Are you trying to get the most from your rental property? Spending more money on it may be the first thought on your mind. However, some investments on your property are more valuable than others. It is essential to research and consult your Chesapeake property management company before making any significant changes. Here are a few tips for raising profits.
Implementing Routine Maintenance
Routine maintenance may seem like an added expense, but it is one of the best ways to improve property values and justify a competitive rental rate. It also promotes long-term renter retention and keeps your property in good condition for a long time. A good Chesapeake property management company can help you with maintenance processes.
The most common types of routine property maintenance include monthly exterminations, changing the filters in HVAC systems, testing smoke detectors regularly, and cleaning gutters. In most cases, the burden of property maintenance falls with property owners, although your renters have responsibilities to maintain your property, too.
Making Upgrades That Attract More Renters
Consider investing in upgrades that will help you attract high-quality renters in Chesapeake. Smart upgrades are worth the initial costs and pay off over time with a competitive rental rate. Think of upgrades that make the most sense depending on your competition and target renters. Most renters won't want to pay more in rent to cover your costs for installing granite countertops when other nice, durable options improve the quality of the kitchen without overpricing your property.
Consider using durable flooring instead of carpets. Even though a plush carpet seems like a good investment, it can bring ongoing costs to keep them looking like new for several years. Carpets stain easily, and you may need to replace them every time you have a new renter.
Other valuable upgrades for Chesapeake rentals include installing low-flow water features, new kitchen cabinets, smart home features, and upgrading the bathroom. Keeping your rentals competitive and delivering what renters want in a rental home helps investors improve ROIs.
Listing Your Properties on Highly-Trafficked Rental Sites
There are plenty of sites where you can list your rental properties. However, they aren’t all the same. Often, "free" rental listing sites won't generate the visibility you need or deliver quality rental applicants.
Consider listing your properties in highly-trafficked sites to attract the best renters. Your Chesapeake property management company has access to more listing sites and can help you save money on bulk listings. With a professional-quality listing and more visibility on the rental search sites that potential renters use most, you'll find better renters faster!
Hiring a Professional Property Management Company
Professional property management companies implement strategies with the right experience to increase profits for your rental property. They also reduce costs and give you back your free time while delivering a stress-free real estate investment experience for rental property owners.
Through their renter screening process, they help investors place high-quality tenants while avoiding bad tenants that are difficult to remove after they move into your properties. Chesapeake property managers also help you avoid costly legal problems. One lawsuit from an unhappy renter can ruin your income and shut down your rental properties. The best property managers are armed with legal knowledge and local experience. They know landlord-renter laws and the best ways to avoid legal trouble.
With better renters on move-in day, real estate investors also experience better retention. Quality tenants take good care of your properties, pay the rent on time, and often renew their leases! An excellent property manager builds positive relationships with residents that help them feel safe and comfortable in your rentals. When renters stay for more than one lease term, investors enjoy better profits.
Add New Streams of Income
Depending on the type of property you own, it may be wise to increase your revenue streams. With a multi-family property, it may be wise to add vending machines, laundry machines, or other coin-operated services. These amenities not only give you more revenue but also improve the resale value of your property.
In a single-family, consider offering landscaping, house cleaning services, or free air-filter deliveries. Negotiate the rates with renters and deliver these services at a profit, or offer them as incentives to encourage renters to renew their leases (and make adjustments to the rental rate to cover your costs).
Enjoy Better Profits With Chesapeake Property Management
Spending money on your rental properties can be a good way to generate more profit. Partnering with a Chesapeake property management company helps investors make smart choices about how to budget for improvements and choose upgrades or services that add value and pay off.
Renters Warehouse Hampton Roads is here to help you choose the best updates and get more out of your rentals! When you're ready to evaluate your properties and consider where it's wise to spend some money, let's chat about how we can help.
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