Boundless Management

For a rental property, time is money. The longer a property sits vacant, the less profitable your investment becomes. Even if your property is in a hot market, you will face competition from other property owners to attract the best tenants. Here are eight inexpensive ways to make your rental property stand out from the rest.

1. Create More Curb Appeal

   It’s a good idea to start from the outside. If the place doesn’t appeal to renters before they walk in, you risk losing them before they ever step inside. A good first impression is easy to create with fresh paint on the front door and outside trim, a new welcome mat, clean light fixtures and a yard free of weeds and debris. Add some colorful blooms in planters by the front door, neatly trim the lawn and, of course, make sure there are no dead plants in the yard.

2. Liven Up With Paint

   One of the most economical ways to spruce up a property is with paint. A fresh coat of paint can revitalize a tired interior, brighten dim spaces and highlight interesting features. For a rental, it’s advisable to use semi-gloss or satin paint, which can be cleaned easily.

3. Get Rid of Dirty Carpets

   One of the most common complaints about rental properties is dirty, dingy carpets. If the carpets in your rental unit are tired, worn or stained, remove them. Replacing carpet or adding hardwood or another type of durable flooring is one of the best investments you can make as a property owner.

4. Neutral Décor

   When you paint or redecorate, use a neutral color scheme. Though you might love the idea of a turquoise bathroom or a deep red kitchen, most people probably won’t. Prospective tenants want to be able to imagine themselves living in the property, and it’s easier to do that if you present them with a blank canvas. Pick inoffensive, timeless and high-quality items that won’t require continual updating.

5. Create More Storage

   If closet space is an issue, try to create some extra storage. Built-in closet systems are inexpensive and impressive, as are built-in bookshelves, extra kitchen shelving or a pantry closet. These items make it easy for people to imagine themselves already moved in and organized.

6. Make the Property Feel Safe and Secure

   One of the most important aspects of choosing a home is that it feels safe and secure. Make sure the property is immaculately clean and free of any remnants of previous tenants. Change the locks and add deadbolts if necessary. Make sure windows are secure and lockable. If you’re in a high-crime area, consider adding an alarm system for even more security.

7. Update the Kitchen

   A more expensive, but potentially lucrative, fix is to update the kitchen. This is especially important if the fixtures are outdated or if the last tenants left the place looking a bit worn. You don’t have to completely renovate, but consider replacing worn-out flooring, updating light fixtures and cabinet doors and handles, and upgrading dingy countertops.

8. Find the Unique Selling Points

   Finally, the best way to make your property stand out is by figuring out and emphasizing what’s special about it. Check out the competition and determine your property’s unique selling points. A great location, lots of sunlight or a pretty backyard can all be selling points.