August 2016

Welcome to the Management Experts blog! Here we will provide you with news, tips, and other information to help landlords have a worry-free experience. Today, our focus is going to be on maximizing the value of your rental property. A higher value means you can command a higher rent, which means more money for you. There are many ways to go about this process, and here are just a few.

Clean!

This is one of the most important things you can do to help demand a higher rent. Take the time to clean your property from head to toe, presenting a livable appearance. If a potential tenant sees a lot of filth and grime, it says a lot about you as a landlord and not only will lower the rent they’re willing to pay but also potentially drive them away altogether. Take the time to have carpets professionally cleaned, walls and floors scrubbed along with the bathrooms.

Fresh Paint

If some of the paint is starting to look faded and worn, don’t hesitate to apply a fresh coat. It is also important to make sure the front door is freshly painted as well. The entryway to your home sets a powerful first impression, so making sure that everything looks fresh and new will go a long way towards your ability to command a higher rent.

Kitchen and Bath

Making the kitchen and bathrooms look spectacular will go a long way towards maximizing your return on investment. Updating these two areas will not only increase the rent you can command, but also boost property value significantly. In fact, kitchen and bath renovations yield some of the highest returns on investment for the cost, which can be incredibly useful if you decide to sell your home outright at a later date.

Even if you are not renovating, make these two areas the focus of your cleaning and other home improvement efforts. You will see much greater returns for your time and money here than the bedrooms or living room.

Landscaping

Another way to boost the value of your rental property is to invest in landscaping. Enhancing the curb appeal of the property can help you command higher rents than properties without any landscaping work at all (all else being equal). Do not underestimate the value of this curb appeal! What future tenants see from the outside will set their expectations going forward, and if their expectations are low, so too will their price tolerance be on rent.

Repair or Replace, but Don’t Cover Up

If there is any visible damage – cracked flooring, holes in the walls, broken appliances, or something similar, then take the time to repair or replace that damage. If you attempt to cover up damage using a rug, painting, or other cover-ups do not be surprised to hear back from angry tenants down the road. While it may be tempting to try to avoid the expense altogether, this will come back to haunt you. Invest in repairs ahead of time and your tenants (and checkbook) will thank you for it later.

There are many ways to improve the rental value of a property, and these are just a few of the possible options. There are many other ways to improve how much you can command as well, but these should get you started. If you have any questions or want more advice, do not hesitate to get in touch with us!