One of the ways to increase the return on investment with your rental property is by bringing in more rental income every month. Every landlord wants to get the best rental price for their property, and today we’re sharing a few tips that help us increase rents for the owners and investors who work with us.
Pay Attention to Curb Appeal
A prospective tenant’s first impression of your property is the way it looks from the car or the street. Curb appeal is important. Take the time to ensure the front of the home is nicely landscaped, free of debris and trash, and inviting. There shouldn’t be any broken blinds in the windows, weeds taking over the flower beds, or old cars rusting in the driveway. Make it look like a place great tenants will want to call home. Having easy care land scaping is a draw to most tenants who don’t want to spend all weekend mowing, weeding and replacing seasonal flowers.
Freshen Floors and Walls
A little paint goes a long way, and fresh paint on the walls will make your home look new and welcoming. Use neutral colors that will match any furniture that your incoming tenants may have. Take a look at your floors, too, and decide whether they look good enough to attract high quality tenants who are willing to pay a little more in rent. If you want to earn top dollar, tear up old carpet and consider installing tile or wood laminate.
Making Smart Upgrades and Updates
The most important areas of the house to good tenants will be the kitchen and the bathrooms. You don’t have to do complete renovations of these areas, but make sure you take care of little details that renters will find appealing. You can update the fixtures, for example, and install new faucets or drawer pulls. Don’t spend a lot of money on upgrades that won’t earn you more money. Good tenants will want clean, functioning appliances and a space that looks attractive. Some landlords ask if staging and professional photography is worth the investment for rental properties. That really depends on the property. If it’s a five bedroom home in an affluent neighborhood, the tenants you’re targeting will probably respond to that. However, it’s not worth it on all homes. These are just a few ways to get more money for your rental property. If you have any questions or you’d like to hear more, please contact us at 3G Properties Group.