It’s a secret we share often (so, not really a secret at all): the key to success in rental real estate is 3 fold:
- Offer the best property on the market
- Set fair market rents
- Provide excellent property management
Here, we’re going deep on that #1 item: how can you make your rental the best property on the market? What, exactly, are your tenants looking for? And why do these features matter?
From sleek kitchens to serene bedrooms, in this 2-part series, we’re exploring how strategic upgrades like stainless steel appliances, beautiful bathroom fixtures, and elegant paint choices not only cater to tenant preferences but also dramatically enhance the desirability and value of your investment.
Best of all, we’re sharing loads of behind-the-scenes photos from our own properties, to help you visualize the updates and upgrades that will help your property attract the very best tenants.
In this first post, we’ll start with bigger-picture recommendations for the overall property. Next month, we’ll get detailed on 3 specifically important areas of any home: kitchens, bathrooms, and bedrooms.
Let’s get started:
Curb Appeal
Prioritizing curb appeal helps rental properties stand out from the first look, attracting quality tenants and speeding up the leasing process, thus boosting the profitability of your investment.
But what does it really take to achieve great curb appeal? At Epic Property Management, we focus on 3 areas:
Appealing, Easy to Maintain Landscaping
Yes, well-maintained and attractive landscaping beautifies the property and helps make it appealing from moment one. But it also signals attentive management, which is highly important to discerning tenants. Think easy-to-maintain plants and tidy lawns.
Siding and Brickwork
Clean, well-maintained siding and brickwork enhance the visual appeal of any property—while suggesting good overall maintenance. This is a critical element that potential renters notice immediately, as the state of siding and brick tend to reflect the internal condition of the property and promote confidence in its upkeep. Not to mention that they’re essential to the longevity of your investment.
Cleanliness
When you consider your property’s cleanliness, don’t ignore the outdoors. An exterior free of debris and clutter is not just about aesthetics; it also helps support and communicate safety and accessibility. An orderly outdoor appearance sets a professional tone and immediately communicates that property management is attentive and thorough.
Indoor Elements
While there’s no second chance for a first impression, most tenants make their rental decision while inside a property, and they spend much more time here during a showing. So your property’s interior is at least as crucial as its exterior.
Moreover, the interior plays a significant role in tenants’ daily comfort and satisfaction, directly influencing their decision to stay long-term. And smart investors work hard to minimize turnover.
Here are some important interior considerations:
Spaciousness
A sense of spaciousness immediately enhances a property’s appeal. It can also improve impressions of functionality, because space helps support specific needs, such as a home office, play areas for kids, or room for exercise equipment. This adaptability makes properties more marketable, attracting a broader range of prospective tenants.
Remember to communicate a strong sense of space in your marketing efforts: wide-angle shots are important to a listing’s success.
Flooring
Hardwood and Luxury Vinyl Plank (LVP) flooring are ideal choices for high-traffic areas in rental properties, due to their durability and ease of maintenance. These flooring types withstand daily wear and tear while retaining their aesthetic appeal, reducing the need for frequent replacements.
Additionally, both hardwood and LVP offer a popular, up-to-date look that enhances the desirability and value of the property.
Paint
Choosing the right paint is crucial for enhancing the value of a rental property. A 3-tone paint scheme creates a cohesive, fresh look that appeals to a broad range of tenants:
- Eggshell for walls, in a neutral hue
- Semigloss white for trim and doors
- Flat white for ceilings
It’s also important to stick with a consistent color palette throughout the property. This not only supports aesthetic uniformity but also simplifies maintenance.
Windows
Investors should prioritize quality windows and blinds in rental properties, as they
- Enhance aesthetic appeal
- Improve energy efficiency
- Provide privacy and light control for tenants
- Add a touch of style and functionality
Be sure windows and window treatments are in great condition before marketing your property; one broken blind can make an otherwise great home leave a poor impression.
Outdoor Spaces
Access to outdoor spaces significantly enhances the value of rental properties, providing tenants with appealing areas for relaxation and social gatherings. These spaces extend the livable area, offering a refreshing change of scenery and a private retreat.
Keep in mind that the quality of sliding doors is crucial to the appeal of patios, balconies, and backyards. Well-designed and -maintained sliding doors enhance natural light and improve the overall aesthetic appeal of the property.
Next Up: Kitchens, Bathrooms, and Bedrooms
Now that we’ve explored numerous recommendations for the property overall, we’ll look forward to the 2nd post in this 2-part series, wherein we’ll go into detail on specific, important areas of the home:
- Kitchens
- Bathrooms
- Bedrooms
So keep an eye out. And make sure you’re subscribed, so you’re sure to receive an update as soon as the next post drops.