Rent is the lifeblood of any rental property. It’s important that you optimize your rent pricing to obtain as high a return on your investment as possible.Which is exactly what we do here at State Property Management.
Luckily, with our experience in Florida real estate management, we’ve come up with a number of ways to get you to reach that optimal goal of returns.
Among these tips is considering to make improvements to your Orlando rental unit. But even that must be approached strategically to make sure you don’t create a money pit out of your investment.
You should focus on making improvements that will separate you from the competition. The following are ways to do just that.
1. Give your property a good scrub.
First impressions matter. Nothing turns off a tenant more than an unkempt apartment. To attract quality tenants, your rental property needs to look and smell clean. During the property showing, your floors, walls, kitchen, and bathrooms should all be spotless.
While you can do it yourself, relying on professional services can be an excellent choice. Besides using high-performance cleaning equipment, a professional cleaner can get the job done in a fraction of the time and do it properly.
However, if you don’t have the budget to hire a professional, then keep the following tips in mind:
- Don’t cover odors by spraying fragrance over them. Not only do some people find them offensive, but some people are sensitive enough to fall sick.
- Open the windows and leave trays of baking soda in areas that are inconspicuous. This will help absorb any bad odors.
- Check for any signs of mold. If you find any, be ruthless when getting rid of it.
- You can consider repainting your walls to make them look more modern and fresh.
2. Paint your property inside and out.
A fresh coat of paint can do wonders for your property. It’s a simple way to change the appearance, the style, and the mood. Yet, it’s the easiest and most effective way to transform a property.
Experts recommend painting colors such as creams, tans, and grays. This is because such colors are neutral and ‘clean’ and generally appease to a majority of people.
Other neutral colors include black, white, and sometimes brown and beige.
3. Provide better amenities.
Are you still providing your tenants with a bumpy-sounding washing machine or a stove from the 1960s?
If so, this may be the reason why you are unable to get more rent for your Orlando rental property.
Most appliances have a useful life of 10 years. Here is how long common appliances usually last:
- Water heaters: 10-25 years
- Washer & dryer: 10-13 years
- Fridges: 11-19 years
- Ovens/Stoves:11-15 years
Providing your tenants with quality amenities will benefit your business in two significant ways. One, they will save on utility costs. Quality appliances are energy-efficient and eco-friendly.
Two, a majority of the new appliances come equipped with smart technology. These will be popular with millennial renters.
You also want to pay attention to your kitchen. Improving a kitchen can dramatically improve the quality of your home, according to Consumer Reports.
When it comes to appliance finish, stainless steel ranks #1 in the countertop category. Others you could consider if you are on a budget include faux, quartz, and stone.
4. Let there be light.
A dark room often looks oppressive and gloomy. This, however, is not particularly because of paint but rather the absence of light.
One way of brightening up a dark room is by using translucent curtains. Choose light-colored curtains instead of thick or dark-colored ones.
You could also add extra lighting. Browse through the many options available and choose one that works best for you.
You could also transform a dark room using rugs. Rugs are not only inexpensive, but they also come in a variety of different colors, shapes, and sizes.
Another option you have is to make use of reflective surfaces. The goal would be to reflect any light that comes in. You can achieve this by decorating the room with mirrors and glassy furniture.
5. Improve your property’s curb appeal.
You can’t afford to overlook curb appeal when you want to improve your property’s visual attractiveness.
If your lawn looks long and unhealthy, mow it. If it looks earthy, give it a good soaking of water once a week.
Next, check your driveway and walkway. Do they look scrappy and untidy?
If so, consider pressure washing it. You could even consider giving it a fresh look with concrete engraving.
Other things you could do include:
- Planting trees and flowers
- Tidying up the garden and hardscape
- Add front door décor
- Cleaning your gutters
These are all budget-friendly ways to boost your rental property’s curb appeal. Consequently, prospective renters will take note and you’ll have an easier time filling your rental vacancies.
There you have it. 5 easy ways to get more rent from your Orlando, FL rental property. More rent means less (or no) mortgage to cover, which means more money and less stress.