Managing Your Investment Property￼
Managing and renting out your investment property can be lucrative if done well. There are things you can do to make your property more appealing to potential tenants. Read on for tips on how to manage your property for maximum benefit.
Make the place appealing
It’s a good idea to do a deep cleaning on your property upon acquiring it and at least once a year thereafter. Once the in-depth cleaning has been done, it will be easier to keep the place spotless with regular basic cleaning between tenants. Curb appeal is critical–if they don’t like the way the outside looks, most won’t bother to look inside. So make sure the shrubby and landscaping are tidy, and the front entryway is clear, clean, well-lit, and inviting. Offering adequate parking can be an important feature, so be sure to highlight this if you have it. Outdoor lighting and security should be top-notch. You may want to add outdoor features, such as a hot tub, fire pit, or outdoor grill. Most experts advise painting the interior in neutral colors with bright accents.
Decide how you’ll manage the property
Do you want to be the landlord who deals directly with your tenants? Are you willing to be on call in case there are property-related emergencies? If not, you may want to hire someone to be the property manager. If your rental property is your main source of income, or if you own more than one such property, you may want to establish a limited liability company (LLC) in order to protect yourself and your assets. There can be tax advantages to doing so, as well as streamlining some of the needed paperwork. You can hire a lawyer to take the needed steps to set up your LLC or consider using a formation service, which may be less costly.
Market your rental property
The marketing for your property will be a key factor in determining how much of the time it is occupied. Make sure to highlight unique or appealing features, such as an open area floor plan, a gorgeous view, or an inviting porch or patio. In the age of the internet, it’s important to have an online presence. Whether you do the work yourself or have someone else do it, it’s possible to create a PDF that shows off the best features of the property. People want to see what they will be getting. You can create such a file in several ways, and using a PDF editor online may help. This type of software allows you to make changes to files and documents. You upload the file to make changes, and once it is complete, you download it. Your PDF can be posted on sites that advertise rentals or mailed to prospective tenants.
Add some finishing touches
Little things can make a difference. During growing seasons, add some blooming plants around the front entrance. Consider a keyless lock with a code your tenants can punch in. Do what you can to provide strong and secure wifi access. Sometimes small touches, such as a set of white twinkle lights outlining the indoor stairway, can amp up the atmosphere at very little cost. Indoor greenery provided by just one or two plants can make a room more appealing. Be sure the mailbox and front door are clean, in good order, and freshly painted.
Getting the most out of your rental property starts with keeping it clean, uncluttered, and in good working order. Whether you do the marketing for it yourself or delegate these tasks, it’s important to showcase the best features and make it possible for people to see what is being offered. Although security and parking aren’t glamorous, they matter to most people, so don’t forget those. With attention to detail, cleanliness, and convenience, your property will be frequently occupied, providing you with a return on your investment.
If you’re in Hawaii and looking to sell, rent, or buy a condo, contact Kaka’ako Condos.
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Blogger: Katie Conroy