Managing a rental property is hard work and with the constant rise of new properties in the Dallas area you may find yourself on a never-ending quest to stand out among the crowd. When managing a rental you always want to ensure that the value of your property is always on the upswing so that when the time comes to welcome a new tenant, you can guarantee a fair rental agreement that brings you income and also satisfies your tenant.
At Huntahome we believe that superior management of rental properties is key to bringing in reliable tenants and keeping them long-term. That’s why so many hedge fund and other investment firms choose us as their primary property management company. Follow our 12 tips for increasing the value of your property today!
12. A Fresh Coat of Paint Never Hurt
Yes, something as simple as a new color on the front door or even a full-on paint job of your rental can help increase property value. Not only is a new coat appealing to potential renters, but maintaining the paint on your property is a true sign of the care that you put into your rental property. Renters will notice this and will most likely be willing to rent the property on your terms.
11. Keep the Front Yard Maintained
A decision for a potential renter can be made within the first seven seconds of viewing a property. In short, first impressions matter a lot in the property management industry. Perform routine maintenance on your front lawn and the surrounding yard area.Cut your lawn, whack the weeds, and maybe plant some vibrantly colored flowers near the doorstep. Make sure that your yard is the nicest on the block so that your efforts will draw in inquiries.
10. Be a Landlord, Not a Land”guy”
As mentioned in our front yard example, first impressions are the first step to getting a tenant to sign an agreement for your property. Keep in mind that a tenant is not just judging your property, but are judging you as a manager and owner. After all, they have to deal with you for the length of a potential lease. Greet your visitors well groomed, well dressed, and with a warm demeanor. This doesn’t mean you have to wear a suit and tie to a meeting, but please leave the paint-stained shorts and ball cap out of the equation.
9. Implement a Residential Program
Renewals of leases are the perfect opportunity for you as a manager to raise the rent without raising the suspicions of tenants. However, as in all relationships, trust is earned both ways so if you are planning to increase the rent to match your property value, give your tenants a reason to stick with you. Create a residential program that rewards renters for remaining loyal to your business. Give a gift card after a year or offer another perk that doesn’t hurt your budget but also shows that the tenant’s business matters to you. Keeping renters is a great way to increase value of your property.
8. Quality of your Advertisements Counts for your Rental
Don’t take photos of your property on your phone and expect to get potential renters lining up at your front door. If possible, rent or borrow a professional camera with a high-quality lens. The quality of your property photos matters, especially if you are looking to rent at a higher market level.
7. Increasing Storage Space Increases Value
People always seem to need more space to store all of their stuff. Increase the value of your rental by adding a shed in the backyard or extending the closet space in a bedroom. Any amount of extra space will make tenants happy while also increasing the value of your property.
6. Replace the Windows When Necessary
They say that the eyes are the window to the soul, so the windows to your rental property had better stay clear so that tenants can get a glimpse of your interior even on a drive-by. Also, damaged, scratched, and smudged windows can be perceived as a sign of poor maintenance as a property manager. Keep your windows clean to keep the applicants coming in.
5. Remodel the Kitchen and Baths
The kitchen and bathrooms are the most popular areas of a rental. Keeping your kitchen and baths up-to-date as far as plumbing and appliances is an easy way to increase property value and make it justifiable to charge the rate that suits your financial needs.
4. Maintain Where Others Don’t
What we mean by this is that you should not rely on your tenants to change out AC filters, clean the gutters of your property, etc. As a property manager, your tenants will appreciate your attentiveness to the upkeep of their rental. Also, not only does this routine maintenance help your renters out, but it can save you thousands a year just by performing these simple tasks.
3. Replace Carpets with Linoleum Wherever Possible
Carpets can be expensive to maintain. With routine cleanings and eventual replacement, the costs can wear on a manager. Increase the value of your rental while saving money by replacing carpets with linoleum where you can. Linoleum is much easier to maintain and won’t cost an arm and a leg if replacement is required.
2. Clean, Clean, Clean!
Keep your potential rental property clean and smelling fresh. Be prepared for curious renters to come in and look at your property at any time. Maintaining a clean property at all times increases value and if you work on it a little a day, should become a simple routine to follow.
1. Apply Yourself
Keeping up with the latest appliances for your rental is key to attracting the top renters on your list. Renters love clean and adore new. Replace that old fridge with something more up-to-date. You may not even have to spend much. Many home appliance stores offer steep discounts on factory items with even the smallest dent or scratch.
Rent your Property with Huntahome Now
Huntahome is proud to take over management rental properties for Dallas owners that want a stress-free experience as property owners renting a living space. Contact Huntahome today to find out how we can help increase your rental value.
