How You Can Make Your Rental Property the Most Desirable on the Block

There’s a fine line between upgrading your property to make it one of the most coveted on the market, and overdoing it and costing yourself major unnecessary bucks. So what is an owner to do?

The answer is to channel Johnny Cash and walk the line. You want your property to stand out and appeal to renters so that it’s always occupied, but you don’t want to dump thousands of dollars into upgrades that won’t really make a difference or translate into a profit. So, you walk that fine line between the two.

Here are 4 things you can do to make your property - and yourself as a landlord - the top choice of renters in your area.

1. Be an expert about, well, everything. If you can speak knowledgeably about the property, the neighborhood, the local schools, and other features or amenities associated with the home, you’ll win points with prospective renters. People want to know that the person they’re dealing with (you) is intelligent and informed, and being an expert on all matters related to the property will let them know that you are both. The best part about this? It doesn’t cost you dime.
2. Add a unique feature. In a sea of similarity among properties, adding something unusual can be the key to keeping your unit occupied and in demand. I’m not suggesting that you install an in-ground pool or anything like that (because that would be REALLY expensive and not cost-effective in the long run), but doing something on a smaller scale is definitely worth considering. You might think about putting in a hot tub, or a wine fridge, or smart locks, and then playing up that unique feature as a selling point. It won’t cost you a lot, but it will make your place stand out.
3. Identify your target demographic and stick to it. Different types of renters want different things. Families may go for properties with large yards for their kids to play in, but young singles may view that green space as an added chore they don’t want to deal with. Take a look at your property and its attributes, and decide which segment of the market is most likely to gravitate toward those features. Once you’ve determined this, you can tweak your place to appeal toward those folks even more.
4. Pay attention to the details that others don’t. When’s the last time you checked out your property’s cabinet pulls? What about the light fixtures? Flower beds? It’s easy to overlook some of these details, but they’re also the ones that many of your renters will notice. You might be thinking, “Really? Like anyone is paying attention to the cabinet pulls.” And in many instances, you’re going to be right. However, there are some people who really do care about these small details, and it’s inexpensive and easy for you to update them. So why not do it? Bottom line on this one - don’t forget about the little things. You’d be surprised at how upgrading a small detail can have a large impact.

Transforming your property into a standout rental that makes potential tenants say “wow!” does not have to be an expensive or time-consuming endeavor. There are a number of things you can do to make your place - and yourself - shine, starting with the ones above.