Make the Most of Any Rental Unit: Property Upgrades and Maintenance

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.

1Add 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.
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Managing Applications Online

Long gone are the days of multiple hard-copy applications and burdensome, time-consuming vetting processes. Multiple online services have now made the application process a breeze for landlords.

The top benefits of managing applications online:

  1. Generate More Applicants

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Online applications are easily shareable and can be posted on a multitude of social media channels. Connect with tech-savvy, young consumers who are accustomed to using the internet. As a landlord, the more applicants you are able to easily generate, the more comfortable you will be with the tenant you accept.

  1. Save Time and Be Organized

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Life is much easier for a landlord who doesn’t have to print, mail, deliver and sort through hard-copy applications. Instead, digital applications are neatly organized in a single, easily accessible place.

  1. Security

1Sensitive information from hopeful applicants will be stored in a secure location, yet can still be easily accessed by landlords on the go. For applicants, this means peace of mind that only the correct people who are legally able to see their information actually do.

As a caveat, landlords will want to review the online application form of choice and what specific information is being collected. Rental Beast offers landlords a thorough application process with checks conducted directly through TransUnion.

It is also recommended that landlords reach out to applicants prior to filling out the online application. Submitting a substantial amount of personal information can be off-putting to some renters and can, therefore, lead to a lack of pertinent or comprehensive data.

4. Be Kept in the Loop as an Agent

1On Rental Beast’s unique application platform, agents are able to stay informed regarding where a client’s application stands in the process. While an agent won’t be able to access or see a client’s personal information (only the landlord will), he or she will remain a party to the entire process and won’t be kept in the dark.

 

 

Concessions on the rise

short-sale-foreclosure-options-rental-propertiesConcessions are not typically at the top of any hopeful renter’s list of criteria. With both the quantity and quality of concessions increasing nationally, most renters critically underestimate the value and prevalence of these available benefits. Concessions may include, but are not limited to, a free month’s rent, lowered security deposits and lowered monthly payments for longer lease agreements.

You might ask, why would any landlord give away free stuff? From the standpoint of a private landlord or management company, concessions can help attract quality tenants in a highly competitive marketplace and ensure monthly rent will not be lowered. Vacancy rates nationally are at their highest levels since late 2015. As a result, landlords continue to utilize concessions to maintain a competitive advantage in the marketplace.

The fact is, more and more rental units nationally are continuing to offer concessions. According to a presentation at the most recent NMHC Research Forum, 38.6% of rental units nationally are now offering free rent for four to eight weeks, up 7% year-over-year. Furthermore, more than 10% of rental properties are currently offering upwards of eight weeks rent-free. For the renter, this means more money in their pocket at the time of signing.

How might a hopeful renter find a unit that both matches their criteria and offers a quality concession? Rental Beast’s partner agents have access to the most comprehensive concession information available via the Rental Beast database of over 4,500,000 listings nationwide. As such, utilizing the Rental Beast platform is the optimal way for any potential renter to obtain the most value possible while available rental inventory continues to increase nationally.