As landlords, it is important to provide safe and clean properties for your tenants and to offer exceptional service in your interaction with them. But what can you do to increase the rents, and therefore the value, of your property? There are certain considerations you can make that are cost effective ways to help your properties rent quicker and for higher rates.
1. Think About Curb Appeal
This is the first impression from prospective tenants and a vital piece of their decision making process on whether to rent or not. Making sure that things are freshly painted, landscaped, and looking their best can make them want to hand over their deposit quicker.
2. Add Amenities
If possible, look at creating additional profit centers and amenities for your renters. This can include laundry services, entertainment areas, fitness centers, hiking paths, etc. These make your property more marketable and helps it stand out from the competition.
3. Renovations and Rehab
Not fun. But can be huge in raising not only the value of your property but value in the eyes of a renter. Consider all aspects of any renovation you may do. Replacing carpeting with hardwood flooring may have a big upfront cost but think what you will save on upkeep and replacement costs. Not to mention appeal.
4. Energy Saving
There are lots of ways to invest in energy-saving improvements that can reduce costs for you and also create appeal to your renters. Lightbulbs, window insulation, and more are all cost effective ways to save money on your multifamily property.
5. Get Numerous Bids For Work Done
You probably have established relationships with vendors that you use on a daily basis. This is great but make sure you are looking at all your options. It is too easy to pick up the phone and just make a call – consider what you want done and look to get at least 3 bids for having it completed.