Earning more rental property profits is every landlord’s dream. Ideally, you want to increase your rental income without investing a lot in upgrades and renovations.
It’s important to be strategic about allocating your time in money so you can maximize your property profits to the best of your ability.
1. Professional Cleaning Goes a Long Way
If you want your property to command a higher rental rate, then it needs to look the part. For a minimal one-time cost, hire a professional cleaner to make your property shine. If your property looks dirty and unclean, it will look poorly maintained and may drive great potential tenants away.
2. Remember First Impressions
Along with having the unit professionally cleaned, be sure to look at your property with a fresh set of eyes. What would someone’s first impression be? Try repainting the front door, cleaning up the outside, removing any junk and doing minor landscaping if applicable. It’s true that a potential tenant’s first impression will determine whether or not they are willing to pay more for your rental property.
3. Update Flooring
Most rental properties have linoleum or laminate flooring installed. While these are cost-effective materials, they do eventually start to show their age. If your flooring is looking worn out, it’s probably worth having it replaced. Everyone, including tenants notices the shape of the flooring. This is especially true if the property is empty when shown.
4. The Details
Being detail-oriented is another great way to help maximize your profits on your rental property. Don’t underestimate the value of fresh paint. This is especially helpful in older properties as a way to modernize them in a more economical way.
Other details include replacing any hardware such as door knobs and handles, ensuring there are no exposed lamps, and replacing any broken tiles, fixtures or window blind slats. It’s also important to check your plumbing and make sure there are no running toilets or dripping faucets. By having these details covered, it can help to drive up value from a tenant’s perspective.
5. Prioritize Your Upgrades
Remember that many tenants have previously lived in less desirable properties. Generally, poorly maintained properties come with old and outdated washrooms. Because of this, many tenants are willing to pay more to have a nice and modern washroom. If you’re looking at upgrading any elements of your property, start with the washroom as it can help command a higher price tag.
6. Show the Property with Group Showings
It’s possible to create more demand and thus a higher rental rate when it comes to interested tenants. Instead of booking individual showings of your property, schedule between 4 and 5 prospective tenants to show up at the same time and date. The serious tenants will feel more motivated to act quickly and may even been willing to pay more.
Once you’ve found the right tenants, consider using The Realty Medics as your property management company. They are the best in the Central Florida area, check out our full line of property management services.