How to Turn Your Home Into a Profitable Rental Property
In order to prepare your home for the housing market as a rental, you need to make repairs and upgrades, eliminate clutter, and clean the space from top to bottom. Staging is also crucial, and then there’s the process of preparing the home for showings, negotiating with potential buyers, and closing on the property. The list goes on!
Having a great real estate agent by your side certainly makes a difference when it comes to selling a house, but there’s one way to avoid the home-selling process altogether: keeping your house as a rental property. In addition to being one of the best investments you can make, there are so many other benefits of owning a rental property — from accessing new tax deductions to diversifying your assets. Plus, rental demand is high.
Check out these tips from Brian Chandler to learn how to turn your home into a profitable rental property.
Make a Plan For Your Rental Home
Renting out your home isn’t an overnight process, and it’s important to come up with a good plan before listing your property for rent. This means deciding on a rental rate, choosing whether to work with a property management company and forming an LLC so you can protect your personal assets while renting out your home.
As you make a plan for turning your home into a rental property, start by reviewing the LLC rules and regulations in your state, as well as the landlord-tenant and fair housing laws in your area. You might also consider purchasing a landlord insurance policy to protect yourself even further.
Improve the Rental Home’s Curb Appeal
Aside from making a plan for your new rental business, it’s also important to improve the curb appeal of your home before marketing the property to potential tenants. A few ways to go about this include:
- Improving the home’s landscaping. This means caring for your lawn, planting shrubs and bushes that add color to your landscape, and pruning overgrown trees or dead branches.
- Enhancing the home’s exterior. Assess your home’s exterior for issues such as cracked paint or loose siding, and make any needed repairs before listing the property. You’ll also want to repair or replace any warped windows and doors, pressure wash the home’s gutters and siding, and give the front door a fresh coat of paint.
- Displaying new house numbers. Replacing your house numbers is another great way to improve the look of your home, as outdoor cut metal sign letters can be displayed on just about any exterior surface. Plus, metal house numbers are easy to install, will make your home look more presentable when it’s time to show the property to prospective tenants, and they’re available in materials such as bronze, stainless steel, brass, aluminum, and copper. Give this a try and see for yourself how upgrading your house numbers can improve the curb appeal of your home!
Market Your Rental Property to Potential Tenants
Once you’ve taken steps to improve your home’s curb appeal, you can market the rental property to potential clients. Start by creating an eye-catching rental listing and posting it on websites like Zillow, Hotpads, and Trulia — but don’t shy away from marketing your rental listing offline as well. You could post the listing in a local newspaper, place a sign in the front yard, or hang real estate flyers throughout your city.
When potential tenants begin to tour your home, it’s also a good idea to leave behind a personalized business card and real estate flyer that tenants can take with them after the showing. Online design tools and templates make it easy to create customizable marketing materials that include your contact information and preferred images, text, and styles.
After making a good plan, turning your rental business into an LLC, improving your home’s curb appeal, and marketing your rental property both on- and- offline, it won’t take long at all to find reliable tenants. And if you one day decide to sell your home or purchase a second rental property, Brian Chandler can help you every step of the way!
Brian Chandler is a real estate agent with 43 years of sales and marketing experience. To learn more about his real estate services and experience, please visit his website, view his available properties, or contact him directly by calling 720-808-1007 or emailing brian@HomeSellers.us.
Article contributed by Seth Murphy
Brian Parker offers expert advice on selling in Parker, CO.
Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 What is it like Living In Parker Colorado? Read more articles like these Top Realtor Info Contact Brian Chandler