Property Management Blog

Budget friendly ways to refresh your rental for Spring!

System - Tuesday, March 24, 2015

Give your rental a whole new look with inexpensive updates and cosmetic fixes

Give new life to dingy grout.
Use a tile grout refresher, it looks like a shoe polish applicator — tap the paint over dingy bathroom or kitchen grout, wait 4 hours, then wiped away the excess. Old floors look just like new for about $12.

Update light fixtures for a new look.
Cheap brass fixtures can make a home look dated and tired. Head to your local home improvement store and purchase updated fixtures to bring new life into a room.

Change those knobs and pulls
Just because the Kitchen and Bath are filled with stock cabinetry doesn't mean it can't be customized. New knobs and pulls can bring a fresh new look to two of the most important rooms in the house.

Add crown moldings
Crown molding makes it to the top of most remodeling lists because it adds charm and value to a home. The dining room, master bedroom or family room would be a good place to start, making your rental feel more like home and adding unique appeal.

Spruce up the entry
A new front door or just a coat of paint to the existing one can add immediate appeal to your rental. Clear all debris and give the porch a quick clean to welcome a potential tenant.

Do you know the current value of your rental in today's market?

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Millennium Real Estate & Property Management

How to Identify a Good Rental Investment

System - Thursday, March 12, 2015

Thinking about investing in rental properties, but don’t know where to begin? If you have invested in real estate or would like to, read on to find an overview of some basic ways to identify properties that could be good rental investments. The market has recovered dramatically in the last few years and there are many options for seasoned investors or first timers!

You have heard it before…..location, location, location!

This old adage is true in all situations that involve real estate, and especially when purchasing real estate to rent out. Choose a location close to major thoroughfares, restaurants, grocery stores, parks, or good schools. Location is so important because it can set your rental apart from others that are similar but located in less desirable or convenient areas. It can make your property stand out and can even make up for other shortcomings a property may have, such as small bedrooms or limited storage space. Many renters select rental properties based on location first, and other features second. Although there are cosmetic changes that will take place over the years, location is one of the few things about a property that cannot be changed. So, select your property’s location wisely!

Buy properties that need little or no work.

As a first time investor, it is important to fill your vacancies as quickly as possible to begin recouping some of your costs. Look for “Grandma’s House” or in other words, a home that has been maintained through the years and is just in need of some cosmetic changes to make it “rent ready”.

Think like a renter. Look at the property from a tenant’s viewpoint. It is important to consider all facets of the rental such as location, space, finishes, amenities, safety, and any extras to determine how desirable the property will appear in the eyes of a potential renter. When considering purchasing an investment property think, “Would I want to live here?” and if the answer is “no”, keep looking!

Key features that make a rental more desirable

Nothing beats location, however there certain features that top the list when a tenant is looking for a place to call home. Renovated Kitchens or bathrooms hold a particular appeal and make the space feel fresh and new. A basement or garage is a definite plus. If you can’t get both, opt for the basement. Added storage space, a play room for the kids or a teen-age hangout spot are always a plus.

Landscape Maintenance and Rental Properties

System - Tuesday, December 16, 2014
While residents want to rent a nice looking home, they often have no interest, time, or knowledge on how to maintain the property. They may agree to landscape maintenance in the rental contract but it can be difficult for a property manager or owner to enforce. The owner can charge the tenant for maintenance or include landscape maintenance but it is not always practical to increase the rent with the full cost, particularly if the landscaping on the property is extensive.

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Millennium Realty of Lake Orion Inc
3676 Clarkston Rd. Suite A
Clarkston, MI 48348
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