INSTANT LANDLORD: 3 WAYS TO INCREASE THE RENTAL VALUE OF YOUR PROPERTY

A FEW RENOVATIONS WILL GO A LONG WAY

The peak rental season is near and tenants like rental units that look updated. Many tenants have downsized in this economic climate but still have high standards of living.  By completing simple, low-cost renovations and minor improvements like painting the walls, updating a few light fixtures and replacing the faucets, the toilet and the electrical switch plates you can breathe new life into a dated rental unit and help attract and retain tenants, reducing your turnover costs.

IMPROVE YOUR PERSONAL SKILLS

Happy tenants are stable tenants. Like any customer-service based business, the better you are at providing great customer service, the more successful your business will be. Think of our tenants as your clients and you may start to see them in a different light. By responding quickly to maintenance requests, being courteous and presenting yourself in a professional manner (even when you get the dreaded 1 a.m. phone call) your tenants will respond by treating you with respect. Most importantly, respond to all maintenance requests quickly. If you take a day or two to respond, the tenant, will think they are being ignored. Take longer than a few days and you are bound to have a disgruntled tenant on your hand. People simply want to know that you care and that their concerns are being heard. They will be more likely to pay their rent on time, take care of their unit and stay put, all things that help to boost your bottom line.

KEEP UP WITH INFLATION

As easy as it sounds, many landlords do not take the time out to verify if they are receiving up to par rental rates. Many have not raised the rent for a few years because they are scared to lose their existing tenant.   If you aren’t bothering to increase your rent then you’re leaving money on the table as inflation of maintenance services, regular upkeep and overhead expenses eat away from your bottom line. You can simply check to see what the neighboring units are renting for or be sure that your Property Manager is doing a yearly analysis of rents when renewal time appears. While rent increases tend to be unpopular with tenants, most expect their property owners to charge current market value for their properties. Modest annual increases are more palatable to tenants than a large increase every other year.  And if you are maintaining the rental and responding to maintenance calls quickly, then higher rent can easily be justified with offering a high standard of living.

Christina Starmer