A goal of every rental property owner is to maximize their potential rental income and grow their investment. One great way of doing this is to make it more attractive to prospective tenants.
But making your rental property more attractive doesn’t need to be expensive. Here are 5 ways to get more rent for your Norman home, without breaking the bank.
1. Refresh the Kitchen
Refreshing the kitchen is one sure way to increase the value of a home. But, if you are on a budget, there are a couple of things you could do to spruce it up and make it look inviting to any prospect.
You could begin by refreshing your kitchen cabinets by doing the following:
- Refresh the paint. Go neutral with the color to appeal to a larger prospective group.
- Replace the hardware. Investing in the right cabinet hardware can make a big difference in the look and feel of your rental space.
- Another cost-effective way of making a big change to your kitchen is by adding a tiled backsplash.
2. Paint the Interior
A good paint job can go a long way in invigorating the look and feel of your home and keeping it maintained. Especially if the walls haven’t been painted in a few years, which may turn off prospective tenants.
So, if you notice the paint on the walls of your Norman investment property is starting to look dated, have it repainted as soon as possible. Go for neutral colors, such as beige and white too.
For great deals, shop for the paint around major holidays, such as Independence Day, Memorial Day, and Labor Day. Home improvement stores typically provide discounted rates during these times.
3. Boost the Curb Appeal
The exterior of your home is the first thing that greets prospective tenants. So, you want to make it stand out and excite a prospect about the inside.
There are a couple of things you can do to make your home attract potential tenants. First, power wash the exterior so its bright and inviting for any prospect.
Next, ensure your lawn looks its best. So, if it’s been a while since you mowed the grass or trimmed the hedges, now is the time. Also, keep your garden looking great by planting some perennial flowers and laying down some fresh mulch.
Your front door can also leave a big impression on prospective tenants, so consider giving it a fresh coat of paint. Other things you could do to boost your home’s curb appeal include:
- Sprucing up the windows by painting the trim.
- Install window box planters.
- Replacing or updating the garage door.
- Lighting any paths.
4. Allow Pets
A recent survey done by the American Pet Products Association (APPA) found that a whopping 70% of U.S. households own a pet. So, having a “no-pet” policy would lock out a huge number of prospective tenants.
If you are concerned about a pet damaging the property you could also draft a pet policy as part of your lease or rental terms. You could specify things like the size, breed and number of pets allowed.
Additionally, you could charge a specific pet security deposit to financially guard your property against any pet related damage.
5. Hire a property management company
Hiring the right property management company can improve the return on your property investment in a variety of ways. Including expanding your potential renter base.
- A good property manager will know what exactly to do to attract the right tenant for your property.
- They will stage your property and create a winning rental ad to help your property attract a large tenant pool.
- They will also screen each applicant to ensure you land the best tenant possible.
Other services you could expect include property maintenance, rent collection and financial reporting. Working with a property management company not only ensures that your investment grows but that it is well maintained as it grows.
When you are considering how to get more rent for your Norman home, there a variety of things you can do. You could paint both the interior and any exterior trims to refresh the homes look. You could also refresh the kitchen to make it more inviting.
But one of the best ways to get more from your Norman home is to hire a property management company. Draper Realty is a professional full-size property management company. We can help manage your Norman rental property reliably and maximize your ROI giving you peace of mind.
Contact us at Draper Realty today to learn more!