Contributed by CompareHero.my

So you have a vacant room or a spare property to rent out. The question is, how do you make them more appealing to potential tenants and subsequently generate extra income? On paper, it might look easy — post an ad online, set an affordable price, and wait for the tenants to contact you.

However, there is more than meets the eye when it comes to attracting prospective tenants. Hence, here are some useful tips to make your property more desirable and rental worthy. Some of these might require you to fork out some money, but the results will outweigh the cost.

Offer a reasonable rate

Yes, we understand that the main purpose for renting out is to generate income. However, make sure that you do not go overboard with the price, even if your property is located at a strategic and highly-populated location.

One easy way to gauge how much rent you should charge is to see what other landlords in your vicinity are settling for, and then adjust accordingly based on the differences that your property offers compared to the rest.

If you do decide to increase your rent, make sure that it reflects the value that your property offers. With that said, you should also not shorthand yourself. Calculate your monthly expenditure such as utilities, maintenance and upkeep, and even the unexpected expenses.

This will help to determine how much rent you should charge your tenants in order to cover your expenses.

Give your property a facelift

A fresh coat of paint can effectively rejuvenate a space, giving a sense of newness to the interior of your property. A paint job can brighten the dim walls and highlight architectural features, adding to the aesthetic appeal of your property.

There are many professional painting services that you can engage today at a reasonable rate (around RM1000 or so) from sites like Kaodim, ServisHero, and Recommend.my. However, if you are looking to save cost, you can simply purchase the cans of paint yourself and go on a DIY home improvement project.

Added value is a plus point

Sometimes, it might be good to offer extra perks to your tenants, even if it means that you might “earn” less as a landlord. Free Wi-Fi, a designated parking space, or an air-purifying unit are amongst some of the added luxuries you can consider offering.

Apart from allowing your tenants to live comfortably and more conveniently, added conveniences leave a better impression on you when compared to the competing units.

If your tenants are happy with the living conditions, they will also be willing to stay longer.

Work on the kitchen and bathrooms

The kitchen and bathroom are two areas of your property that can be the difference between a yes and a no. Moreover, tenants should allow you to charge more for rent and increase the value of your property.

Therefore, if you have the finances for upgrades, make sure you work on these spaces. You don’t necessarily need to remodel them, but they should at least be clean and functional.

Before you rent out your property or take photos and upload them on property-renting sites, do take the effort to give the kitchen and bathrooms a good cleaning so that they appear presentable. Also, ensure that all the fixtures like the sink, shower head, and toilet are functioning properly.

Engage the right audiences

When you are finally ready to post a rental ad online, decide on a target demographic and market the ad to match their needs. For example, if you are targeting families, you can emphasize on the proximity of your property to schools and supermarkets, whereas if you’re trying to appeal to professionals, then you should mention how close the unit is to public transportation hubs and how easy it is to travel around.

Also, you should incorporate images and videos which showcase all areas of your property so that the tenants can see how your unit looks like without physically visiting it.

To conclude, take the effort to make your property desirable to tenants. This might require you to spend some money, but the eventual end result will be worth every penny. By following the tips mentioned above, you can look forward to having potential tenants knocking on your door in no time.

About the Contributors

This article was written by Vino K from CompareHero.my, a site dedicated to increasing financial literacy and helping you save time and money by comparing credit cards, personal loans, and broadband plans in Malaysia.