If you own a rental property, you surely know the importance of attracting and keeping good residents. Whether you’re managing your property yourself or employing a property management company, it’s important to keep your property as full as possible, and keep the good residents renting from you. One way to do this is to add value to your rental property through various improvements. Below you will find 4 affordable ways that you can add value to your property, allowing you to reduce vacancy and potentially charge more for rent!
1. Renovate The Kitchen
Having a nice kitchen in each of your rental units is a great way to add value. You don’t have to build a professional kitchen with stainless steel appliances and granite countertops, but you should definitely make an effort to improve the quality of your kitchen(s). That means adding newer appliances (it will be worth the investment!), keeping the plumbing working smoothly, and keeping as much counter space open for your residents as possible.
2. Renovate The Bathroom
After the kitchen, the next most important room is the bathroom. Residents want to see a newer, clean bathroom in their new home. Whether you’re renting a 5 bedroom house or a 1 bedroom apartment, the cleanliness and quality of your bathrooms should be a top priority.
3. Listen To Your Residents
If any of your residents ever complain or comment on a particular issue they have with your property, listen to them and take note. If their request is reasonable and affordable, consider making the repair or improvement. After all, it’s your residents who are living in the property day in and day out, so they know best what needs improvement and what doesn’t. If you have no complaints but want to invest some money in improvements, consider asking your residents what they think could be made better.
4. Scope Out The Competition
As a property owner and/or landlord, it is important to stay competitive. On your next free weekend, make some appointments to view rental properties in your area that are in the same price range as your properties. Take note of their size, condition, amenities, terms, etc. and compare them to what your own properties offer. This will help give you a good idea of where you stand in the local marketplace, and how you can improve.
5. Employ A Property Management Company
If you’re not yet using a property management company in Kalispell, you really should be! Having a company to handle your landlord duties can be very beneficial for both you and your residents. For one, you will have much more free time on your hands to relax and enjoy life. And at the same time, your residents will have a better overall experience, because the agency will be able to keep everything in tip-top shape with regular maintenance. If you think hiring a rental agency is out of your budget, do the calculations again, and this time factor in the cost of your time – it might inspire you to make room in your budget!
So, there you have it! Follow these steps and you’ll surely notice a difference in your vacancy levels, and you should be able to charge more for new residents! Keep in mind that this list is far from comprehensive – there are plenty of other ways to add value to your rental properties.
Learn more about how a property manager can help you by learning more about us.
