Making the effort to expertly prepare your property for the rental market will reduce your vacancy time and help you draw interest from good tenants with a lot of potential. Before you execute your marketing and advertising plans, make sure your property is in outstanding condition.
Renting Your Property Quickly
When your home is in excellent condition, youll be able to rent it faster. Vacancy can be expensive for landlords, and the longer your property is unoccupied, the more money you lose. Demand has been great over the last few years, which meant that your unit could rent quickly no matter how it looked. This year, however, there are a lot of new rentals available to tenants, so yours has to be more competitive. The best tenants will pay attention to properties that are appealing, and theyll be willing to pay higher rents. If you have been considering upgrades and improvements, this is the time to make those changes.
Upgrades with Impact
In a Sherman Oaks property we manage, the owner replaced her kitchen appliances and floors, installing hardwoods and stainless steel. Those changes allowed her to increase her rent by almost $1,000 per month. When youre deciding what to improve, make sure youre spending your money wisely. You dont necessarily have to replace all your kitchen cabinets, but you can replace the hardware on the doors and the drawers, giving the room a fresh, modern look. Make inexpensive changes that tenants will notice.
The kitchen is usually one of the first places that prospective tenants look when theyre choosing a place to live. Before you begin advertising and showing your home, pay attention to the way it looks and make sure you can compete with other properties. If your rental home shows well, youll be able to get it rented quickly to great tenants, and youll bring in more rent.
When youre making your property ready for the rental market, you may have questions. Contact us at Los Angeles Property Management Group if you need any help with Los Angeles property management.