Columbus rental property owners who want to increase the value of their investments can do this in two ways: raising rent and cutting expenses. How do you drive up what you’re earning while minimizing what you spend?
We have some ideas.
Well-Maintained Homes Earn More Rent
The condition of your home has a major impact on the amount you can charge in rent, and well-maintained homes always have higher rental values. Highly qualified Columbus tenants are going to have high expectations, and they’ll be willing to pay more for a home that’s clean, functional, and attractive. Before you rent out the property, conduct a thorough inspection and take care of any repairs or replacements that are needed.
Once a tenant is in place, you need to immediately focus on tenant retention if you want to increase and maximize your rental income. Be responsive to your resident’s repair requests and maintenance needs. Even minor issues should be taken care of right away. Not only does it keep your tenants in place, it also ensures the condition and value of your property is protected. This has a huge impact on your goal of earning more and spending less.
Screen and Place Highly Qualified Columbus Tenants
Placing the right tenants will improve your property’s value. There’s a lot of uncertainty with a bad tenant. You could find yourself spending a lot of time and resources trying to collect late rent payments. If rent isn’t paid at all, you’ll have to spend time and money on an eviction, and those are expensive. If you’re left with property damage that exceeds the security deposit you collected, it’s going to feel like you lost money on the rental experience.
A good tenant earns you more because good tenants pay rent on time. They take care of your investment, and they pay attention to the requirements of the lease agreement. Your good tenant is more likely to stay in place for longer, saving you money on vacancy and turnover costs. When you place a tenant who can be counted on to perform, you earn more money in the short and long term.
Consider Investing in Improvements and Upgrades
When you’re willing to make a few minor updates and upgrades, you can expect more rental income and a property that stands apart from the competition on the rental market. If your appliances are aging, for example, don’t repair them. Instead, consider replacing them with energy-efficient, stainless steel models. Install new showerheads in the showers and put shiny, new faucets and hardware on all the sinks, drawers, and cabinets. Replacing old, worn carpet with a hard surface floor is worth the investment. You’ll earn more in rent and you’ll attract tenants who are looking for low-maintenance floors.
Remember that the best way to increase your rental income and maximize your investment is to work with a professional Columbus property management company. When you have experts taking care of things like marketing, tenant screening, property pricing, and maintenance, you’ll save money on expenses and earn more ROI.
We’d love to tell you more about how we can help. Contact us at Solutions for Real Estate.