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Turn Your Rental into a Source of Income

Emma Joyce
25th Jun 2019
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rental


Having a second home is an amazing thing, and it’s an asset most people aren’t even aware of. Renting it a great way to solve all your financial problems, meet new people, and actually do something good with all that extra space you have. However, in order to make money, you have to spend some money first, and turning your empty space in a livable rental is a project that takes some time, energy, patience, and money. If you too are thinking about doing this in the near future, here are some of the ways to turn your rental into a proper source of income you can rely on month after month.


Introduce cosmetic changes

All of us love living in a home that’s spiced up and well-maintained, and the same goes for your potential tenants as well. That’s why your rental needs to look as amazing and eye-catching as possible, or, otherwise, they’ll just pick another place to live. These cosmetic changes might not seem like a big deal at first, but they can really introduce a massive change into rental space, making it more welcoming, enjoyable, and inviting than it’s ever been.

These cosmetic changes include repainting the walls, replacing kitchen cabinets, purchasing new drapes, installing new bathroom fixtures, and refinishing the entrance doors, among other things. These will make your rental stand out and prove to be better than all the others your future tenants might have taken into consideration, and that’s all that matters in the long run. Moreover, these changes don’t have to be in your interior space only – you can spice up the exterior as well, fixing the façade, adding more flowers, mowing the grass regularly, and trimming the bushes. These will help you boost your curb appeal and make the best first impression possible, and that’s vital for a rental.


Advertise properly

marketing


With so many rentals literally everywhere around us, standing out of the crowd and being someone other people are going to notice is harder than you think. You need to find a way to get the word out there and let everyone know your rental is available. This may sound like another way to spend even more money, but advertising your rental to the people is crucial.

Fortunately, we live in amazing times, and there are so many different sorts of advertising you can look into. From posters and flyers to funny online commercials and sketches – you can never know what sort of advertising will attract your potential tenants. Therefore, try to be as versatile as possible, because that’s the only way to do something good and actually succeed at making it in the real estate industry.


Insist on comfort

No matter how big, new, equipped, and well-maintained your rental is, there’s one thing that’s more important than anything else – making sure it’s cozy and comfortable! Again, we all love living in homes that are cool and welcoming, but our comfort is still more important, which is why this is an issue you definitely need to address before starting to rent your rental.

Start with your bedroom and living room, and make sure your tenants have everything they need when it comes to seating arrangements. From sofas and beds to sectionals and chairs, these are the things you need to purchase as soon as possible. Also, try to keep their design in mind as well, because these pieces of furniture need to be visually appealing too. That’s why you might want to consider looking into the cool offer by King Living and explore all those different design ideas and solutions these people offer. 


Find great tenants

tenants


With so many rentals out there and even more people looking for a home, you’d think that finding the right tenants would be easy. Well, it’s not as easy as most landlords imagine, and you have to dedicate some of your time to find the people who’ll find your rental quite suitable, but who will also be decent and good people you won’t have any problems with in the future.

Finding the right tenants includes a number of steps you have to make, from advertising your rental adequately to using a realtor. There are lots of ideas you need to explore, and most of them have their pros and cons, so looking into them in advance is vital for making this process simple, easy, and efficient. Once you do that, you’ll end up finding tenants who are working for you, and vice versa, and who you can rely on to keep your rental in great shape.


Turning your rental into a source of income is a slow and detailed process, but if you follow this quick guide, you could make the most of this space and start making lots of money this way sooner than you could’ve anticipated.

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