Cleveland, OH · Member since 2022 · 826 posts · 578 votes
For those rental property investors, whether it be single family or multi. What strategies, techniques, and improvements did you utilize to make your property more appealing than others in the area?
Are there ways that you can make your property more attractive without absolutely breaking the bank?
I plan to invest in the summer of 2023 after college and many new questions come up for me every day. This was one of today's questions!
IMO you don't need to really outdo the other properties. You need to out market them and price right. Make sure you have great photos. I prefer a wide-angle lens and make sure you can always see both the ceiling and the floor in all the photos. Take a photo from every corner of the room. Don't photograph at full sun or your photos will have a glare. Brighten them up a bit so details show up better if your photos are dark. I like to include a screenshot of google maps that include pin of my location and whatever area attractions are there. I am in a military area so I orient my screen and adjust the scale to ensure I show the closest military base, for example. Google allows you to use their screenshots as long as you keep the Google logo on the shot.
Your goal is that when prospective tenants are sitting on their couch tonight trying to decide what properties they want to schedule viewings for this weekend, that your property makes the cut.
Open floorpans, tear down as many walls as possible. Get nice light fixtures, backsplash throughout the kitchen, agreeable grey seems to be the new standard in terms of paint.
In addition to what others have said, make sure the property is clean and everything is in working order. When you walk up to and into a property, you can quickly determine if the owner has taken care of it. A general shabby or dirty appearance is not desirable. Most people looking for a place to live want something clean and safe for their family. When cleaning, the areas that seem to get overlooked are usually dirty windows, baseboards, the insides of cabinets and drawers, and mildew-covered grout. The landscaping is also a giveaway if a property is getting good care. When you are ready, have a trusted friend take a walk-through with a critical eye and give an honest opinion of what they think. Take good photos and price it right. If you take care of those things, you won't have any problem finding suitable tenants.
Make sure it is clean and the colours are neutral. If it is dated, look for little things you can do to change that which won't break the bank (new hardware, a new faucet, etc). Where most of my rentals are, there is a 0% vacancy, so filling them isn't a problem.
Watching a lot of HGTV....just kidding. Make sure the area is clean inside and out, grass and other greenery well kept, and enough lighting in the house. This might break the bank a little but recessed lighting, open floor plans (hopefully no load-bearing walls that make this hard) making sure the flooring is solid