How to Create a Better Home for Your Renters

July 31, 2020 by No Comments

After the initial investment and learning curve, owning rental properties can be a reliable source of income. Naturally, you want to attract and keep excellent renters, which means you need to provide an exceptional home. How can you give renters what they want?

Features

The size and location of your rental property will help you determine what features may be most important. Large picture windows are essential if your lot provides a stunning view; small units will need plenty of storage space. Some features work well in just about any rental, including stylish newer appliances, durable flooring such as waterproof vinyl planks Paramount CA, and a smart doorbell that allows residents to see who is at their entryway.

Maintenance

The home needs to be in top condition. Repair even the smallest nicks and dings in the walls and keep the heating and cooling systems running efficiently. Pay special attention to safety features: crumbing stairs and dated electrical systems are accidents waiting to happen. Plumbing problems can easily turn into a disaster, causing extensive damage to property and inconvenience to tenants. Prevent the need for costly repairs by responding quickly to tenant reports of dripping faucets, slow drains or running toilets.

Freedom

To you, the property is an investment and a source of income; to your renters, the place is home. Allow renters a sense of pride and ownership. Major changes may be out, but minor adjustments can make a huge difference to your tenants. Why not let renters paint a few walls? Depending on how long they stay, you will likely repaint once they vacate anyway. If the house has a yard, let the renters choose what goes in the planters.

Even some large projects may be doable. Get creative with the financing of items like a backyard deck. Once you and your tenant agree on the design, materials and total cost, have the tenant pay for materials up front and donate his labor. Then give a break on the rent until the total is paid back. If the project costs $2500, you can discount the rent by $100 for 25 months. The short payments will likely make no difference to you, but the deck will add greatly to the value of your property and to the satisfaction of your tenants.

Ease

People appreciate it when you make things simple. Accept rent via whatever payment portal tenants want to use; the easier it is to automate, the better. Communication is crucial to a good relationship, so answer your renters’ phone calls and texts promptly. If there is a language barrier, use a translation app for texts and casual exchanges, but have access to a translator for more complex conversations.