Property managers in Austin, Texas know that there are plenty of challenges that accompany managing a rental property.
Those who invest in real estate without proper preparation might suffer damaging consequences. That’s why we decided to write this article; to help local rental property owners make the most out of their investment.
With a rental property, you never know how your tenants will treat the property and how long they will rent for. For that reason, it’s extremely important to have financial stability and a low turnover rate.
There are many ways to maximize the rental income that you get from your investment property. Keep on reading to find out exactly how to do that.
The first thing that a tenant sees is its surroundings. Take advantage of this and start with a great first impression at the curb level.
If your property has a nice interior but lacks curb appeal, tenants may lose interest and continue on with their search.
If they see that the outside isn’t well maintained, they’d naturally think that the inside will be the same.
Some basic landscaping and maintenance are all that’s needed. Trim the grass and hedges, remove any dead leaves and debris, add some colorful potted plants and flowers. It’s also a good idea to give your fence a fresh coat of paint.
2. Give Your Bathroom a Makeover
Almost all tenants will be on the lookout for a nice bathroom.
After giving the bathrooms a thorough scrub, there are many other ways that you can give the space a little boost. Make sure that you remove any flakes, water stains, and molds. You can even get waterproof paint to paint over your tiles.
Look to replace your old and outdated showerheads, faucets, and handles. You’ll be surprised how much this will give your bathroom a new look and feel.
Consider changing the mirrors to give your vanity a refreshing new look. You may also want to consider updating your vanity by giving it a fresh coat of paint and put in modern pulls and knobs.
3. Treat Your Floors to a New Carpet
If you have outdated or worn carpets, now is the time to invest in a new one. Focus on the high traffic areas that will have the most wear.
If these are starting to look worse for wear, then replace them and give the carpet in the bedrooms a good cleaning to remove stains.
4. A Fresh Coat of Paint
Over time, your paint color choice might lose its popularity with tenants. Age also leaves a lot of dirt and scuff marks that make the home less desirable to rent.
Applying a fresh coat of paint will cover up all scuff marks, signs of wear and tear, and make your property look fresh. This is one of the best ways of getting a property rent ready.
To make the property stand out from the rest, use neutral colors to appeal to all demographics.
Don’t, for example, paint one room red because it’s your favorite color. The demand for your amount of rent may decrease as a result plus you will have to spend to repaint it.
5. DIY What You Can
One of the largest expenses that most landlords have is paying for regular maintenance work on their rental property.
Some tenants tend to exaggerate the repairs that they require. Blindly giving in to these may cost you unnecessary handyman expenses.
By doing it yourself (DIY), you get to keep more of the monthly rent that you collect rather than spending it on these repairs. It pays to be handy and do the maintenance work yourself.
If you don’t feel comfortable doing the bigger jobs yourself, make sure to observe and learn from your repairmen the next time you need some assistance. This way, it won’t be as intimidating to try and handle the smaller fixes yourself next-time.
The Bottom Line
There you have it! Five easy tips to get more out of your Austin, Texas property. A rental property can be a rewarding long-term venture if done right.
The major takeaway from this article is: you can increase your property’s profitability by ensuring that you keep your tenants happy. You can also keep your tenants happy by allowing pets in your property. Read about the pros and cons here.
If you think that you’d benefit by hiring a professional property management company, contact us at (512) 339-8112 today!