Maximize your rental income without breaking the bank
As with any business owner responsible for profitably managing rental income, a landlord must be concerned with filling calendar days. What this means is that whenever a calendar day passes without you having signed a tenant, you have lost money that you can never again recover. Of course, you still own your property and can still rent it, but every day, week, or month that passes without a tenant equates to losses you must recoup. In terms of recouping costs, it might sound like a paradox, but the best way to recoup your losses is never to lose the opportunity in the first place.
To do this, you can maximize your rental income by ensuring it appeals to the widest percentage of renters in your market. If you can appeal to your market, you will transition from having properties available for rent to a waiting list of people wanting your properties.
1. Neutral colors
Whenever someone is shopping for living space, they like to be able to mentally superimpose their artwork on the walls. They like to imagine the layout of their furniture in the living room and bedrooms. They like to visualize their dining room filled with all the furniture around which family and friends will gather for holidays and other special occasions.
The best way to enable this is to ensure the backdrop for this visualization is neutral. The best colors for this are whites, tans, or light browns. Additionally, white trim will serve to brighten and open up the walls. If a room is painted some primary color or if it involves some garish color pattern, your rental property might appeal to some people, but it will not appeal to most people.
2. Clean you renal income
Simply put, no one wants to move into a place while having to imaging what it will look like clean. Carpets should be wet-vacuumed to remove stains or allergens. Walls should be freshly painted. Windows should glisten. Once the visuals are ready for traffic, you need to also consider the smell. Because a rental unit can become musty if it sits for a few days, you should invest in deodorizers that plug into electric sockets. For only a few bucks, the place will smell crisp and clean when that last-minute renter wants to stop by for a look.
3. Minimal staging
Too much staging can prohibit a person from imagining how their furniture will look in a rental while not enough can make it feel empty and small. Consequently, you should invest in a few plants with one going in the kitchen and one going in the living room.
When decorating the walls, mirrors work best. The reason you should invest in a mirror rather than artwork is because a tasteful mirror can add depth to a room while a piece of artwork can make someone not like the place. Finally, a few outdoor plants on the deck can stoke imaginations and make the back yard feel warm and inviting. Other ways to stage a rental unit and maximize your rental income is to focus on 2D staging that keeps a room from feeling empty.
- – welcome mats
- – tasteful rug in a large room
- – new shower curtain
- – blinds on the windows
4. The kitchen
If possible, appliances should be modern. However, if it is not in your budget, they should at the very least sparkle. If you have an old refrigerator, you can stage it with sparkling water, which shoppers will likely never drink, but the added touch makes the place feel modern. To ensure the refrigerator always smells clean, you should place a box of sodium bicarbonate in both the refrigerator and in the freezer.
One of the key components to any home or room that shows well is light. Knowing this, you should open the blinds and curtains. If a room does not have good lighting, invest in a small lamp with a natural-light bulb.
6. Something extra for your rental income
Flea markets or used furniture galleries will often have something tasteful on sale. Sometimes, you can find a used work table to place in the garage, and you can inform potential tenants that the furniture comes with the place. Also, a garage with a tool rack on the wall can stoke any DIYer's imagination. Since a tool rack can consist of plain peg board, which is relatively inexpensive, you can easily offer something extra without hurting your budget.
7. Exceed your competition
Look for inspirational ways to brighten up your rental property by visiting social-media sites like Pinterest. For instance, if you have an older home with a fireplace, you can purchase some white paint for less than $20. If you then water down the paint slightly, you can whitewash the fireplace. Doing so will bring fresh style to old bricks. It is important to water down the paint as a fresh coat of regular paint will be too thick and not provide a whitewash appearance.
8. Eliminate things that affect your renal income
Sometimes, a rental unit might show well, but surrounding areas might get in the way. For instance, a parking lot with garbage might make someone lose interest. As such, you should schedule showings around trash pickup or ensure the area is clean. If your lawn needs mowing, ensure it is mowed before you schedule a showing. In order to maximize your rental income, you must not let any negative situations detract from the natural beauty of your rental.