There’s only one chance to make a first impression. When showing a rental unit to a prospective tenant, the unit you are showing needs to look and feel like home. From the moment the prospect sees the building, they are analyzing the deal. Is it a fair rent? Will I be happy here? What will my children or friends think? What kind of memories can I make here? If the prospect connects in a positive way, it is likely that you’ll attract their business.
If you’re in a competitive location or need more cashflow from that particular rental, it may not hurt to invest in a few items before you begin showing the unit. These small investments will allow you to subtly show how your rental stacks up having to say it. Investing a small amount could yield an excellent return in higher rent, longer lease terms, and happier tenants!
Not sure what to do? Try simple improvements like power washing the home. This gives an appearance of being new and clean, showing that the rental is meticulously maintained and cared for. A larger family home can often be power washed for $300 in our market. In addition to cleaning, add color! This can be done by adding color to the landscape, painting areas that are dull or undesirable, or even changing out your old, yellow light bulbs for new LED bulbs. Lastly, we recommend making simple cosmetic repairs like fixing the flaking paint on a small metal roof over the main entrance, replacing a broken light post by the sidewalk, or even oiling a squeaky storm door. Simple, right?
Next time you think a rental unit might not be performing as well as it could be, take a look at it from a prospective tenant's point of view. A weekend, some elbow grease, and a few good ideas during the tenant changeover could improve your portfolio over the long term.
