Are you trying to maximize your rental property’s value to make more money out of it? You’re not alone. Many other rental property owners are looking for more innovative ways to motivate their tenants to pay just a little more to stay at the property.
Increasing the cost of rent is not the only way you can make more money out of it. Apart from increasing the price of renting, you can also decrease the cost of living at your place! Balancing these two is the key to maximizing your property’s value.
In this article, we’ll share some ways that many rental property owners have found incredibly effective at enhancing their property’s value:
1. Build Rapport
Before you even start talking business with potential tenants, make sure to spend the time building rapport. Things like small talk will help them to get to know you more, which also applies on their end.
Make sure to implement honesty and create a sense of trust, as this ensures that they not only feel much more comfortable talking with you but they’ll also be more willing to pay higher rent for your place. Doing so also gives them a good impression of you and your property, motivating them to rent at your place.
2. Enhance the Looks
While not many people will admit it, a property’s look plays a massive role in any transaction. People are willing to pay a premium for an aesthetically pleasing property over something that looks average—as such, investing in things that will improve your property’s look is a great way to boost value and allow you to charge a little more on rent.
3. Apply Some Fresh Paint
Part of boosting your property’s aesthetic is ensuring fresh paint is on your property walls, both exterior and interior. So if you are looking for a quick way to up your rental property’s value, apply some fresh paint! Regardless of how old the property is, new paint will make everything look brand-new.
4. Set Up Low-Flow Plumbing
Going green is the name of the game nowadays, and if a tenant knows that you’ve implemented ways to help save on things like water and energy, they’ll likely pay higher rent. To save water, consider installing low-flow plumbing. As the name implies, these plumbing solutions help to reduce water use. To tenants, this is a significant upgrade, as this helps lower their water bill.
5. Utilize Energy-Efficient Appliances
Apart from setting up low-flow plumbing, you can also invest in energy-efficient appliances for the property. Not only do they help tenants save more, but many energy-efficient appliances also look modern, and therefore, aesthetically pleasing.
Your tenants will love using these contraptions, and paired with a lower energy bill, they’ll find your property more than enough for their needs and desires.
Conclusion
These tips have been designed to help you boost your rental property value. Everything from enhancing its aesthetics down to upgrading appliances can significantly boost your property’s value, allowing you to maximize rent for income levels that you are happy to work with.
If you are unsure about what to do with your property to increase your wealth, do not hesitate to reach out to investment property consultants! They can offer you valuable tips and advice to maximize your investment, allowing you to secure your future financial goals.
Orlando REO Professionals are experts at providing investment property advice and wealth management services to help property owners maximize their investments. If you are looking for property management solutions, work with us today!