Whether you own a few modest properties or an entire complex the goal for every property owner is the same: maximizing your profit. This means keeping a close eye on your expenses and increasing revenue every year. In order to attract high-value tenants, you need to take special care of your properties. Here are five things you can do this summer to increase the value of your rental properties.
- Give Your Tenants More Options for Storage
Often overlooked by property owners, options for built-in shelving and storage are a top want for tenants. It improves the natural and cozy feel that draws tenants in and frees up space for the residents to use as they see fit. A neatly organized unit that is easy to keep tidy is also a better place for your tenants to live.
- Improve the Exterior of the Property
Whether you own a large condominium complex or a single suburban home, there are plenty of creative ways to improve the exterior of a property. Landscaping and regular exterior maintenance is a huge pull for many tenants. If you have an interior facing unit in an apartment complex, this may mean adding planters outside the unit window, or even installing a smart lock system on the main entrance door. Spending money to make the exterior more welcoming will allow you to raise rent and reduce turnover at your property.
- Upgrade Your Appliances
This step is one of the most overlooked updates to a property of all because of the fear that owners have of the price. The fact of the matter is, however, that this shows up at the top of tenants complaint list every single year. Updating your appliances make your tenants happy and goes a long way towards renting a unit.
A washer and dryer pair can often be purchased for around $1,500. That amount of money can easily be made back in rent increases because it will attract better tenants, and will reduce turnover with existing tenants. Even upgrading a single appliance goes a long way toward tenant satisfaction.
- Make Your Property Smart
Smart technology for your home is growing in popularity and now on the list of things most tenants are looking for in a rental property. Devices like thermostats, door cameras, carbon monoxide and smoke detectors, and locks, can be a big draw to prospective tenants. These are smaller in cost than appliances and can allow you to drive up rent. They also provide accountability and important data, increasing the value of your property as a whole.
- Fresh Coat of Paint
The last and most obvious improvement that you can make. The reason that it is so common is because it works. Adding a fresh coat of paint to the interior of your property may be the best cost-to-tenant-satisfaction upgrade that you can make.
Be smart, and if you have multiple properties, buy a neutral color paint in bulk and reapply to as many of your units at the same time as possible. This keeps cost to a minimum and will make all of your tenants feel refreshed and taken care of.
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