How to Make Your Rental the Best on the Block

September 20, 2023

by Virginia Cooper

Whether you’ve just bought an investment property or are planning your first foray into real estate, you should know that there’s always competition. However, there are plenty of things you can do to make your property stand out in the crowd. From Down Money Media, here are some tips to get you started.

The Legal Stuff

First and foremost, you have to make sure that your business (and, yes, a rental is a business) is on the up and up and running according to local law. Start by ensuring that your business structure is set. As a limited liability company, your personal bank account isn’t legally tied to those of your business, meaning you’re less likely to lose on other sources of income if you wind up in some kind of trouble. To streamline the registration process for an LLC in Pennsylvania, you can work with an attorney or a formation service (which is more affordable). 

While you may not be able to avoid legal trouble altogether, you should also pay close attention to landlord-tenant laws. According to Rent Direct, there are many, and you have legal responsibilities to those living on your properties. You must also be aware of potential discrimination and make sure that your lease documents are binding.

Deciding Whether to Rent or Sell

If you’re not sure what features to add to or update on your property, grab your spy glasses because it’s time to get to work checking out the competition. There are plenty of ways to see what everyone else is doing, including visiting their websites and social media pages to get a better idea of how they are marketing their homes. You can also look at local pending sales to see what’s hot and what’s still sitting on the MLS.

If you decide that renting your property is more trouble than it’s worth for you, then consider updating the property and listing it instead. Renting can be a great source of steady income, but it does require a lot of upkeep and management responsibilities. Selling the property will give you a lump sum that you can spend or invest as you see fit. It’s wise to assess similar local rental properties to see how much rental income you could earn before making a decision.

The Aesthetics and Details

Okay, now that you have your proverbial Is dotted and Ts crossed, it’s time to think of all the fun things that will make your property appealing. Decorating is something to keep in mind throughout the leasing process. You can use an online resource to help you brainstorm decor ideas. Tackle the large things before you get down to the aesthetics. This should include deep cleaning and making sure that your property has attractive and durable features, like carpet.

It’s a good idea to make some key improvements, particularly if the home hasn’t been updated recently. The kitchen is the best place to start. New appliances and a range hood above the cook surface go a long way to improving quality of life. Consider new flooring and countertops as well.

Marketing Your Property

When it’s time to market your business, start with a quality website. Your website should showcase information on you, the surrounding area, schools, and other things potential renters might be interested in. You can even add pictures of the property before and after to showcase all that you’ve done.

Beginning Your New Real Estate Endeavor

Getting started in the rental business takes work. However, this is an excellent way to carve out financial independence for yourself and your family if you’re willing to put in the hours. This starts by researching things like LLC formation and what the competition is doing. While it requires lots of prep work before you ever put a lease sign up, when you take your time, you put yourself in a better position to make your rental stand out, even in areas of high competition.

For your marketing needs from photography to content, contact Down Money Media