You just acquired a new property and are looking to rent it out. With every investment you make, the goal is to maximize profits. Rental properties are no different. We at South Bay RPM have seen some excellent house and some…not so excellent houses. With these 5 tips, you can maximize your rental properties profitability.
Add A New Room.
Let's say that you have a 4 bedroom house with a den. It’s likely that the only reason that den can’t be considered a bedroom is that there is no closet. If you add a closet to that room you’ve just upgraded your house to a 5 bedroom house and increased the value by several thousand dollars. In less than one week you can have a custom closet installed and drywalled in for $1500-$1800
Consider Curb Appeal
It may seem like an extremely obvious idea, often times its one of the most overlooked. Consider how many times you’ve driven down a street and seen a lawn that was unkept, overgrown, and turned brown. It’s an automatic turn-off for someone looking to rent your house. A few well-placed shrubs and a clean and walkway with have a lasting impression on potential tenants.
If your skills in the landscaping department are lacking consider hiring a professional. They can install new sod, plant new shrubs, clean out the overgrown flower beds, and make your yard instantly better looking. These small fixes will change people's perceptions of your home and attract the right tenants.
Give The Kitchen A Facelift
The kitchen is often referred to as the heart of the home and prospective tenants can be immediately turned off to your house by a mix and match kitchen. Consider making the appliances the same color. If your kitchen appliances don't match, order new doors or face panels for them. Often times it’s as simple as unscrewing 2-4 screws and replacing the piece and reinstalling the screws. Easy right?
a more cohesive-looking kitchen makes a big difference in the tenant's mind -- and in the home's resale price.
You can’t fix an issue if you don’t know its there. That goes for termite infestation, deteriorating floors and outdated electrical systems. Consider hiring an inspector to check out every area of your house, especially the areas you don’t normally see. Small issues like water leaks can turn into an expensive issue very quickly. It's always best to make the repairs early.
Hire the right rental property management company.
The beauty of property management companies is that they get to do all the work.
When you hire the right property management company you receive peace of mind, knowing that your investment will be well protected. The right company will be local to your area and will have the connections to find the highest quality tenants, connections to contractors to make any needed repairs for a reasonable price in the event one is needed. In short, you’ll be able to put your property on auto-pilot.
South Bay RPM is just that company.