How to Turn Your Investment Property Into a Rental Gold Mine

Owning rental property can be lucrative. But it’s also an investment of time and money. If you want to enjoy the financial returns, you must ensure you’re taking care of your tenants' needs. From maintenance to marketing, there are many ways to turn your investment property into a true gold mine. Below is a guide to starting a successful investment property business.

Don’t Overlook the Small Details

One of the most important things you can do to make your rental property more appealing to potential tenants is to pay attention to the small details. Ensure all appliances are in good working order, the plumbing and electrical are up to standard, and there are no signs of wear and tear. To keep the kitchen’s air clean and scent-free, you could also invest in a wall mount range hood.

Consider Adding an Outdoor Space

Add an outdoor space to your rental property to make it appealing to potential tenants. This space could be something as simple as a patio or even some potted plants. Outdoor spaces give tenants a place to relax and enjoy the outdoors without having to leave the comfort of home.

Make Repairs a Priority

If you want top dollar for your rental property, prioritize repairs. Potential renters are looking for a move-in-ready home that doesn't need work. Even cosmetic updates can affect how much your property rents.

Get Professional Management or Hire a Handyman

If you're not planning on living on the property, you need to decide whether to get professional management or hire a handyman. There are advantages and disadvantages to both.

Professional management companies handle everything from marketing your rental to screening tenants and collecting rent. They also handle repairs and maintenance but take a percentage of the rent as a fee. Hiring a handyman is cheaper, but you must do more management work yourself.

Stage Your Property for Tenants

When you stage your rental property, you want potential tenants to see it as a clean, welcoming space. One important way to achieve this is by vacuuming regularly. Not only does vacuuming help to remove dust and dirt, but it also helps to fluff up carpets, making the space appear more spacious and inviting. In addition, vacuuming can help to reduce allergens in the air, making the space more comfortable for everyone. If your rental has laminate floors, look for a vacuum with a lower head so the suction is closer to the floor.

Advertise Online

You can post ads on Facebook Marketplace and local websites, which will help you market to a larger audience. You should include photos of the property and any repairs or modifications you’ve made. Be sure to mention any appealing amenities, such as on-site laundry or off-street parking. Include detailed descriptions of the property, list the home type, the number of people it can accommodate, and if children and pets are permissible. If you’re not planning on managing the property yourself, mention that in your ad so potential tenants will know who they’ll be dealing with.

Content marketing is a great option for landlords looking to reach a wide audience without spending a lot of money. By creating and sharing helpful and informative content, you can build trust and credibility with potential tenants, making them more likely to choose your rental when they're ready to move. Visit Cornerstone Content to learn the ins and outs of content marketing.

Don’t Forget to Network

As an investment property owner, you should always be networking. Network with other landlords in your area and find out what’s working for them. Attend local landlord association meetings, read industry publications, and join online forums. The more you know about the rental market, the better equipped you are to make decisions about your own property.

An Appealing, Livable Space

If you're thinking about becoming a landlord, there are many things you can do to make your property more appealing to renters. Consider making repairs or modifications to make the space more livable.

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