Market-Savvy Landlord’s Guide to Maximum Rental Profits
The goods news is that residential property market is booming across the globe, which means safe bounty for both landlords and home sellers. The bad news? The modern renter is a picky critter who understands the value of money and wants the biggest at-home bang for his buck. The landscape of tenant preferences is constantly changing, and landlords who want to keep up with market trends have to go the extra mile and invest a tad more cash in hot home features. If you do not know how to leverage increased tenant interest and higher rental fee calls, fret not – here are a few useful cues on how to attract scores of would-be renters and capitalize on your property.
1. Swap Conventional for Energy Efficient Appliances in a Rental
Modern tenants are tech-savvier than you can imagine, and they know how to pinch pennies. If you want to make potential renters silently whistle in awe and show you their money without further ado, you should to invest in energy efficient appliances. Energy-saving electronics allow the renter to save money on utility bills for the entire duration of the lease, and many renters would gladly pay higher rent if home energy units allow them to cover the fee difference and potentially even save a bit of cash in the long run.
2. Update the Fine Details for Higher Fee
Mold stains, scruffy kitchen appliances, and cracked tiles are the easiest way to drive would-be tenants away. Renters could not care less about your property, and they will walk out as soon as they see cheap loo fittings and light fixtures with a couple of decades under their belt. Updated lights, chic panel track blinds, and quality plumbing are the easiest way to raise a tenant’s brow in approval and cajole them into settling down on your estate instead of bouncing off to your next-door neighbor who knew marketable home features better.
3. Freedom of Personal Expression is Lucrative in a Rental
The fact that your property belongs to you is not an excuse to adorn it based on your personal décor fancy. Renters appreciate property deals that come with no strict looks attached, and they want to have the option to customize their space. Be a pal – inform the potential renter at the first viewing that they can do whatever they want with the home décor. Let them play all they like – for as long as they do not start knocking down the walls, of course.
4. Floor It Out Naturally for Hassle Free Maintenance in a Rental
Gone are the days when every renter rejoiced at the thought of wall-to-wall carpeting and chic rugs. In the world we live in, time is money, and regular vacuum cleaning is a waste of both. Throw out old carpets and replace shabby flooring with laminate, tiles, parquet, or hardwood – the update does cost a bit, but it can add a fine figure to your property’s market value, as well as the rent call. Realtors know this trick already: 82% of real estate agencies say that homes with low-maintenance flooring are paid more and sell faster.
5. Reliable Wi-Fi is the shortcut to high rent
Many people today either work from home or have an web-bound side gig, and most of them need solid internet connection at home for professional purposes. Even if your future tenants have a well-paid 9-5 job, they want high-speed internet for quality leisure (and pleasure) time. Most renters will turn on their heel and dash out as soon as they hear that their home-to-be is not pre-quipped with reliable internet, and it is up to you to stop them by providing them with instant Wi-Fi access. The internet upgrade costs little compared to the value it adds to property.
Smart updates are a surefire way to increase both your property’s value and tenants’ interest in your offering. Cheapskates landlords, be warned.