As a landlord, ensuring your property stays competitive in its local market is important. Not only does it help ensure a steady tenant pool, but it means you don’t get left behind when it comes to keeping up with property market values and rental returns.
Keeping your property to a certain standard is imperative for ensuring you attract the right tenant. Maintenance and property upgrades are a given when you’re a landlord, but they don’t necessarily mean budget blowing expenses. If it’s been a while since you’ve reviewed how your rental competitors are doing, it may be worthwhile checking to see how their properties fair. A quick online search of similar properties for rent can be largely beneficial if you’re deciding on areas of your own property to rejuvenate.
Small changes can make a big impact. If you don’t have time on hand – and let’s face it, many of us don’t – choose an area to focus on. What is the most impactful area of your property? Is it your living space, or the backyard, perhaps the kitchen. Focus attention on these and if they don’t require a makeover, let it be, directing your focus elsewhere.
How does your property look beside its neighbours? Street appeal is very important. You want your property to stand out for the right reasons. Targeting yard work with a focus on the front garden can be impactful, requiring mostly manual labour with little dollar expense. Perhaps the front fence may need repainting, garden re-mulching, or the entryway may need a little less clutter. This area is your property’s first chance to appeal so having it looking good is important.
The following are just some examples of what can be achieved quickly, for little expense, to make a big impact on the overall appeal of your property:
- Paint is a relatively inexpensive outlay which has an immediate impact. Internally, or externally, the right colour choices can completely modernise the look of a property.
- Installing smart home features are a great way to add a tech additional to your property. There are affordable options for smart lighting and smart locks, aiding the security of your property, while appealing to modern tenants.
- Replacing old, worn-out blinds with fresh, modern, and easy to clean options are a great way to brighten a space, with thoughtful improvement for the privacy of tenants.
- Allowing for pet friendliness in your property will be appreciated by pet-loving tenants.
By looking at what strategic upgrades you can make to your property, not only are you building the appeal to tenants, but the changes you make to your property might ultimately add to its overall value. Consider: Is it necessary; will it add value to my property; and can I afford it? Whatever your budget may be, it’s important to consider the cost/benefit ratio.
Small improvements, when combined, can lead to higher tenant satisfaction, better retention rates, and potentially increased rental income.