What Owners Need to Do with Their Rental Properties to Get the Most ROI and Why
Most people invest in rental property to receive a reliable monthly income and increase the value on the house for long term returns. Today, we’re providing some expert advice on how you can earn more from your Nashville investment property.
Rental Property Pricing
Pricing the property correctly will reduce your vacancy time and attract high quality tenants to your home. Both of these things will earn you more money in the short and the long term. Pay attention to the market and price your home competitively. You want to earn as much as you can in rent, but overpricing the property will only cost you.
Property Condition and ROI
Keep the property in excellent condition. Curb appeal is everything, so pay attention to landscaping and the exterior. Pressure wash the house and the driveway. Make sure there isn’t any debris in the driveway or the yard.
Inside, you want the home to be sparkling clean. Have a professional clean everything from behind the appliances to the baseboards. Make sure there are no nail holes in the walls, stains on the carpet, or scratches on the floor. Paint the entire walls, because touch-up jobs can look imperfect. Use neutral paint that will appeal to most tenants. Check your floors. Hardwood or laminate floors are best because they are easier to maintain and tenants like them better than carpets.
Preventative Maintenance Helps ROI
If small things need repairs, take care of that work as soon as possible. Before you put the property on the market, make a few inexpensive updates and upgrades that will increase the value of your home. Change the fixtures on the cabinets or install new lighting. Look at your deck and see if it needs to be re-sealed. Clean out the gutters, and have your HVAC system serviced. These things will preserve the condition of your home and make the property stand out.
Increasing ROI: The Purpose
All of this may seem like a lot of work, but there are five good reasons to do these things.
- You’ll attract the highest quality of tenant.
- You’ll place a good renter quickly, saving money on vacancy and turnover costs.
- You’ll earn more money – now, and over time.
- You’ll set an example for how you expect your tenants to treat your property.
- You’ll improve your tenant retention. People want to stay in clean, maintained homes.
If you’d like to talk more about how to increase the ROI on your rental property, please don’t hesitate to contact us at Omni Property Management.