Are you a current real estate investor that owns one or more rental properties in Edmonton? Here are seven simple tips for making your property stand out in our city’s lucrative rental market.
1. Improve Your Property’s Curb Appeal
First impressions are everything; be sure to make a good one on prospective tenants by improving your property’s curb appeal. A few easy and affordable ideas include:
- Removing weeds and debris from the property.
- Ensuring the lawn and surrounding greenery are healthy and well maintained.
- Pressure washing the home’s exterior.
- Removing any chipped or cracked paint, repaint as needed.
- Fixing broken screens.
- Updating outdoor hardware (light fixtures, door locks and handles, mailbox, house numbers, etc.).
Keep in mind regardless of the condition of the interior (more on that below), poor curb appeal can leave a prospective tenant questioning how well you maintain the property overall.
2. Keep Things Well Maintained
Here again, the condition of your investment property will make or break your ability to find and keep quality tenants. Even if the property is unoccupied, it’s essential to keep your property clean and well-maintained, looking and functioning its best.
For example, in instances where the property is vacant, take the time to deep clean, paying attention to the walls, baseboards, ceiling fans, inside cupboards and drawers, etc. Now is also a good time to clean or replace the carpets and add some fresh appeal with a new coat of paint.
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3. Hire a Home Stager
If your investment property is vacant, consider hiring a professional staging company. Not only will staging serve to attract tenant attention with eye-catching décor/design, but it will also highlight your rental’s best features (while downplaying any drawbacks).
Other reasons to consider staging your property include:
- Setting you apart from the competition.
- Demonstrating to tenants you care about what they think and the property is well maintained.
- Improved listing photos.
- The potential to negotiate better lease terms or charge a higher rental rate.
4. Make Small Improvements and Upgrades
As a real estate investor, it’s important to keep a close eye on your after-repair rental costs (the cost of repairs vs. how much you’ll collect in rent). But there are a few easy and affordable home renovations you can take on that can significantly improve your investment property’s appeal (and value) without blowing your budget:
- Improve energy efficiency (add a programmable thermostat, upgrade insulation and/or install energy-efficient windows).
- Replace existing cabinet handles and drawer pulls with modern hardware.
- Swap out leaky faucets and showerheads.
- Upgrade light fixtures (brighter contemporary versions will make a big difference, especially over the bathroom vanity).
- Swap out faded or broken switch plates (bonus for installing USB-friendly outlets).
- Install or hang new window coverings.
- Add a tile backsplash.
…And don’t forget that fresh coat of paint!
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5. Take Quality Photos
Now that you’ve taken the time to clean, repair, renovate and stage your rental, it’s time to let your efforts shine with well-executed photos of your property. Quality photos are key for showing your investment property in the best light possible, thereby attracting tenant attention and helping you stand out from the crowd.
While we do recommend hiring a professional for this task, if you opt to do it yourself, here are a few tips:
Pay attention to detail – Make sure clutter is stowed away, beds are made, rugs are straight, pillows are fluffed etc.
Don’t take photos at night – Capitalize on natural daylight as much as possible (turn on the lights as well).
Take shots from different angles – This will increase your chances of capturing that “perfect shot.” Note: Low angles can make the space look bigger.
Keep your photos in focus – An out-of-focus photo is a bad photo, period.
Keep people and pets out of your photos – This will only make your images look more professional. Be aware of catching yourself in any reflective surfaces, as well.
Remember to photograph the outside – Pay attention to any outdoor living space (porch or patio) or nearby outdoor amenities such as a park or playground.
6. Market Online
When it comes to finding the perfect rental property, most renters will turn their attention to the internet. For this reason, you need to market your property online if you hope to attract the right tenant and quickly.
In addition to posting your property on Edmonton’s best rental websites, we recommend advertising on social media (i.e. Facebook Advertising or Facebook Marketplace). You’ll also want to make sure you have an attractive listing description featuring the following elements:
- An eye-catching headline.
- A short yet concise paragraph highlighting your rental property’s best attributes (including appliances, parking and laundry, if applicable).
- A description of the location and nearby amenities (this should include shops and services, transit, schools, parks, etc.).
- A paragraph detailing your rental policies including rental fees and availability date.
- Be honest and upfront in your descriptions.
7. Make a Good Impression
Remember, when marketing your rental property, you’re also marketing yourself – and potential renters will scrutinize you right from the get-go. Because you, as a landlord, are also a selling feature of your property, take care to put your best foot forward:
- Communicate with renters quickly and in a straightforward manner.
- Always be friendly and polite.
- Arrive at showings ahead of time to make sure everything is in order.
- Put together an information package about the property and the neighbourhood.
- Be prepared to answer any questions a potential renter may have.
The Terry Paranych Real Estate Group specializes in helping beginners, and seasoned real estate investors realize their real estate dreams. Not only will we provide the expert investment-related advice and guidance you need to succeed, but we’ll also help you zero-in on the best properties, negotiate a better asking price, turn a healthier profit and much more.
For more information, get in touch with us today!Terry Paranych on
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