Your property isn’t renting as quickly as you want it to? At Colorado Realty and Property Management, we know that three things contribute to the demand for rental a property: the location, condition, and price.
While you can’t necessarily pick up the home and move it to a more desirable neighborhood, you can ensure that you are asking a fair market price and that the condition is the best that it can be and rent ready.
Tips for making your rental the best that it can be.
- Add or repaint window shutters. This enhances the look of the home by making it look more inviting. Fresh paint on existing shutters transform them into looking good as new.
- Yard care: Maintaining the lawn, shrubs, walkways and driveways. Sidewalks that are lifting up can become a serious hazard and should be maintained to ensure the safety of tenants, their visitors, and the neighbors. Ensure that leaves are raked and snow is removed when necessary.
- Quick Fixes: Plant sturdy flowers, repaint the front door, replace house numbers, and upgrade the mailbox. Whenever possible, landscaping should be on a sprinkler and drip system.
Effective window coverings:
- You may think that you are saving money by not installing window treatments, but window treatments are essential to any home. Tenants will view the absence of window treatments as a negative and will be put off that they have to measure the windows, purchase the coverings and worry about installation. It’s best just to ensure that this is taken care of before the property is rented so that it’s truly move-in ready. Choose shades that will last a long time and that do not have cords, as cords can be a safety issue for babies, toddlers and young children.
- While painting is often seen as a drag, it is fairly inexpensive and does not take too much time, especially if done when the property is vacant. A vacant property will be easy to paint, as there will be not furniture to cover and/ or move. Landlords are known for going with white walls, as they are easier to color match and they are neutral for all tastes, but going with a neutral shade of gray or off white will make the property seem less sterile and more like a home, allowing prospective tenants to picture themselves living there.
- While painting the interior, assess the condition of the exterior paint too. There are many factors that influence the need for repainting the exterior of a home, but a general rule is that wood siding should be repainted every 3-7 years or stained approximately every 4 years. Stucco should be repainted every 5-6 years.
New, durable flooring:
- Carpet is a common choice among landlords for flooring, as it is inexpensive and easy to replace. Carpets should be replaced around 5 to 7 years, as they become worn and hold on to unpleasant smells. However, make sure to consider other flooring options too. Hard surfaces, such as laminate, wood or tile can last even longer than carpet, do not hold onto smells, and are easy to clean.
- Update hardware so that all door knobs, drawer pulls, and faucets match each other and are working properly. This will give a new and cohesive look while ensuring all parts are working the way they should.
“…kitchen cabinet hardware can make a big impact on the look and feel of not just your kitchen cabinets, but the entire room. The shape of and finish on your pulls, knobs and handles can put the final touch on your kitchen…” – bobvila.com
- Nothing is more frustrating to a tenant than appliances that aren’t working. Save yourself the time and hassle of dealing with broken appliance and upset tenants and ensure that all appliances are in new condition and working perfectly. Tenants expect to have ice from the ice maker and for the dryer to dry their clothes. If it is offered with the property there is a reasonable expectation that it will be maintained.
Hiring a professional property management company:
- As more and more tenants are renting by choice, their expectations of their rentals and landlord rise. Tenants can be attracted by a professional management company as they know that that everything from leasing to routine maintenance will be taken care of in a professional manner.
Hiring a property manager will save you money.
As we are in the winter season and rental prices have dropped, consider implementing these upgrades to your property to help it rent faster and for top dollar. As always, Colorado Realty and Property Management, Inc. is Here to Help! Reach out today if you’re interested in professional property management.