Lower home ownership rates have increased the demand for property rentals, according to IBISWorld.com. The increased competition to succeed in this $55 billion industry presents a challenge to property managers. Even if you just manage properties as a side business or a hobby, there are steps you can take to bring your property from ordinary to extraordinary.
Upgrade to Executive Rentals
Executive rental or corporate housing are short term rentals. These furnished apartments offer a range of amenities, and are typically used by people who do not normally rent. This could include executives who have just moved to town and are looking for a home, business travelers, and people who need a place to stay while they remodel their home.
By switching from a long term to a short term lease, you increase the amount of work that you need to do. Some of that extra work will be turnovers and increased time spent marketing your property. But some of that time will be spent in fun activities like decorating your property with new furniture or paint. The extra time is truly an investment. Many landlords are able to charge nearly twice as much for an executive rental as they would be able to charge if they offered the same place as an unfurnished long-term rental.
The more amenities you have, the easier it will be to rent out your property. First, make sure that you are emphasizing any amenities that you already have. If you are near a bus line or close to shops and restaurants, make sure that you mention that in your ad. You can also add features to your rental. Everything from a home alarm system to free Wi-Fi or cable included with the rent will increase the appeal of your property.
Boost Your Curb Appeal
No one will even want to look at your property if it has no curb appeal. Kiplinger.com reports that property owners can boost curb appeal without spending a ton of cash. If you only want to invest a small amount, consider adding a few miniature trees in five gallon buckets near the front door. Buy them from your local gardening center for around $35 each. Alternatively, you can plant the front yard with $100 worth of wildflower seeds. For about $500, you can hire a professional landscaper to tackle the job, and for around $1,000, you can lay new sod or xeriscape your front yard. Click here for a list of contractors.
Going green is probably the biggest consumer trend of the last decade, and making your rental more green is only going to benefit. The National Affordable Housing Management Association offers a credential for green property management. By using green building practices, employing energy- and water-efficiency standards, and improving your indoor air quality, you may become eligible for one of these credentials. However, you don’t have to earn a formal credential to claim that you are green. Show prospective renters your water-free landscaping, your low-flow toilet, or that most of your power is sourced from wind mills. These little attractions may be just the boost you need to draw in higher rents.