Turning a starter home into a rental property is standard practice. If you’re considering moving and have decided to rent rather than sell, there are a few things you can do to improve your home and make it more renter-friendly. The Kari Haas Real Estate Team lists a few simple tips to help you get the most out of your rental.
Make All the Repairs
If you want to charge more rent, you need to create a high-value space. This means making all the necessary repairs and ensuring the work is top-quality. For example, paint everything properly, including taping off wall molding and windows. Also, give everything a deep clean.
For larger projects or jobs that are out of your DIY scope, hire professionals to inspect and repair any electrical or home system issues. Plumbing repairs are certainly best left to the pros, as you don’t want to risk cracking a pipe or fitting and having a flood on your hands. Keep in mind that local companies can help with that. Plumbing pros will come with the proper tools and skill set to get the job done right and quickly. Be sure to read up on customer ratings and reviews before getting quotes from contractors. Slacking on repairs makes you look bad as a landlord and can make tenants second-guess your abilities. If you need to hire a professional but don’t know where to start, the Kari Haas Real Estate Team has a list of highly recommended professionals that we work with regularly.
Assess Your Availability
Part of the renting process is being available for your tenants and managing the property. Before you choose this option, make sure you have the time and money to fill the landlord position. Keeping a rental property means taking on additional home repairs, major and minor, that cut into your budget. If being a full-time landlord would stretch you too thin, consider hiring a property management company to help you collect the rent, arrange a maintenance staff, and vet tenants for any rental history violations.
Make Renovations That Add Value
When making renovations, choose areas of the home that add value. For example, the kitchen and bathrooms are high-value areas. You can update the appliances and countertops. If the kitchen cabinets are outdated, a fresh paint job and some new hardware can completely change the appearance. Talk to a real estate attorney about looking over the deed and researching the home for any potential red flags you should check out. You may need a thorough inspection to help you find any major renovations you need to complete the project. This will help you avoid any major repairs once a tenant moves in as well.
Prioritize Curb Appeal
The appearance of the outside of the property is just as important as the inside. If you want to attract renters that will appreciate your home and take excellent care of it, you need to work on curb appeal. The Redbud Group points out that curb appeal tells potential renters what to expect from the interior and helps you stand out among the competition. It’s as simple as adding a fresh coat of paint and planting some fresh grass or shrubs.
Market Your Property on Social Media
Once the property is complete, you’ll have to get the word out that it is available for rent. The University of Alabama at Birmingham notes that social media is a great marketing source and is more relevant than ever. You can use Facebook ads to showcase the space and target potential renters.
As you show the property to prospective renters, be sure to have free business cards available. You want to make it easy for your prospects to contact you, and making custom business cards is easy to accomplish online. The right tools can even store your design so you can revisit it later.
As you navigate the renovations and repairs, you may run into obstacles. As long as your budget is prepared to handle the unexpected, you should be fine. Stay in contact with everyone working on the project and keep your social media marketing plan updated regularly, and you’ll have the space rented in no time.
For expert assistance buying or selling a home in the Greater Seattle area, contact the Kari Haas Real Estate Team today!
Image via Pexels
This post was written by Lisa Walker for the Kari Haas Real Estate Team blog.