How to Impress Renters and Start Earning from
Your Investment Property
households in America are renting now than any other time in the
Currently, close to 43 million people live in rented homes, with the
largest demographic being those who are 35
years old or
younger, according to the US Census Bureau. So whether you own
property or are looking to get into the rental market, now is the
perfect time to find a tenant for your amazing property.
While the rental
market is booming, it is also becoming competitive. With greater
options, renters get more freedom to choose and bargain. But there
are a few things you as the property owner can do to impress renters
and perform better than your competition.
Property Look Pleasing
first interaction potential renters will have with your property is
Always upload high-resolution images to renting websites and forums
where you list your property. Also, include images of all rooms and
facilities to give renters a complete picture of your property.
Curb Appeal: Take
a few notes from the perspective of house hunting. Have great
landscaping of your front lawn to make a strong first impression. Go
a step further and illuminate your walkway with some lights.
Additionally, according to Zillow, houses
with front doors painted black fetch
higher values compared to other colors. Every small detail counts to
give you an edge over your competitors!
is one of the most affordable and easiest ways to give your property
a fresh look. It also provides
and can be used as a factor to convince potential buyers as they
value a recently renovated property higher than one which is old.
What They Need
all the basic amenities a tenant needs, such as – microwaves,
refrigerator, stove, plates, glasses, and utensils. Yes, these will
involve a bit of investment on your end, however, see it as a
one-time investment whose returns you will get for years to come.
Additionally, properties with appliances earn
more rent than those that do not.
don’t need to furnish the full house, however basic furniture such
as a wardrobe, a dresser, and a bed frame can make you stand out
from the competition. Especially for short-term renters, having
furniture will make your property more appealing.
Be Strategic in
You as the
property owner or potential owner need to decide the type of tenants
you want to cater to. Ask yourself, “What kind of tenants would I
want to lease my property to?” The answer to this will have an
effect on everything else such as – the type of property you should
own, its location, rent, and the amenities you should provide.
For example, if
you answer, “I want to rent my property to families for the long
term,” it’s ideal that you own a family-size home which is located
near good schools. In this case, you might not need to invest in
providing furniture as your tenants will bring their own.
target market could be tourists or work professionals to whom you
want to give short term leases. You can seek to own an apartment in
or close to a city center and provide tenants with appliances,
furniture and market your property as “move-in ready.” The better
you cater your property to your tenant’s needs, the more offers you
As an owner, it’s
often wise to establish a Limited Liability Company (LLC) of your
investment property. For one thing, as MillionAcres notes, it opens
potential for purchasing property through
the LLC. Also, an LLC will help to safeguard your personal assets
and yourself from any liability claims. If a tenant gets seriously
injured on your property, without an LLC they can directly sue you
for the damages, however, with an LLC, the litigation falls on the
LLC has various administrative and legal requirements which can be
met by lawyers. As an example, New Jersey requires all LLCs to have
a registered agent. However, formation services consisting of a team
of experts can function as an affordable alternative. Knowledge is
power: look for registered
agent NJ assistance
online and practice due diligence before choosing a service.
The success of a
rental property lies in the hands of its owner. It is important to
be strategic, knowledgeable about your competition, and cater to the
needs of your potential tenants in order to ensure your investment
Are you ready
to find the perfect New Jersey property? Connect with real estate
Article Submitted (September 2021) By: