Having rental properties in Colorado Springs is a great way to invest and earn additional income, but it does not come without challenges. It is a major investment, and you need to know what you are doing in order to earn a profit. If you own a rental property in Colorado Springs, you will want to do all you can to make your property stand out and appeal to potential renters. In this article, we are going to outline our top 10 tips for making your property stand out amongst the rest.
Hire a Property Manager
Hiring a property manager like Merit Co. has a huge appeal to both you, as the landlord, as well as your tenants. We are professionals and will help you to find the best long-term tenants for your Colorado Springs rental. Tenants love having a property manager around because it ensures there is someone around in case of emergencies or when a repair needs to be done. Property managers make tenants feel safe and secure knowing that there are people who know the ins and outs of tenant/landlord relationships. Property managers handle all the business and legal aspects of renting out your property so that you don’t have to. These are just a few benefits of hiring a property manager. Please reach out if you want to know more about what we do for our partners.
Market Your Property
There is a lot that goes into successfully marketing your rental property. It is crucial to have a strategic marketing plan when your property is vacant so that you get new, qualified tenants quickly. At Merit Co., we are experts in this arena! We utilize our website and other search options to get the word out about your rental property in Colorado Springs.
We focus on the best features of your property, including the things that set it apart from all the rest. Renters are going to want to know what the location has to offer, the condition of the property, and how much rent will be. Renters will also want to know other specifics like if the property accepts pets and if there are washer and dryer hookups they can use.
Photos should be straight, free from flash, and should always include a shot of the exterior. Throughout all our years of experience, Merit Co. has gained invaluable knowledge and we know what works and what doesn’t when it comes to marketing your rental property to the best audience.
Curb appeal is more than just the appearance of a home, it is a valuable marketing tool that can help you fill a vacant property quickly. You should try to picture your property from the viewpoint of a prospective tenant and make every effort to make sure your property is always market ready. Prospective tenants are more likely to want to view the interior of a rental if they like what they see on the outside. Curb appeal sets expectations and can even increase your rental prices.
As a landlord, the last thing you want is for your property to be vacant for long. Vacancy leads to a loss of rental income. First impressions are crucial, and although improving the curb appeal of a property might not be as exciting as renovating the interior, it plays a critical role in keeping tenants in your home.
Do Basic Repairs and Upgrades
Make sure you can honestly tell your tenants that everything in your property is in working order and ready for them to move in. The last thing you want is for a prospective tenant to notice a leaky faucet or broken appliance. Here is a checklist of repairs that we consider very important for your property and tenants:
- Roof repairs – Missing shingles and stains stand out and ruin the overall quality and look of your property. It’s important to have an inspector come out and take a look and replace anything that needs it.
- Paint – Whether it is just a touch up, or a full paint job, this is one home renovation that completely changes the face of your investment property. Stick with the small stuff like trim and areas around windows and doors if everything else looks good. But if the siding is worn or faded from years of sun exposure, we suggest making the investment in painting the entire outside of your building (think curb appeal). Note that when selecting a paint color for the inside or outside of your property, it’s always best to stick with neutral colors that appeal to everyone.
- Lighting – Nighttime curb appeal is something you don’t want to forget. We recommend leaving an outside light on or installing one so that people can check out your place after hours. This also increases your tenant’s sense of security once they move in.
Deep clean – especially the kitchen and bathroom
The first way to improve the overall look and feel of either of these rooms is to CLEAN! Mop the floors, polish all appliances, and deep clean cabinets (inside and out), bathtubs/showers, toilets, and all hardware; also, make sure the grout gets a good scrubbing. Mirrors and reflective surfaces should be free from film and fingerprints.
While you are cleaning, do not forget to look up. Remove dust, cobwebs, and grease from fans and light fixtures. Also, be sure the fixtures have working light bulbs. You will want to highlight the amount of light the property receives; leaving light fixtures with partially working light bulbs is a no-no.
After you have cleaned the rooms from top to bottom, you can judge if any additional measures need to be taken. Purchasing new knobs and handles for cabinets is an inexpensive way to makeover your room.
We know there is A LOT that goes into a successful rental property investment. Utilizing the experts at Merit Co. ensures that every angle is handled with a qualified, professional touch. Contact us today to learn more about how to make your rental property stand out in the crowd!