The key to maintaining a profitable rental unit can often time come down to maintaining and upgrading wisely. While some in-unit changes likely aren’t worth the money, many are. Often times, investing more initially will pay off over the long run. Here is a list of recommended changes and best practices that won’t break the bank over the long run. These changes will allow any landlord to keep the rent high and ensure less tenant turnover.
Focus on curb appeal.
- Changes include landscaping, power washing, and repainting the exterior. This can be particularly helpful when it comes time to place a new tenant in your unit.
Upgrade the appliances.
- This is a purchase that should be viewed as an investment, as band-aiding problems can be expensive long-term, cause tenant dissatisfaction and become a headache for you, the property owner.
Add backsplashes in the kitchen.
- This is a cheap addition that will light up any kitchen and provide a quality feel to the room.
Wash carpets instead of always replacing.
- A professional carpet cleaner can make even the dingiest of carpets appear brand new. Give this a show before choosing to replace immediately.
Invest in high-quality fixtures.
- Not only will this provide your tenant with a more polished look, the investment will pay off in the long run as less maintenance/replacement will be required. Band-aiding issues will most likely become more expensive in the long run.
Install new shutters or curtains.
- Old shutters and curtains can make even the nicest of units appear worn and dated. Consider newer, more modern options to get the most out of your unit.
Keep it clean!
- Perhaps the most important item on any landlord’s list is often the most overlooked. Always thoroughly clean between tenants to ensure your unit does not wear prematurely. It is recommended that a professional deep clean be done between each tenant.
Cryptocurrencies like Bitcoin are new electronic cash systems that are completely decentralized with no server or central authority. Bitcoin and other cryptocurrencies advocate that blockchain technology is the key to a secure monetary future. By providing unique access codes, secure transactions can take place from almost anywhere in the world and the blocks of code will create an incorruptible record of each transaction and access point.
This is relevant to the real estate industry because it would allow buyers to provide secure funds in a relatively short amount of time.
According to Bitcoin, there are several advantages of using their form of cryptocurrency. Users can make or receive payments regardless of location or time of day. Transfer fees are cheaper because they are not based off of the total amount of funds being transferred. Since private consumer information is not included in the transaction records, transactions are more secure.
Users can also add layers of protection to their crypto assets by using two factor authentication and alternative backup methods.
The real estate industry is slowly starting to accept Bitcoin and cryptocurrencies because of these advantages. The International Blockchain Real Estate Association is a member-focused advocacy, educational, and trade organization dedicated to implementing blockchain real estate.
According to their website, cryptocurrencies can “reduce costs, stamp out fraud, speed up transactions, increase financial privacy, internationalize markets, and make real estate a liquid asset”. Some luxury homes for sale are already being listed on MLS’ with cryptocurrency price tags and some landlords let renters to pay with virtual currency because landlords do not have to worry about checks bouncing and funds clearing after a day or two.
Blockchain technology is not without its own challenges. Cyber fraud has resulted in the loss of tokens worth millions of dollars. Many sellers currently do not accept Bitcoin and other cryptocurrencies because they have little to no experience with them. Currency volatility has always been an issue and new cryptocurrencies are being invented on a regular basis. Despite these drawbacks, more and more real estate opportunities are beginning to welcome blockchain technology.