Once you start investing in rental properties, it’s almost like you’re in a race against the clock to get your property rented out so that you can start profiting from the property. But investing in a rental property is no quick or cheap feat, by any means… There’s a whole process involved.
You, of course, need to find a rental property you like and that’s in a growing market. But the tricky part of buying a rental property is determining how you plan to acquire it, in terms of funding. Viso Lending has a great Rental360 Loan Program that is specifically designed for investors looking to grow their portfolios (if you plan to buy multiple rental properties). Programs like that help you get your property acquisition journey started so that you can get those properties rented out.
Now, you already know that funding to acquire your property is an entity in itself, but the next hardest part is getting your property rented out, right? There are just so many things to consider when trying to find tenants… and not just any tenant, but the right tenant.
Things like income, criminal background history, credit, references, and move-in date all play a significant role in determining the best prospective tenant for your property. You just have to make sure you’re being fair in your selection. If a prospective tenant feels that they’re being discriminated against in any way, you’d be in violation of the Fair Housing Act.
But before you can even begin to think about that, you first have to get prospective tenants in your property to check it out. To do this, you will hold a house showing. A house showing is presenting your property to individuals interested in renting out your property.
If you know you’ve purchased an amazing property, the house will probably sell itself. But when you’re trying to get your property rented quick, staging it is an absolute must. Why? Because you want visitors to your property to not just look at the home, you want them to envision themselves living in it as well. So strategically staging your property is going to be the key to finding numerous interested prospective renters.
If you’re looking to purchase a rental property in the near future, here are some home staging tips to get your rental property leased quickly.
Home Staging Tips to Get Your Rental Property Occupied Fast
Tip 1: Depersonalize the Property
If you’ve purchased a new property that you’ve never lived in, then this shouldn’t be too hard of a task. With depersonalization, you want to remove any and everything that gives the impression that you live in the rental property.
Even with the decor you use, keep it broad and generic. There’s no need to stage any particular room to look like a child’s bedroom or playroom. As prospective tenants view the property, they’ll be able to look at a room and picture their own personal belongings in there.
Tip 2: Create a Clear Identity For each Room
If you’re anything like most people, you probably don’t utilize each room for its sole purpose. For example, your kitchen or dining room is where you’re supposed to eat your meals, right? But all too often, we find ourselves eating in the living room on the couch to be able to watch our favorite TV show…
While that may be true for your lifestyle, and even the lifestyle of prospective tenants, that’s not how you stage your property. Every room in your rental needs to create a clear identity and purpose.
In the kitchen, there needs to be a kitchen table with chairs. You can even set out placemats with plates and glasses on the table. The living room should have a cozy feel to it with a sofa, loveseat, and accent chairs with a throw blanket. You can show the functionality of your spaces too. For example, if you have a loft area with a bay window, you can set a desk in front of the window to show that that particular area is multifunctional.
Tip 3: Use Neutral Colors
Rental properties with a neutral color palette are better received by prospective tenants than properties with bold colors. For one, the goal is to help potential renters see themselves living in your property but a bright red wall in the living room will make it hard for them to picture their belongings in your property, which could, in turn, turn them away, especiall yif their furniture and decor don’t match.
That’s not saying that the decor and staging of your property have to be boring, it just needs to be realistic. Neutral colors like white, gray, and tan are perfect colors to incorporate into your property’s color scheme. Using those colors will allow you to add pops of color, if you want. This is going to make the property not be so overwhelming but more so welcoming and inviting. Adding a touch of Zen will even help your rental become more welcoming.
There are more tips and tricks to properly staging your home to appeal to prospective tenants but the above are the top three ways to attract the high-caliber tenants you desire for your property.