Posted on: 3 June 2019Share
Whether you own multiple houses, condos, or an apartment building, having suitable renters in each property is key to ensuring a profitable return on investment. Unfortunately, finding suitable renters in a timely manner can be stressful, especially if you own multiple rental properties. Thankfully, property management services can help.
Not only are they able to keep navigate and organize the administrative tasks involved in renting properties, but property managers can also keep an eye on actual issues with your property, which may include maintenance and repairs. By modernizing your rental property, property managers will be able to attract the most qualified renters in the most efficient manner possible. Here are a few simple, yet effective, solutions for modernizing your rental property.
As the owner of rental properties, you will want to continuously have a renter in your property/unit to ensure rental income is continuously coming in.
Requesting that your tenants sign a lease, which guarantees they will stay in the rental for a specific period of time, is smart. However, most renters want flexibility in this day and age, allowing them the freedom to move to be closer to friends/family or to take a new job. If you want to attract more tenants, you may want to offer flexible lease options.
Short-term rentals can be more appealing to renters who do not want to stay in one place for too long. In addition, shorter leases will allow you to bring in new renters more frequently, which gives you the opportunity to increase rental rates, if and when preferred.
Modern fixtures and appliances not only help sell a home – these updates can also help rent a property. If you want renters to find your property appealing to the point where they will be willing to pay a higher rent, consider making a few crucial updates to your property.
Replace old, unappealing light fixtures with LED lights that have modern finishes, such as oil-rubbed bronze. New faucets and showerheads are also wise updates to make the property more attractive. Finally, replace white appliances with energy-efficient stainless steel models.
Tenants will enjoy the modernized look of these updates, but they will also benefit from the energy savings, which can reduce their monthly expenses.
While surprising to learn, an estimated 60.2 percent of households have a dog and 47.1 percent of households have a cat. Because so many have a pet, making your property pet-friendly is essential if you want to attract more tenants.
Allowing pets in your home or apartment will help, but making the actual property and surrounding area pet-friendly will be an even bigger bonus for renters.
Consider creating pet-friendly trails with outdoor lighting, paved walkways, and clean-up stations with bags and waste bins. These features will allow owners to walk their pets safely and conveniently.
From cash and checks to automatic withdrawals, there are many ways a tenant can pay their rent. Today, whether through a desktop computer, laptop, or smartphone, everyone has access to the internet, so allowing your tenants to pay their rent online will make your property more appealing.
Ask your property manager to set up an online system that gives tenants the opportunity to pay their rent conveniently and efficiently. The online system can be set up to deduce the rent payments automatically from their bank accounts on a certain date or the tenant can log in each month to submit their rent payment when it is due.
Filing and managing your rental properties does not have to be stressful. With this guide, your property manager will help rent out your homes and units with ease.