Nov 07

Ways to Improve Your Rental Property Income

Ways to Improve Your Rental Property Income

Owning a vacation home is something that many of us dream of, but having a second home that remains unoccupied most of the year doesn’t make any sense. But if you already have a second home, there’s definitely a way to make your investment worth it – and that is to rent it out to others. If things go well, you may be able to recover all the money you used to purchase that property and even earn extra simply by renting it out. However, the challenge is finding people who will occupy the house. But fret not as we’ve gathered here some tips to make your property more appealing to potential tenants.

  1. Improve the exterior. When it comes to homes, first impression matters. People can easily make judgment simply by looking the outside appearance of your property, so make sure that your vacation home’s exterior is at its best. Paint the house, install new windows, grow some plants, arrange some flowers, add a walkway and a driveway, and if possible, install an impressive gate, such as a double swing gate or a slat fencing.
  2. Make your home livable and inviting. Renters and vacationers are definitely looking for a place where they can relax, sleep, and enjoy time with their friends and family, so make sure that your space is welcoming and comfortable as possible. Invest in quality beds – this is one of the most important. Also make sure that there are enough storage for your renter’s clothing, kitchen tools, and personal items. Keep decorations to a minimum so you don’t make your house feel smaller or block views. And make sure that your kitchen and bathrooms are in good working condition.
  3. Price it accordingly. One of the many mistakes of property owners is that they don’t price according to the demand of the customers, that’s why many fail. Even if your house is located in a good vacation spot in Utah, you should price it accordingly. Keep in mind that most renters and vacationers are budget-conscious, so you definitely want to offer them an affordable solution. But this doesn’t mean pricing your rental property low. One great tip here is to offer it for a price higher than the normal charge; if you get a couple of discount inquiries, then go ahead and lower the price a bit.
  4. Invest in good advertising. Even though you want to save some cost on advertising, it’s important to promote your property in order to get more potential renters. This is particularly useful during off-season when there are only few vacationers coming in to relax, enjoy, and unwind. When you put ads either on local directory, online forums, or websites, make sure to emphasize all the great features of your vacation home to catch the attention of vacation-goers, such as hot tub, Jacuzzi, pool, comfy beds, fireplace, and many more. Promotion doesn’t have to be expensive. In fact, you can list your rental property on top ad sites for as low as $20.

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