Smart Ways to Add Value to Your Rental Property

Make sure to point out added features that set your property apart from the pack like a great location, proximity to local attractions, and recently added upgrades. Stay up-to-date on the latest colors and trends in home decor. Updated kitchens and bathrooms counters and touches like new faucets and lights go a long way towards enticing eager renters.

Keep it Clean and Fresh

One of the biggest questions a prospective tenant will ask themselves when they first view a property is "can I see myself living here?" or "how will my couch look on that wall, and where will the TV go?"

It is difficult to imagine a future scenario in an empty apartment, especially if it is void of any decorations or furniture and the place looks drab and dingy. Make sure the floors and carpets are spotless and, if they need to be replaced, investigate the inexpensive options available these days.

The walls don't necessarily need to be freshly painted, but they should be clean and free of deterioration. Replace any damaged or out-of-date fixtures in the bathroom and kitchen, and make sure all the lights are functioning.

When doubt, ask YOURSELF, "could I live here as-is?" and make the necessary adjustments.

Ongoing Maintenance of your Rental Property

While you don't want to spend a lot of money on a rental's continuous upkeep, keep a close eye on your property and take notes on anything that could turn into a potential problem down the line.

For example, some plumbing problems could quickly become damaging and costly if not handled right away. Keep the furnace in good running order to avoid expensive emergency maintenance work in the middle of winter, and check the roof every year to prevent potential water leaks or loss of heat due to improper insulation.

Don't Price Yourself Out of the Market

Once you have given your property the once over and completed any necessary repairs or upgrades, there are a few more proactive tasks you can take advantage of that will add to your bottom line.

Every month your property is vacant can cost you. An empty apartment offers no value. While it seems counter-intuitive to lower the rent when you want to turn a profit, a slight monthly decrease to stay competitive in your market should help keep your property from unwanted long-term vacancies.

Rental Property: Communication

Remain in touch with your tenants. Check in at least two months before the end of the lease to keep abreast of your renter's intentions. Sometimes you can offer incentives like updated fixtures or a new coat of paint in return for an early signature on a new lease. Keeping a good tenant is an ideal situation, but it’s great to have a heads-up if they are leaving because you have more time to advertise the upcoming vacancy.

Need more assistance? Call the experts today to hear about additional ways you can add value to your rental properties.