Providing a Rent Ready Product to Market
One of the best methods for landlords to maximize their revenue from rental property is by providing a rent-ready product to market. After all, it takes time for property managers to find a new tenant when the previous one has moved out. But how much time it will take depends on the homeowners.
Even in good market conditions landlords might face tough competition or have their property vacant for months. To avoid these pitfalls having your property rent ready can be a key to success. This can be advantageous for many reasons.
Competitive Edge
Having your bathroom, floors, and kitchen in order is likely to give you a competitive advantage over your rivals. When a potential buyer tours and looks around your property and notices that it is in a tidy and pristine condition, it would surely capture their attention.
To improve your competitive edge make sure you have a cleaning checklist ready before you welcome your prospective tenants. Have your appliances, living room blinds and cupboard in order. If they are not functioning well, then make sure to replace them with new ones.
Consider the Renter’s Mindset
Many homeowners want to invite as many potential tenants as they can to their property after it is vacated. Surprisingly, this can be a problem for many landlords if their apartment isn’t rent ready. In short, your potential customers aren’t interested in the size of your house, or the number of rooms.
Most of them care about the unit’s looks, its functions, the kitchen, and the living area. These things are hard to change once the tenant has moved in.
Tenants are fond of checking every bit of your house. They would take special consideration to visit places that are more prone to damage, such as faucets, showerheads, and appliances. Hence, if your property isn’t rent ready, it is tough to convince tenants.
Better Returns
If your potential tenants like your property, you have a better chance of fetching higher returns. While benefiting from the competitive edge over your rivals, your rent ready product might provide you more benefits for just a fraction of the cost of upgrades.
Minor bathroom and kitchen upgrades, such as tile replacement or adding radiant colors to your walls can easily pave the way for better gains.
Conclusion
Before you rush to make any changes to your home to reap the benefits, make sure that they will generate a positive Return on Investment (ROI). If your property is somewhere on the older side of the city, adding new appliances or completely replacing the furniture might not worth be the cost.
In addition, if you are still in doubt as to whether your property is rent ready or not, then look at things from a renter’s mindset.
In case you are short on time, you can always look for assistance from professional contractors to have your home renovated as per your needs to make sure you get the maximum return on your investment.
