Does your rental property live up to your financial expectations? The difference between managing your property or just collecting rent might increase your bottom line.
Don’t overlook the details
Make sure overlooked details don’t detract from the beauty of your property. Ignoring small maintenance issues, dirt and grime could become a big or costly repair overtime.
Thoroughly clean all vent covers, switch plates and interior air flow vents.
Replace dented, damaged & rusted fitting covers – don’t just paint over them.
Examine cabinet interiors and built-ins. Be sure to remove or replace peeling shelf liners or plaint dingy interiors.
Clean all windows (inside and out) to allow ample sunlight to flood the interior spaces.
Adjust doors; clean sliding door and windows to ensure proper closure and easy operation.
Liven up the Landscape
Manage the property as if you live there. Take a tour of open spaces and inspect landscaping with a critical eye. Pull weeds, prune plantings and add mulch. Discuss options with your professional landscaping team or consult a landscaping architect for recommendations to de-clutter your open-spaces. Consider planting shrubs or low-maintenance ground cover to increase curb appeal.
Collecting ancillary or (non-rent) income is a tool used to generate extra income and increase the value of their property. Application Fees, Admin Fees, Rental Premiums on specific units and Pet fee's are several forms of ancillary income to consider. Let’s take a closer look at Rental Premiums. Would you charge the same rent in a multi-unit for every two bedroom unit with the same floor plan? Absolutely not! Maybe one has a pool view with vaulted ceilings? Or suppose you have some units with appliances and some without.
Managing your investments instead of just collecting rent can increase your bottom line and assist in retaining long-term tenants. However, this does however require a large commitment of time and effort. Find out how C2C Real Estate Management can help you find the time you need to do what is most important to you. Visit us online at www.c2crent.com