You have a rental property, or maybe a few. For the most part, your costs are what they are – fixed, so wouldn’t it be great if there were some simple, cheap things that you could do to easily increase your monthly revenue? By investing a small amount up front you can increase the monthly rent amount and recoup that initial investment in spades. Make these three “repairs” (we’re not sure they all even qualify as “repairs,” but they are improvements requiring a small amount of labor) and watch your revenues increase.
1. Spruce Up the Washroom.
While the kitchen is the most important room for home buyers, renters tend to focus more on the washroom. It would be daunting and expensive to redo the entire bathroom, but luckily you don’t have to. Renters are interested in the bathroom looking modern and sterile. Tenants want a modern looking, bright, and clean washroom. Provide them this by following three steps:
a. Paint the walls a bright, clean color and wherever possible use white fixtures.
b. Install bright lights and sleek lighting fixtures.
c. Have the room professionally cleaned prior to showing the unit.
Providing prospective tenants with a clean and modern looking washroom will immediately improve their view of the property and will inspire them to spend that little bit of extra each month that adds up over the course of the lease when you only spent a few hundred dollars.
2. Have the Unit Professionally Cleaned.
We alluded to this in the previous tip, but it is worth noting in more detail: have the unit professionally cleaned before showing it to prospective renters. You can clean it yourself if you are prepared to spend several hours scrubbing the walls, toilets, showers, kitchens, cupboards, nooks, cracks, and crevices with professional grade cleaning agents, but we think some things are just better left to the professionals. We’re happy to send over our preferred vendors who will do an excellent job at the best possible price. Tenants want to move into someplace sterile (not just clean), and your goal should be to make it look like no one has lived there before. Scrub baseboards, wax floors, windex, paint trim if need be, clean all the appliances (outsides and insides!) to make them look as new as possible, and install modern and bright light fixtures. By spending a few hundred dollars once, you will have just added a few hundred dollars per month to the rent you can command.
3. Don’t neglect the entryway.
The entryway is the gateway to your property and the first thing prospective renters will see (it is also the last thing they will see before they leave to mull the decision over). Paint the entry door and the trim around it if it isn’t looking perfect, make sure the knob not only looks good but is also functioning properly, make sure the area is clean, lit appropriately, and if it is decorated in anyway, make sure the decorations are tasteful and appropriate. Renters will eventually be able to make your place their own, but people form judgments within seconds and a fresh and welcoming entrance can go a long way to making a better impression on prospective renters.
To this point, if your property has a yard or front porch area, consider the curb appeal. Mow the lawn, trim the shrubs, sweep the walkway. All of these will go a long way to increasing the first impression your property will give to prospective renters. If you don’t want to do the work yourself, we’re happy to send over one of our preferred vendors to get your property looking first class.
So, there you have it. Three easy repairs, costing less than $1,000.00 in aggregate, to increase the rental revenue from your properties. They can all be done in a weekend, but the increased value of your rental property will last the term of the lease.