All landlords want to increase their passive income streams to utilize their rental properties to their full potential. How can you make your property more profitable? One strategy is by reducing your costs and overheads, but that’s often not possible without compromising your responsibilities.
As a landlord, you cannot take your responsibilities lightly, so it’s wise to focus on strategies that help you generate more revenues. In the long run, boosting the market value of your property will prove instrumental in increasing your income and profits.
Keep reading to explore some dynamic tips to boost the market value of your rental property.
Spruce up the Architecture
Spruce up the exterior and architectural appeal of your property is a powerful upgrading strategy. Whether you’re renting out a condo, a house or an apartment, sprucing up the cosmetic appeal can work wonders at increasing the value and rental income.
Even small touches, like changing the door mat or a fresh coat of paint can work wonders. Naturally, bigger upgrades, such as landscaping or constructing a deck, can increase market value and rental income more substantially.
What is the purpose of these upgrades? The purpose is attracting high-paying tenants who desire modern amenities and greater life quality. If you’re working with a limited budget, it’s best to fix elements that are undermining the exterior beauty.
For instance, if the paint is dusty and chipped, consider repainting the walls. Choosing a darker or brighter shade can work wonders at transforming the overall appeal and setting a powerful first impression. The simple act of planting flower beds, pruning and shaping the trees and mowing the lawn can bring about an aesthetically pleasing transformation.
Fresh Coat of Paint
A fresh coat of paint is a vital undertaking because potential tenants do not warm up to properties with dusty and chipped walls. Dirty and stained walls will cast a negative spotlight on your property, even if it is centrally-located in a prized, urban district.
Here’s a great opportunity to give your property a budget-friendly makeover and improve the color palette. You can explore trending color palettes and tones that are all the rage in rental circuits. Experts observe that tenants are drawn towards light and neutral shades. Why is that? Because these shades are very easy to work with when it comes to home decoration and personalization .
Modern Amenities & Appliances
Is your property equipped with all the modern amenities and appliances to support a convenient lifestyle? Tenants prioritize properties that are decked with state-of-the-art appliances and modern conveniences. Dishwasher, HVAC systems, refrigerators, washer and dryers, and security systems are a definite must-have.
Tenants who expect these amenities can also afford to pay an additional amount, which increases the rental income of the landlord. It may seem like an overwhelming burden, but if you regard it as a one-investment, it will increase your rental income considerably.
Smaller Upgrades & Improvements
If installing a dishwasher or refrigerator is a commitment you cannot afford, consider undertaking smaller upgrades. Replacing all the fixtures, such as toilet seats, door knobs and faucets, will also elevate the cosmetic and structural appeal.
Quick and cheap fixes can make the property more functional with an aesthetic makeover. Storage space is a powerful strategy that will win over high-paying tenants. You can adopt the DIY route to add in shelves, cabinets and racks to increase storage spaces in the kitchen, bathroom and living room.
Fixing all the existing repair and maintenance issues, such as broken lighting fixtures and smoke detectors, will also cast a positive impact.
Clean Aggressively
A neat, clean and well-organized property beckons to be explored as it’s easy to imagine a tidy accommodation as one’s home. As potential tenants walk inside a property, residues of dirt and debris will make them conscious of their hygiene and health.
On the other hand, a neat and tidy property will encourage them to go from room to room, inspecting every nook and cranny. A dingy, dusty and dirt-ridden property is every tenant’s worst nightmare. Before you open your property for walk-in tours, it’s crucial to de-clutter and clean aggressively.
You need a pressure washer to clean the driveway, walls, windows and backyard before proceeding indoors for a thorough scrubbing and floor cleaning. Be sure to eliminate all signs of dirt, dust, mold, debris and rust before inviting potential tenants to view the property.
Invest in Real Estate Photography
Modern-day marketing endeavors are driven by high-definition and immersive pictures that captivate the audience. Needless to say, the popularity of images has given rise to numerous platforms, such as Instagram and Pinterest. If you want to attract high-paying and well-reputed tenants, you must invest in real estate photography.
High-quality pictures taken by a professional photographer will work wonders at elevating the quality and reputation of your property and listing. That’s right. It’s common for tenants to steer clear of poor quality imagery, because such listings are often considered as scams or unreliable.
If you have a DSLR of your own, you can take high-definition pictures to create interactive listings. Do you want to take this to the next level? How about a virtual tour and 3D imagery? In 2021, tenants wish to see listings powered by modern technologies because these listings create a reliable reputation for the landlord.
Conclusion
These are just a handful of strategies that can help you boost the market value of your property. It’s wise to set goals that align with your financial well-being. Smaller upgrades are smart, but if you want to enjoy bigger gains, you must undertake bigger improvements, such as constructing a basement.
If you have vacant space lying around, consider adding more living space to the property or constructing a swimming pool perhaps. Property upgrades like these can transform a mid-scale accommodation into a luxury home or building.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
