Attracting Tenants: Ways to Make your Baltimore County Property a Renters-magnet
Typically, rental property owners invest in buying those properties for one primary reason: To generate a steady stream of passive income. Being a landlord gives you a regular rental “paycheck” each month and, with professional rental management companies in Maryland to manage those properties, you don’t even work to collect your “paycheck” – they arrange it all! However, as an owner, it’s incumbent on you to invest in continually making your property attractive to renters.
A Business Case for Investing
Let’s face it: Property managers will do their best to market and attract tenants to a property they manage. That’s their business, and most management companies are good at what they do! However, if your property isn’t in good shape, even lowering rents drastically won’t attract too many renters. You need to continue investing in those properties to make them renter magnets.
Some of the most experienced professionals, offering services for rental home property management in Baltimore County, will also advise you on another reason for making that investment: Long-term property appreciation. Having properties continually occupied by tenants draws a steady stream of income. But continuing to make property improvements ensures that stream continues for a long time – because the property always has “tenant appeal”.
Finally, even if you invest huge amounts in property upkeep and maintenance, timing that investment may have an impact on your income. Shutting down a property for eight months every five years, for major renovations, isn’t the answer. It stifles your income potential for the duration. Instead, professional rental management companies in Maryland can help you manage those investments gradually, ensuring tenants continue to pay you rent while the upgrades continue.
Top Things to Do
So, what are some of the most practical things that a rental property owner should consider doing, to maintain the property’s appeal to tenants? Well, here’s a list to get you started;
- A fresh coat of paint periodically – more frequently (every 8-to-10-years or so) outdoors.
- Consider upgrading the lighting in corridors and common areas
- One big-ticket item to invest in is energy-efficient appliances
- Cultivating more green spaces, and investing in landscaping
- Upgraded flooring – tiles or hardwood – is a great reason for rent increases. And, if your carpets look “tired” and worn, you might consider major steam/spot cleaning, or even replacing them once every 10-years or so
If yours is a multi-tenant facility, you may even start small at first, focusing on specific areas of your property. For instance, make this the year of “Bathroom renos”, followed – in a few years – by a year of “Kitchen countertop replacements”. Having an investment theme – Kitchens, Garage doors, Landscaping, Floors – will help keep your investment focused.
If you do have a policy of incremental property upgrades, it’ll not only help you increase your property’s rent-generating capacity; but will also help with tenant retention. And, when it’s time to sell your property, it’ll attract higher bid values than lesser-maintained properties. Don’t know how to go about it? Companies experienced in rental home property management in Baltimore County can help manage most of these upgrades without significant impact to existing tenants.