A rental property needs to provide basic amenities to residents. However, properly functioning plumbing, electrical, and security systems won’t be used if your building doesn’t have additional features and qualities that attract residents.
Whether you already have an investment property or you’re considering buying one, you need to take specific steps to make the building attractive to potential renters. Here’s a look at what you can do to stand out from the other properties in your area.
Make Necessary Updates
Rental homes and apartments need to offer basic amenities, but these should work beyond expectations. Potential renters are more likely to choose your property if they see new showerheads, fr
Offer Extra Amenities to Stand Out
You can also go above and beyond expectations. There are numerous extra amenities that can help your property stand out. Some of the more common ones include a swimming pool, fitness center, or whirlpool. If your space or budget is limited, you can add other desirable amenities, such as a laundry room, Wi-Fi availability, or stainless steel or efficient appliances.
Settle on a Management Arrangement
Also, decide on how to manage the property. If it’s a stand-alone house, townhome, or duplex, you may wish to manage things yourself. Depending on your other commitments and skills, you can even manage a larger apartment complex on your own.
You can also choose to have a professional property management company handle day-to-day operations, repairs, rent collections, and resident relations. You have to share your profits if you hire such a service, but it reduces your time commitment.
Create a Marketing Plan
You need to create a marketing plan to reach prospective residents to let them know about rental opportunities, amenities, and other features. You can adopt a multifaceted approach by creating a website or social media presence with pictures and information about your property. You can also use print materials or upload your information and photos to a third-party rental listing site. Finally, if you have a large property, you may want to consider offering a referral program that rewards current residents for referring new tenants to the property.
Protect Yourself and Your Investments
One final step that every rental property owner should make is to form a limited liability company or LLC. This legal business structure allows you to separate your property from your other assets and income, which could be helpful if you become the subject of a lawsuit or debt collection.
Though it’s possible to file the paperwork with your state on your own, most companies rely on a lawyer for LLC-related filings. There are also specialized formation services that can help you handle the details for less than what an attorney would charge. Here’s one that specializes in LLC registration.
Enjoy Rental Property Success
If you make necessary updates, upgrade the property to include amenities tenants actually want, organize property management, and reach your target audience with marketing, you can increase your building’s attractiveness to potential renters.
Whether you’re interested in a rental property or other investments, get resources and training from investment coach Robert Sadler and his Know Where 2 Invest site.
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