One way to attract quality tenants and increase your ROI on a rental property is to upgrade the property with home automation features. Home automation systems allow tenants to control their thermostats, lighting, and security systems from their smartphones or tablets, increasing their comfort and convenience.
Additionally, home automation can help you and your renters save money on energy bills by allowing tenants to control their energy usage. For example, smart thermostats can adjust the temperature based on occupancy and weather conditions, while smart lighting can turn off when no one is in the room. These energy-saving features can help you lower utility bills and increase ROI.
Another way to improve your ROI on an investment property is to upgrade the property's appliances. New appliances can attract quality tenants looking for modern conveniences and energy-efficient options. In addition, Energy Star-rated appliances can help you save money on energy bills and attract eco-conscious tenants.
New appliances can also help you command a higher rental price and stay competitive in the market. Tenants are often willing to pay more for a property with modern amenities and upgraded appliances. In some cases, upgrading your appliances can pay for itself in increased rental income.
Upgrading your property's hardware can also help improve your ROI. New hardware can include everything from cabinet pulls, doorknobs, and locks to faucets and showerheads. These small upgrades can make a big difference in your rental property's overall appearance and functionality.
For example, replacing old, worn-out faucets and showerheads with newer, more efficient models can help you save money on water bills and attract tenants who value modern amenities. Similarly, upgrading your locks to more secure options can help improve your tenants' safety and peace of mind.
In today's world, more and more people are working remotely. Adding a home office to your rental property can help attract tenants who work from home or need a dedicated space to work on personal projects.
A home office can be a simple addition, such as converting a small bedroom or den into an office space. Alternatively, you could add a detached office or convert a garage into a workspace. Whatever option you choose, adding a home office can help improve your ROI by attracting quality tenants who value the ability to work from home.
Keeping your rental property clean is critical to attracting and retaining quality tenants. Tenants want to live in a clean, well-maintained property, and they're more likely to renew their lease and recommend your property to others if they're happy with the cleanliness of the property.
While we're not suggesting you clean on behalf of your tenants during the lease, regular cleaning between tenants can also help you catch maintenance issues before they become more significant problems. For example, thorough cleaning as part of your makeready process can reveal leaks or other maintenance issues that you may not have noticed otherwise. By catching these issues early, you can address them before they become more costly and time-consuming to fix.
Allowing pets can also help improve the ROI of your Pittsburgh rental property. Many tenants have pets and are often willing to pay more for a property that allows them to bring their furry friends.
Of course, allowing pets can also come with its challenges. You'll need to establish clear guidelines and rules for tenants with pets, including any fees or deposits required. You'll also need to ensure that your property is pet-friendly, with appropriate flooring and outdoor space for pets to play.
In addition to the items we've already discussed, there are smart upgrades you can make to your DelCo rental properties to attract quality tenants and increase your ROI.
Here are a few upgrades to consider:
If you're not sure about the best upgrades for your properties, a property manager can help! They'll also help you avoid renovations that don't appeal to renters and won't pay off with better ROIs.
Offering resident benefit packages can also help improve ROIs. These packages can include a variety of perks and benefits, such as discounts on local services, gym memberships, or pet grooming services.
By offering these benefits, you can help differentiate your property from others in the area and attract quality tenants who value these amenities. Additionally, resident benefit packages can help improve tenant retention by making tenants feel valued and appreciated.
Finding better tenants is an excellent way to experience better rental property returns. Good tenants pay rent on time, don’t cause damage to your property, and often renew leases for additional lease terms. On-time rental payments and not having expenses for tenant damage repair leads to a better bottom line!
To find better tenants, make sure you have a thorough screening process in place. Choosing excellent residents requires looking into an applicant’s background and credit, verifying income, and talking with references.
When you find excellent tenants, improving tenant retention also helps you enjoy better rental property returns. Tenant turnover can be costly and time-consuming, requiring you to find new tenants, perform maintenance and repairs, and market the property again.
To improve tenant retention, you'll need to create a positive tenant experience. This includes addressing maintenance issues promptly, communicating clearly and effectively, and being responsive to tenants' needs and concerns. You may also want to consider offering lease renewal incentives or other perks to encourage tenants to stay.
Catching potentially costly maintenance issues before they become significant problems helps property owners make more money! The best way to stay updated on the condition of your rental property is to conduct routine inspections.
Schedule property visits with tenants and bring a checklist to note the condition of everything inside and outside of the home. If you notice issues, schedule prompt repairs to avoid more costs from a problem that gets worse over time.
One of the most important things you can do to boost ROI is to hire a property management company. Property managers can take care of everything mentioned in this resource. In addition, most property management services include advertising and screening tenants, collecting rent, and handling maintenance issues.
Delco property management companies can also help you determine the optimal rental price for your property. Many factors go into determining how much you can rent your house for, including its location, size, and condition. A professional property management company can perform a market analysis to determine the appropriate rental price, ensuring that you get the most out of your investment.
By outsourcing these tasks to professionals, you can free up your time and focus on other aspects of your life or business.
