Increase Your Income by Renting Your Hollywood Hills Home

Increase Your Income by Renting Your Hollywood Hills Home

  • Jordan Pollack
  • 09/18/22

Hollywood Hills offers stunning properties and beautiful views, whether you're living near the city or embracing canyon life. This residential neighborhood is in the central region of Los Angeles and certainly has a lot to offer its residents. The Hollywood Hills neighborhood has become an oasis for many, with shops, restaurants, and plenty of wildlife.

If you have a property in Hollywood Hills and are interested in earning extra income, now is the perfect time to rent your home. Hollywood Hills is a unique city and can be profitable for renters looking to put money back into their pocket each month. Read on to learn the benefits of renting, renting tips, and why hiring a real estate agent is essential.

Benefits of renting your Hollywood Hills home

Renting your property in the Hollywood Hills neighborhood offers many benefits you'll enjoy. Here are three reasons why you should consider renting.

1. Excellent earning opportunities

Hollywood Hills is indeed a luxury place to live. It is one of the most desirable neighborhoods in Los Angeles. Those who choose to rent their homes will have excellent earning opportunities in Hollywood Hills compared to other neighborhoods. After all, not everyone who wants to live in Hollywood Hills can afford to buy Hollywood Hills real estate for sale.

The high demand for this neighborhood means that homeowners are more likely to rent their property for top dollar and receive eager tenants who desire to live in this beautiful neighborhood.

2. Tax benefits

Renting offers potential tax benefits to owners. For instance, you may be eligible for a tax reduction to help you save money each year. However, you will need to meet every requirement requested by the IRS. You may also be able to deduct certain fees and expenses, including bedding, utilities, and insurance.

3. Flexibility to sell at the appropriate time

Are you considering selling your Hollywood Hills home but waiting for the market to improve? This is a common scenario for many. When the market is down, selling your home for what it's worth may seem next to impossible. There are always buyers looking for bargains on Hollywood Hills real estate for sale. To avoid losing money, renting your home in the meantime is best. This allows you to earn extra money, sell your home for what it's worth, and maximize your profits.

Tips on renting your Hollywood Hills home

Hollywood Hills is certainly a desirable place to live. But that doesn't mean you should ignore necessary upgrades that would otherwise make your home more attractive to prospective renters.

Plenty of other competing properties offer updated amenities that appeal to renters. It's crucial that you do the same to ensure your home is attractive and stands out among other properties.

But that's not all. Upgrading your property wherever necessary will make your listing stand out and allow you to increase your rental price, and ultimately maximize your profit. Here are some standard upgrades that will increase the value of your property and help you start earning extra income with ease.

1. Open up the floor plan

Open floor plans are essential for renters. An open layout creates more opportunities for personalization, provides breathing room for larger families, and offers functional flexibility.

If you want to attract renters to your home, consider opening up the floor plan. Giving renters more space to work with allows them to visualize themselves in your property better. What's more, knocking down just one wall can make a huge impact.

2. Upgrade your home's curb appeal

If you're looking for less drastic ways to get your home ready for renters, consider upgrading your curb appeal. Curb appeal is the first thing a prospective renter will notice about your property. It will shape their opinion on whether or not they want to consider your home as their place of residence.

It doesn't take much to enhance your home's landscaping. Just spending a considerable amount of time on landscaping should suffice. Be sure to cut the grass, add fertilizer, and control weeds. You can also add some decorative flowers to give your home more personality. This will give your property a clean, finished look.

3. Replace your garage door

Photo courtesy of Legacy Garage Doors

Is your garage door looking worn? If yes, this is the perfect opportunity to replace it. A new garage door doesn't just increase your home's value — it's a significant aspect of your home's curb appeal. A new garage door is attractive to renters, and it gives prospects an idea of what the interior of your home looks like.

4. Paint the walls

Another simple upgrade is updating your walls with a fresh coat of paint. Preferably, paint your walls a neutral color that appeals to every type of renter. While adding vibrant colors to your walls can be great, it can distract some. Keeping your walls simple is an effective way to attract potential renters.

Listing your home

Once you've made your upgrades, you will need to list your home to start attracting interested renters. With so many listings on the market, creating a listing that stands out is essential. Here are a few ways you can do it:

1. Choose an appropriate rental price

When preparing to list your rental property, choosing the right price is essential. Consider the upgrades you've made and look at comparable properties in the area. You don't want to price your property too low and miss out on some extra profit. Pricing too low can also steer renters away. But you also don't want to price your property too high because if there are more affordable homes with similar features, your home may get looked over.

2. Write a quality listing description

A well-constructed listing description is an excellent way to attract renters to your Hollywood Hills home. Your description should be short, engaging, and location-specific. It should also highlight all the best features of the property.

3. Include high-quality photos

To attract attention, be sure to include high-quality photos of your property. Your listing photos should give prospective buyers a complete picture of the rental property. Be sure to highlight the home's best features, including any upgrades you might have made. Before taking photographs, it's best to stage your property. This will help renters visualize themselves in your space and make it easier for them to decide on the property.

Hire a Hollywood Hills real estate agent

Listing a rental property can certainly be a lot of work. But hiring an agent is an excellent way to seamlessly list your Hollywood Hills home. A real estate agent will more likely get you more money for your property. This is because agents are experienced in understanding the market and what properties are worth.

Another reason to consider a real estate agent is that they are more likely to help you get a qualified renter than doing it on your own. An experienced agent will have successful strategies to attract the right renter to your home. A professional agent will also be well acquainted with the market and know what motivates renters to sign a lease.

A real estate agent offers invaluable support throughout the property rental process. Renting out your home involves a lot of moving. A skilled real estate agent will help you remain organized in searching for a tenant. Here are some of the things an agent may do on your behalf.

  • Advertise the home
  • Prepare the home for showings
  • Determine a fair rental price
Additionally, an experienced real estate agent will recommend home improvement projects you should invest in if you want to increase the value of your property and ultimately attract tenants. This can help homeowners in Hollywood Hills maximize their overall profit.

Some real estate agents will even help you develop a marketing plan to start attracting renters. An agent may market on their MLS database, social media pages, and other advertising platforms.

Most real estate agents have a strong network, so they probably already have some renters interested in renting a property in Hollywood Hills. Working with a real estate agent means homeowners can have a seamless renting experience and ultimately find a qualified tenant wanting to commit to their property.

List your rental property with Jordan Pollack

Do you have a home in Hollywood Hills you would like to rent? Renting is an excellent way for homeowners to make some extra cash. Today, thousands of people want to take advantage of what Hollywood Hills offers, which is why renting has become such a popular and profitable option for many.

Jordan Pollack is a leading luxury real estate agent in Hollywood Hills, Calif. If you're interested in Hollywood Hills real estate for sale or want to market your rental property, reach out today for a seamless real estate experience.

*Header photo courtesy of LA Luxuries

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