As a busy landlord, you need to keep all of your documents and data organized in one spot. This is where RentRedi comes in handy!
With our all-inclusive landlord-tenant app, landlords can count on staying organized and being able to manage a rental from wherever they are!
What Tenants Want: Rental Improvement Ideas for Landlords
If you’re an investment property owner with low tenancy rates, or you’re a homeowner who’s considering whether to use their old property as a rental home, you probably understand that you can’t just sit back and wait for the market to take an upswing. Sometimes, you need to intervene with physical upgrades that increase your property’s appeal and value.
As a landlord, it’s your job to maintain a property with design features and amenities that help attract people looking for accommodations that look and feel like home.
Setting Up Your Rental Company for Success
One of the most beneficial first steps you can take for your new business is to form an LLC. Aside from the core benefit of providing protection for personal liability, you will also like the added tax flexibility an LLC can bring. It’s easy enough to set up an LLC for your rental property online when you use a formation service.
Part of setting yourself up for success includes having a proper lease agreement. Work with a real estate lawyer to draft the right type of lease for your property. Note, as a landlord, it’s wise to have an attorney on your team. This will prove beneficial should you ever encounter issues with your tenants.
Imagine that you’re a prospective tenant taking a walk through one of your rental units. If the first thing that hits your eye is threadbare carpeting and worn, discolored linoleum in the kitchen, chances are you’d keep checking around.
New flooring is a good way to increase value and appearance, and you don’t have to overspend to do it. Laminate, Pergo, luxury vinyl, and hardwood can significantly improve the look and feel of your rentals — tile or stone will also do the trick, though at a slightly higher cost.
It’ll look nicer, and your tenants will find it easier to clean and care for flooring that doesn’t need to be steam-cleaned regularly. However, you can also find recommendations for the best carpet for rentals, if you prefer.
Countertops and Hardware in the Kitchen
With the possible exception of appliances, nothing makes people take notice of a kitchen quite like new countertops. You can try to get away with a low-end material like laminate, which won’t hold up well over time, or you could put some serious money into it by adding granite (or faux granite), slate, or even quartz counters.
Or, if you’re feeling a little adventurous, experiment with alternative materials such as polyester composites or ceramic. While you’re at it, why not upgrade those old knobs and pull on the drawers and cabinet doors?
Working appliances are another must. And trying to get by with an old oven or refrigerator can be a red flag. Plus, if you go to the trouble of upgrading countertops and hardware, new appliances will complete the look. You can find deals through retailers like Home Depot, Lowe’s, and Costco. When you purchase a reputable brand, you also have confidence in an appliance’s longevity and durability.
If your rental already has spiffy appliances, be proactive, and have an appliance repair specialist give each appliance a once-over to determine that they’re all in top working condition. It’s in your best interest to find a local contractor you can establish a working relationship with, so seek out a reputable repair specialist with glowing reviews and high ratings.
Simply try a quick search for “appliance repair near me” to find the right company.
Property Management Software
Maintaining a prosperous investment property takes lots of work and patience. Just keeping pace with basic maintenance and making sure the rent gets collected on time can be overwhelming for a busy landlord.
Purchasing a rental property management software like RentRedi can help alleviate the workload of collecting rent, screening tenants, signing leases, marketing vacancies, and managing maintenance. Plus, you save money on not having to hire a property manager.
Storage space is high on many renters’ “must-have” lists. The good news is that this can be an easy upgrade, even if you’re lacking square footage. For example, add hooks in common areas (i.e. inside the front door), install new shelving in closets and the kitchen pantry, or maximize what space you do have by adding in-wall storage.
Put closet organizers in your high-end units, a nice add-on that can help win over renters who may be on the fence.
Double-pane windows save money on energy costs and help keep external noise from getting through. Add new blinds to give each window a light and appealing new treatment.
If tenants complain about noise from other units (a loud TV, stereo, footsteps, etc.), retrofitting your units with sound-reducing insulation can help give tenants the privacy and quiet they expect.
Being a successful investment property owner depends on how well you juggle your financial assets with the improvements that will appeal to tenants. A property management software can help you manage tedious and time-consuming parts of the renting process, while also saving your money from saving on hiring a property manager..