down to decorating the lobby and corridors, you can purchase pieces of art such as portraits and statues. Place these artworks in places that serve to welcome new tenants. To best display your new artwork, you can replace your old wallpaper and change the color of your interior walls. Aside from that, you can also place plants in certain areas of your apartment. Look along the lines of fortune plants and succulents to give your rental property some energy and make for great marketing material.
4. Hire the right listing agent
Listing agents basically handle a lot of marketing. They advertise your rental property through certain channels such as social media and local classified ads. Listing agents also handle a lot of prospect engagements so be sure to find someone with the right attitude that will get people to rent.
Managing a rental property investment isn’t rocket science. All you need is to make your property appealing to people and secure a good income stream from there.