As someone who owns rental properties, it’s vital to your business to preserve the value of your properties in a way that will keep them relevant in today’s highly competitive rental market. One of the best ways to do just that is to make small improvements that can lead to steady increases in the value of your properties. Here are a few simple things that can make a rental property more valuable to renters, and in turn, bring in more revenue for your business.
Improve Your Listings
If your property listings look unprofessional, then the rental revenue you’ll bring in as a result won’t reach its full potential. Property listings that include professional photos, for example, can improve your revenue dramatically and come at a low cost when compared to the profits you’ll be losing with a low-quality listing. Posting your listings on websites with better reputations than the standard Craigslist and other free online resources will also go a long way to boost rental values, as you’ll only be reaching renters who are taking their property searches seriously.
Upgrade Flooring
Flooring is one of the main things renters look at when they evaluate a living space. When they see lots of carpet and linoleum, renters will be less inclined to pay higher amounts for rent. It’s always a good idea to update linoleum and carpet flooring and replace them with laminate, wood or tile. Doing so will surely draw in a higher rental rate than if you kept your property’s outdated floors intact.
Increase Storage Space
People today have more stuff than ever before, which has created a need in the modern housing market for living spaces that include large storage areas. Some of the easiest ways to add storage capabilities to your rental properties are to install more shelving throughout the space. Additional shelving is perfect for pantries or existing closets that don’t have shelves, and can also be used to add new storage solutions to any garages or sheds.
Add Modern Faucets
As silly as it may seem, something as small as old sink faucets can influence a renter’s opinion of your entire property. The good news here is that adding modern faucets to your property is one of the easiest and affordable home improvement projects you can do to add value. Popular sink faucet types today include chrome, bronze and brushed stainless steel, all of which renters will be excited to see as they tour your property.
These are just a few of the many great things you can do to improve the value of your rental properties. By upgrading flooring materials, adding storage space, replacing outdated faucets, and posting your listings on higher-quality websites, your rental property will perform for your business better than ever before.
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