Landlords: How to lease your rentals faster and better retain residents
In the ever-increasing competition for rental value, landlords must realize that the perceived value of their rental is the culmination of small details summed up to create the big picture. Most homeowners realize the value of a fresh coat of paint and a clean unit is a must. However, many do not realize that they can greatly improve profitability by improving features and hiding shortcomings. One of the easiest and most affordable ways to “dress up your rental” is through the use of mirrors. Mirrors can make a small unit appear much larger and more attractive. Mirrors have the unique quality of creating a space where you would otherwise , the feeling would be one of cramps and confinement.
“At many of our lowest-performing properties, we’ve found that simply adding a few mirrors to our rentals has dramatically reduced vacancy times and increased resident retention.” Ken Lemal, experienced homeowner and president of Home Partners Associates in Atlanta. “It’s amazing what a relatively small investment can do for the effectiveness of our marketing efforts.”
Mirrors create a lasting first impression that can be a determining factor in a potential tenant’s final decision. To offer more rooms, many smaller units are forced to put up a wall from the main entrance. Smart homeowners often put a large mirror on the wall to detract from the obtrusive nature of the wall and the perceived confinement associated with the type of walls.
As the landlord guides the prospect through the unit, they may want to strategically place mirrors in and at the end of hallways, entryways, and bedrooms to make them appear more spacious.
Coming to the kitchen, the landlord may consider placing a mirror on the backsplash of the countertops to reflect light onto the food. Since most people view the kitchen as the focal point of the home, adding mirrors in and around the kitchen will add flavor and depth to the kitchen, and subsequently add value to the entire unit.
The bathrooms always have mirrors but many times they are not enough. A small mirror in front of the medicine cabinet is not enough. Full length mirrors and vanity mirrors are always appreciated by everyone. The appearance of bathrooms can make or break a prospect’s decision to rent.
Mirrors in the living room offer a great opportunity to bring more light into the room. They also reflect art images of other decorative designs in the room, including mantles, pillars, and fireplaces. Sometimes mirrors placed one in front of the other add an effect of infinite depth. Placing mirrors in decorative frames adds a lot of distinction to a room and complements the rest of the furniture.
Many landlords make the mistake of assuming there is something wrong with their rental unit when they cannot rent it out quickly. They may even think they lack sales skills or even think it’s time to embark on a comprehensive remodeling effort.
Before going to extremes, homeowners are advised to test mirrors. You can save thousands of dollars in openings, billing and promotions.