Many of the marketing principles that apply to real estate sales also work well for attracting tenants and maximizing rental income. While applying a fresh coat of paint every few years is an excellent starting point, there are several other simple and cost effective things you can do to enhance the perceived and actual value of your income property.
Cosmetic Factors Impact Rental Values
Whether you want to sell your investment property or use it to generate monthly income, first impressions matter. Simple strategies like replacing cracked tiles or getting rid of old, stained carpeting will make your apartment or condo much more inviting and marketable to the public.
Although some prospective tenants may like the look and feel of carpeting, a lot of renters either have allergies or an aversion to the dirt, odors, mold spores, dust mites, pet dander, and stains that seem to embed themselves in carpet fibers. If your rental property happens to have carpeting, removing or replacing it could increase the apartment’s rentability — especially if there are hardwood floors underneath.
Basic home staging techniques, such as minimizing clutter, upgrading lighting, painting walls a neutral color, and doing a thorough top-to-bottom cleaning can make the living space much more attractive to prospective tenants. On the outside, maximizing curb appeal can be achieved through exterior painting, power washing, professional landscaping, and “hardscape” maintenance. Well maintained lawns, walkways, and parking areas can work together to create a positive impression on potential tenants, It can go a long way toward enhancing perceived value.
Other simple improvements that can make a big difference run the gamut from upgrading water faucets and shower heads to installing air conditioners, ceiling fans, and garbage disposals. If it’s practical to provide benefits like laundry facilities on the premises, security lights, picnic tables, playground areas, exercise rooms, and private decks or patio areas, then you may be able to attract more tenants and reduce the amount of time and expense devoted to acquiring them.
Whenever you can inexpensively offer value-added features, you’re giving yourself a competitive advantage in the marketplace. The more selling points you have to work with, the easier it should be to keep your rental units occupied and generating income.
Determining Optimal Rental Value
A big part of increasing your Miami property’s rental value is knowing the maximum amount of rent you can reasonably charge, based on market conditions, the size and features of your rental unit, and other factors. That data can be a valuable tool for making the most of your income potential.
At PMI Miami Dade, we have the expertise to help you determine your property’s optimal rental value, along with providing insights into your cash flow potential. The array of other property management services we offer include tenant screening, rent collection, marketing, financial reporting, and handling maintenance requests. Contact us today for a free rental analysis and more information. If the demands and stresses of managing income properties are taking their toll on you, PMI Miami Dade can help!