TIP OF THE MONTH - July 2014

Getting the Property to Rent Itself

Source: Property Management for Dummies   
                Robert Griswold-Wiley Publishing, Inc.

The best advertisement for your rental unit is the curb appeal or exterior appearance of the property.  The curb appeal is the impression created when the building is first seen from the street.  The importance of a good first impression is well documented in business and clearly applies in rental housing as well.  Properties that have well kept grounds with green grass, trimmed shrubs, beautiful flowers, and fresh paint are much more appealing to your rental prospects than a property that looks as though it has seen better days.

Curb appeal can be positive or negative.  Positive curb appeal can be generated by having litter-free grounds, well-manicured landscaping and lawns, building surfaces that are well-maintained, a clearly identifiable address and clean windows.  All property amenities (such as the swimming pool and parking lots) should also be clean and well maintained. 

Properties with negative curb appeal can be rented, but finding a tenant often takes much longer.  You may have fewer qualified prospects to choose from or you may have to lower the rent.  Because time is money in the rental housing business, the lost revenue caused by poor or negative curb appeal is often much greater that the cost to repair or replace the deficient items.  Besides, a well-maintained and sharp-looking property often attracts the type of tenant who will treat your rental property with care and respect and pay a higher rent.

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This web page was updated on 07/01/2014.