Do you own a rental property? What steps do you take to maximize your conversions and possibly boost the value of your property? If you have no idea how to do this, then you’re in the right place. We’ve gathered four of the best ways that can help you realize your goals. Here’s what you can do take advantage of your rental property:
Upgrade your rental property
Your primary house should not be the only property you need to invest in. When you’re a landlord, improving your rental property is an excellent way to increase conversions. It doesn’t matter if you’re planning to sell the property or lease it to tenants. What matters is that the property looks appealing from the inside and out. The key is to invest just enough time and effort to boost its value and still get a high ROI in the process.
One good way to start improving your rental property is by replacing your old tiled floors with hardwood floors. In Salt Lake City, you can find tons of suppliers who offer premium-quality hardwood flooring. Not only does it look good, but it is also easy to clean, is long-lasting, and provides better air quality. Consumers these days are willing to spend top dollar on properties with lovely flooring such as hardwood.
How your rental property looks from the outside can also affect its value. Consider improving your property by maintaining a clean and well-trimmed lawn. A beautiful landscape and an inviting front door can help entice people to check out the property and rent it. Even minor kitchen upgrades can make a big difference. Consider installing better countertops, painting your kitchen walls a new color, or having new kitchen cabinets installed.
Advertise online
Putting up a “for rent” sign in the yard is not enough to spread the word that you’re renting out your property. Tell everyone that you have a gorgeous rental property waiting for possible tenants. Advertise in newspapers, on local bulletin boards, and the like. Take it a notch higher and advertise online. There are tons of websites where you can find tenants for your rental. Think of social media and rental websites.
Make sure to take high-quality pictures while focusing on the beautiful features of the property. For example, you have a beautiful yard with a deck where renters can rest and entertain visitors. Take lots of pictures and choose the best angle when promoting the property online. Take note that taking photos of the property on a 30-degree angle makes it look bigger.
Screen tenants before renting the place out
To maximize your conversions, don’t settle on just about anyone who wishes to rent the property. It would be better to let your property sit on the market for an extended period than rent it out to a bad tenant. But what can you do to screen your tenants properly?
It would be best to make sure that your new tenant has ample income to cover no less than three times the amount of rent each month. Some landlords now check a tenant’s credit score to see how good they are with their finances. See if they have any criminal records and any past evictions.
Don’t forget about insurance
Getting landlord insurance helps protect you from liability costs, property damage, and even loss of rental income. The coverage varies, but you get that peace of mind, knowing that someone has got your back in case of any untoward incidents.
Upgrading your property, advertising it right, screening out tenants, and getting the right insurance won’t only help with maximizing your conversions. You can also get to increase the property’s value and even enjoy peace of mind, knowing that you’re covered in case of an unfortunate event.
