Investment property management is a long game. You have every right to expect to make money from the start, but not everyone does well in the long run. Your property might do nicely for a few months or even years, then people start losing interest in renting it. Alternatively, you might struggle to find tenants from the start.
We have some ideas to help make investment property management smoother and to make your property more attractive. It’ll take some effort, but you’ll like the results.
No doubt keeping up with maintenance is of the utmost importance. No one wants to live in an apartment or house that’s poorly maintained. Keeping up with maintenance for a safe and clean home is one of the rules listed under the landlord-tenant law. Complying with it is essential and is highly recommended for its financial impact.
Would you rather live in an apartment with poor lighting and chipped paint or in a well maintained one? The answer is easily the latter. Everyone thinks the same way.
Repainting your property every few years can add to its value and make it more appealing to renters. Apart from keeping up with trends, repainting has several perks. The first is that fresh paint is identifiable and evident even to the inexperienced eye. When we walk into a room, we can tell if the paint is old or new.
Painting with bright colors is also recommended. Why? Lighter rooms are brighter and have more energy and positive vibes. No one wants to live in a dark room that’s painted brown anymore. It’s neither trendy nor practical.
The use of energy-saving light bulbs is another good idea. Tenants don’t like paying high power bills. Seeing you use energy-saving light bulbs will encourage them to choose your place instead of another.
Have you considered that maybe your property isn’t doing so well because the price you have set is too high? Being objective will take you far in life and investment property management. You need to assess your property objectively and without bias. Only then can you set a reasonable price for it. If you don’t have any experience or knowledge in setting the right price for your property, some things can help you out.
You can check out the price of properties of the same size in the neighborhood. Your property will most likely be very similar to them. You should also consider the amenities you provide at your property because having more amenities can mean higher rent.
Choosing how much you want to lease your apartment for shouldn’t always mean settling for less. If you renovate the place regularly, build great amenities, and add some features that aren’t easily found elsewhere, then you have every right to raise the rent.
Investment property management is fun and is based on trial and error. With time, you’ll gain enough experience to manage your property efficiently and with ease.