Achieving the maximum rent on your investment property is the goal of every landlord, and there are a few specific things you can do to increase what you ask. However, you first need to completely understand your market comps and analysis. Know the high and low rents in your area. Then, you can assess your curb appeal, general upgrades, timing of the year and appealing to a qualified tenant.
Depending on the neighborhood, your landscaping will vary. Have an easy to maintain lawn and a landscape that is clean and attractive. You don’t want deferred maintenance on the outside of the building. Whether you have a house or a multi-family property, you need to keep the house up. You’ll want your tenant to maintain it, so make sure you do as well.
Upgrades and Renovations
Not every property needs granite counters and stainless steel appliances. Some properties do, so look at the market and the neighborhood. If you see those things, they can maximize your return. Some properties will just need new paint and clean carpets.
Time of Year
To maximize what you earn, you want to rent your property during the summer and late spring months. Don’t rent out in fall and winter if you can help it. If you do find yourself placing your property on the market then, rents may be a little lower. In these cases, do a six or eight-month lease so your renewal comes up in the summer. If the tenants vacate, at least you are releasing them in the summer, and finding new tenants will be easier.
You’ll earn more money with good tenants. Make sure you’re screening for acceptable credit, income requirements and rental history. Look at payment history and how they took care of properties previously. If they wear it down, that will cost you a lot when they vacate. If you have to evict or service notices to vacate, you’re going to have higher turnover and you won’t be maximizing your rent. Find a quality tenant who understands caring for a home instead of calling for everything that they should be responsible for – like light bulbs and air filters.
If you have questions about maximizing your rent, please contact us at Titan Property Management.