Historically, owners were able to get a substantial return on their investment with little money going into the property. Today, the way your home shows to the tenant is crucial to quickly renting the home. Updating appliances, flooring, painting, and in some cases remodeling areas of the rental property can improve your chances of finding a quality tenant at a reasonable rent. Call it karma if you like. It is the condition of the property that determines the type of tenant you’ll find. A property kept poorly, will attract a tenant that is comfortable in that environment and don’t expect them to have a sudden change of heart when they move in. Over time, letting go of your property becomes a trend for the tenants. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair can only lead to lower rents and more problems with tenants down the road.
That is where we come in. We work with vendors who offer special pricing for remodeling and general repair items. Our contractors get special pricing for the materials we use. It can improve the curb appeal of your home and help it attract the right renters for the community and for you.
In our long history in the industry, we have come to understand that sometimes less is more. When the market is strong, many owners tend to think that it is okay to let certain things go. Because the demand is high, tenants' demands are low causing fewer expenses for the home. However, when an owner is receiving a high rent on a consistent basis, it is the right time to invest some of that income back into the property. It is a good idea to replace little things here and there as they break down or as a means of maintaining the look and feel of the property. It will reassure your tenant that you take pride in the property and value them as tenants. Owners who do these things tend to hang on to their tenants longer and have fewer issues over the term of the tenancy. When the tenant does decide to leave, you have left yourself in a good position. You will have to spend less money to bring the property up to expectations and you’ll re-rent the property faster and collect a higher rent in some cases. Talk with a loan agent about leveraging the equity in your property if necessary to help finance your project. The choice is yours.