Does your rental property live up to your financial expectations?
Don’t overlook the details
Make sure overlooked details don’t detract from the beauty of your property. Ignoring dirt and grime could become a big or costly repair job overtime. Encourage tenant to report maintenance problems immediately.
Thoroughly clean all vent covers, switch plates and interior air flow grills.
Replace dented, damaged & rusted fitting covers – don’t just paint over them.
Examine cabinet interiors and built-ins. Be sure to remove or replace peeling shelf liners.
Clean window panes (inside and out) to allow ample sunlight to flood the interior spaces.
Adjust doors; clean sliding door and windows to ensure proper closure and easy operation.
Liven up the Landscape
Manage the property as if you live there. Take a tour of open spaces and inspect landscaping with a critical eye. Pull weeds, prune plantings and add mulch. Discuss options with your professional landscaping team or consult a landscaping architect for recommendations to de-clutter your open-spaces. Consider planting shrubs or low-maintenance ground cover in areas that usually develop bare spots.
Collecting ancillary or (non-rent) income is a tool used by many successful real estate investors to generate extra income and increase the value of their property. There are many different sources of non-rent income to consider, such as Application Fees, Admin Fees, Rental Premiums on specific units and Pet fee. Let’s take a closer look at Rental Premiums. Would you charge the same rent in a multi-unit for every two bedroom units with the same floor plan? Does one have a view with vaulted ceilings? Or suppose you have some units with fireplaces and some without. These are an excellent opportunity to capitalize on “Rental Premiums” many savvy rental owners are charging extra for the notion that there is perceived value in a unit on the 3rd floor as opposed to a first floor unit. This example could work the other way as well depending on your clientele; for instance in a senior community there may be a demand for units on the first floor for accessibility reasons.
Managing your investments instead of just collecting rent can increase your bottom line and assist in retaining long-term tenants. However, this does however require a large commitment of time and effort. Find out how Millennium Real Estate can help you find the time you need to do what is most important to you. Visit us online at www.mrerent.com