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Simple Tips To Make An Older Rental Property More Marketable

Posted by Joseph Slonimsky on Oct 22, 2013 2:00:00 PM
Joseph Slonimsky
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Maybe you snagged that great deal on the purchase of an older property with the intention of fixing it up, but now the market has gotten tight and you really need to rent it now. Or, perhaps you’ve just got a few older properties in your portfolio that could use some TLC to bring them into today’s modern age. Whatever the reason, if you’ve got a home that has seen better days and you don’t have the time or budget to do a complete overhaul, but you want to get it rented as soon as possible, here are some simple things you can do to spruce it up a little and make potential tenants take notice.

Fix Up the Outside

First impressions are everything, especially when it comes to real estate. What’s the first thing your prospects are going to see when they come to look at your property? The outside, of course. We’re not saying you have to invest in brand new siding or even splurge on a whole new paint job, but there are some quick and easy things you can and should do to beautify the face of your rental properties without spending a whole lot. In many cases, just a simple landscaping job and a few quick touchups can make all the difference in the world.

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Think “Green” When Possible

If the appliances in your rental home are about as old as the property itself, it’s probably time for an upgrade. While you’re considering making the leap, you may want to also consider replacing those old machines with energy efficient ones. The difference in cost is often negligible and when prospective clients see that they’ll be able to save on their utility bills by renting from you, it’ll be well worth the slight upcharge.

Reface Old Cabinets

Nothing says outdated like old, well-worn cabinets. For many prospective tenants, the kitchen is one of the most important rooms of the house, so make sure that what you’re showing them is attractive and up to date. You don’t have to spend tens of thousands of dollars on new cabinets, just have the existing ones refaced. It may be as simple as sanding them down and repainting or re-staining them to give the whole room a fresh, new appearance. There are even kits available at home improvement stores that make the process simple and affordable.

Update the Fixtures

If you can’t renovate the entire inside of your older rental property, you can at least replace the fixtures so they look up to date and stylish. Ceiling fans, door knobs, cabinet handles – all of these can begin to look worn and can drastically impact the overall appearance of the entire home. For a relatively small investment, you can spruce the inside of your property up just by replacing a few of these small items.

Fresh Paint and a Thorough Cleaning

It sort of goes without saying, but if you haven’t updated the inside of your older property in some time, and you’re tight on money, time, or both, the quickest, most effective way to breathe new life into an otherwise weathered home is to thoroughly clean it – top to bottom, including carpets, and slap a fresh coat of paint throughout. If you simply can’t get in there to do it yourself, there are plenty of professionals who would be able to get the job done at an affordable rate.

Your older property may have seen better days, but surely it holds plenty of personality and potential, otherwise you wouldn’t have invested in it. Now it’s time to make some changes and modifications to ensure that that investment is producing a decent return. These 5 simple things can help you bring your aging rental home into the modern age and make prospective tenants want to rent from you. Best of all, all of these things can be done without breaking the bank, so when you finally do land those quality, long term tenants, your bottom line will look a lot better.

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Topics: Blog, Property Management, Tips, Marketing

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