Every landlord wants to get the maximum rental income from their rental property. This has another benefit, as well; a more attractive property will yield the highest-quality tenants.
In order to obtain the highest possible rental income, you must make your property as attractive to tenants as it can possibly be.
Check out these tips to help you make your property more attractive so that you can get the best tenants and the highest possible rent.
1. Cover the basics.
There are a few basic measures of upkeep that every landlord should perform between tenants, regardless of whether they aspire to increase the rent or get the best tenants. You should always have the carpets deep cleaned and the walls painted between tenants. You should also check all of the appliances to make sure that they are working properly.
2. Address maintenance issues promptly.
Don’t delay maintenance. Failing to address issues quickly will make your tenants unhappy and cost you more in the end.
3. Remodel the kitchen.
Renters want a high-end kitchen, just like home buyers do. You can do an update to make your kitchen more attractive without spending a fortune. Paint the cabinets and install new hardware. This will make the kitchen feel more luxurious and draw attention to it and away from other, less desirable features.
4. Renovate the bathroom.
Next to the kitchen, the bathroom is one of the most important rooms to update. Many of the bathrooms in rental properties have old, ugly tile. Try painting or replacing the tile, and update old, worn-out fixtures. Resurfacing the bath or shower can save money while providing a fresh, new look.
5. Upgrade the lightning.
A fluorescent overhead light in a bedroom or living room can make the whole unit feel cheap and low-quality. Replace outdated light fixtures with more modern pieces. Consider installing dimmer switches to make the property feel new and high-end.
6. Make the best use of the space.
You may be able to add a wall to create another bedroom or remove a wall to create a more open living space. Take a look at the existing layout, and determine what the best use of the space will be.
7. Install laundry facilities.
Having laundry facilities within their own rental unit is very valuable to tenants. You can often install a stackable washer and dryer into a closet or cupboard area for minimal costs, and it doesn’t require much space. The increased rental potential is well worth the investment.
8. Treat your rental property as a business.
Too many landlords treat their rental properties as a hobby, which prevents them from seeing its maximum potential. Instead, treat it as a business that requires an investment and regular attention in order to achieve results. You should have a business plan for your rental property, and a team of people who can handle the jobs that you don’t have the time or inclination to do.
9. Hire an experienced property manager.
A professional property manager can take all of the day-to-day responsibilities of caring for a rental property off of your shoulders. Their knowledge, experience, and prompt attention to problems can save you thousands of dollars.
If you own a rental property, you should get in touch with McMath Realty. We offer a variety of services to assist you in maintaining your property, including investment consulting,property management,rental management,property inspections, and home maintenance services.
We manage rental properties in Chandler, Mesa, Gilbert, Scottsdale, Phoenix, Glendale, and all areas of Maricopa County.
We advertise your property in the MLS listing, on multiple websites, and on our own website. We also use signage to attract potential renters who are out driving around and looking for rental opportunities. We will assess your property, recommend improvements, and help you price your unit appropriately.
Contact McMath Realty at https://mcmathrealty.com//contact.php to learn more about how we can help you keep your rental property in tip top shape so that you can earn the maximum possible rental income!