The success of rental property depends on the owner’s ability to attract and keep desirable long-term tenants. Here are few basic tips:
- Maximize “curb appeal”. You have to “sell” the home to tenants just as you would to buyers. Maintain the property exterior and landscaping.
- Keep a neutral color scheme. Carpet, tile, vinyl floors, and walls in neutral colors make it easy for prospective renters to imagine their furnishings in the home, apartment, or condo.
- Do more than keep the property in good repair and clean. Add extra amenities and conveniences such as a garbage disposal, self-cleaning oven, and refrigerator with an ice-maker.
- Provide basic lawn equipment and a tool kit to encourage upkeep of the property by the renter.
- Reward renter loyalty. Offer incentives to long-term renters such as paid cable TV, discounting rent when repairs are made by the tenant, and offering referral fees for sending prospects to your other rental properties.
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DISCLAIMER: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with a professional in their respective expertise for complete details.