The real estate market is a dynamic space in which things are never certain. With such a huge diversity and population of people wanting to rent out properties, and people willing to buy them, competition is really tough. Even if you have a great property, knowing some insider secrets about what potential tenants want can give you the upper hand and help you rent your property out much faster.
Here are some tips that’ll increase the value of your rental property threefold.
#Cut Costs Without Cutting Quality
Find ways to reduce expenses while keeping your property attractive and functional. Start by reviewing utility costs, insurance plans, and service contracts. Are there cheaper but reliable providers? Are you paying for things you don’t need? Trim these extra costs to save more each month. Even small savings add up over time. However, don’t skimp on important services. A cheap repair might cause bigger issues later. Invest in quality where it matters, like plumbing, roofing, or heating systems. If you are unsure, hire a management company for rental properties to do this task for you.
# Appropriate Cleaning Appliances
People don’t want to go out every other day to the Laundromat with a load of clothes to wash. Installing washers and dryers on the rental property premises can help you gain convenience points in the eyes of a potential tenant. Of course, these machines use electricity, and tenants understand that.
So, you can either include charges in the rent or let the machines be charged on a per-use basis. Either way, you can generate as much as 20% extra revenue, and of course, present tenants with the value of added convenience.
# Greenery and Painting
With city life being polluted and hectic, greenery can often attract more potential tenants. Having trees or plants around your property gives a sense of calm and isolation, which tenants would definitely appreciate. Moreover, properties that allow tenants to plant gardens or paint their living spaces usually go on rent much faster and at higher rates. Going green is an effective way to improve the value of a rental property.
# Pet Policies
Surveys indicate a vast majority of tenants keep a pet or are bound to get a pet in the near future. Properties that allow keeping pets, and even promote it, are going to inevitably do well, as opposed to those that don’t allow. A few bucks can be added to the monthly rental as pet charges, which will result in a few hundred bucks of added revenue each year.
Complimentary facilities for pets, like pet food, pet toys, or a play area, could also be a great addition to earn some extra money over the rental.
# Energy Consumption
No tenant is going to want to live with you if your rental is nominal, but the appliances provided are old and heavy on power consumption. Surveys indicate that younger generation tenants are attracted to green initiatives in the living space. Putting up energy-efficient appliances will cost more, but in the long run, they will perform better and draw in more potential tenants. Recent surveys conducted by NAA show energy-efficient appliances bringing in as much as 16% additional income to rental properties over the years.
Following these tips will surely going to get you more exposure for your rental property and will enable you to rent out at an even higher rate. As an icing on the cake, the above tips are sure to help you increase the appeal of your property.
However, that being said, these tips are only additions to some basic necessities of rental properties, which should be considered prior to following the above tips.
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