Real estate is good business. Owning property and renting it out to tenants is profitable and has the potential to supply enough income to sustain owners without having another job. Property owners could also maintain a standard nine-to-five job and rent out their units on the side. Either way, finding ways to effectively improve your rental property will only further your investment.
Walk on the Green Side
Make your rental property as green as possible. Improving the property’s energy efficiency does more than reduce the monthly utility bill. The adjustment also gives you more bang for your buck, increasing the value of the property.
Simple upgrades, like energy-efficient lightbulbs, smart thermostats, and shower fixtures, could change the performance of the building. These upgrades are especially beneficial for older properties. Making these small adjustments is a step in the right direction.
Up the Curb Appeal
Renters will judge a book by its cover. Even if the interior is impeccable, they’ll never find out if the exterior is off-putting. Up the curb appeal of your property by keeping up with outside maintenance.
Don’t let small problems fester because they could grow beyond repair. Every aspect of the property needs care, from the building to the parking lot. Fix the cracks and divots, freshen up the paint, and add lines to the parking lot.
Pack It With Tenants
An open vacancy for several months is a bad sign; not filling your rental property with tenants is very telling. Renters may assume the property has problems without surveying it first. Reduce the vacancy time by leasing the property as frequently as possible. Weed out short-term tenants, and find reliable people with good track records. Stay proactive and put out ads once you know the property will be vacant again soon.
Cling to the Neighborhood
Even if areas around the property don’t look amazing, that doesn’t mean you can’t lean on the neighborhood. The community could be exactly what you need to make the space look more appealing to potential residents.
Create a list of fun places and activities in the area for tenants to enjoy. This is especially important for people moving from out of town. They won’t know much about the neighborhood, so a landlord who provides such information could convince them to sign the lease.
The work of a landlord never ends, and effectively improving your rental property should be at the top of your list of important tasks to complete.