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What are the best upgrades in increase rent?

To Renovate or Not to Renovate? The Best Upgrades to Increase Rent

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Renovations dogThe decision to renovate never comes easy, as there’s considerable risk involved. However, it’s a common solution property managers turn to when looking to increase the value of existing properties.

In addition to the heavy price tag, most renovations require a fair amount of time to complete. In opportunity cost alone, pulling a unit or group of units out of the game might mean a big hit. Luckily, the investment in your property is more likely to bring in long-term profitability. You just have to know which will be worth your time and money.

Consider these types of property renovations that renters and investors are likely to pay more for.

Internal Improvements

Figuring out which renovations will contribute to higher rents may be more art than it is science. Property management companies choosing to upgrade flooring, kitchens, bathrooms, and lighting in older units cannot be sure of which improvements will yield the highest ROI. However, a good way to gauge the sentiment of potential renters is to survey current residents and find out which improvements would increase satisfaction.

External Improvements

Property owners may also want to consider making upgrades to landscaping, signage, and exterior paint. Cosmetic projects like this generally don’t cost that much, and they can provide high returns by boosting curb appeal. Other worthwhile improvements include laundry facility or exercise room upgrades. Also high on a renter’s list, swimming pools, shuttles to a transportation hub, or community rooms can go a long way. These additional conveniences give residents the chance to save time and money – so they are likely to pay more for them.

Technical Improvements

Today’s modern renters are likely to expect good internet connectivity as much as they expect lights and running water. Communications companies can usually improve the connectivity of buildings that don’t already have it. Another way to cater to today’s tenants is by offering online or tech-savvy solutions for bill paying, mobile communication, and even sophisticated internet-based security and temperature-control systems. Wired buildings are more attractive to prospects, and many of these features can also help the building run more efficiently.

Which Renovations Bring the Highest ROI?

It’s impossible to say which improvements will benefit your specific property or location most. However, the right mindset to have is one in which you put your renters first. Property owners might look around their community to see which features are most loved by renters of other communities. Of course, it’s always a good idea to consider asking current residents for their own input. While the goal of these improvements might be to attract new tenants who are willing to pay more, most property managers would hope to retain as many of their old residents as possible.

In any case, the right renovations to an older property can often bring the owners a better and faster return than building an entirely new property can. Better yet, property managers can roll these improvements out in stages, so they won’t need massive capital to start enjoying more profits. A sound investment in upgrades – and ones that are well planned – are well worth the resulting

Source: https://www.appfolio.com/blog/2017/08/to-renovate-or-not-best-upgrades-increase-rent/

Why Hire a Property Manager

Why Hire a Property Manager

Why Hire a Property Manager?

Mon, March 18, 2016

1. Setting the right rental rates:
While surfing the web and looking through craigslist or riding around calling “For Rent” signs to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.

2. Collecting Monthly Rent Payments:
If you’ve ever worked in a billing department, you know that securing payment from clients can be problematic, not to mention uncomfortable. Property management companies have efficient, systems in place to effectively collect rent and maintain on-time payments. Making it convenient to collect rental payments in multiple methods (In person 5 days a week, online payments, 3rd party locations, etc.) increases the effectiveness of collecting rental payments.

3. Marketing and advertising your property:
Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials, they also have a bank of ready tenants ready to rent properties coming directly to them because of the amount of properties that have available—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.

4. Finding the right tenants:
Experienced property managers are experts at finding good tenants, Realty Consultants Property Management performs a full credit check, 50 state criminal background check, verification of employment, verification of income, we review the previous rental history and check references on each tenant.

5. Managing tenants:
In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required. Realty Consultants Property Management inspects each property every 90 days for compliance with rental agreement as well as how the property is being maintained. During this inspection we all check to make sure HVAC filters are clean and being maintained.

6. Managing vendor relationships:
Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.

7. Ensuring that you’re in compliance with housing regulations and property laws:
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.

8. Enabling you to invest in geographically distant properties:
If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.

9. Maximizing the profitability of your time:
By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.

Who We Are!

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Realty Consultants Property Management is a full service organization that services all types of real estate including single family residences, multi-family properties, apartment complexes, commercial buildings/office buildings and retail shopping centers. We pride ourselves on taking complete care of your property. Our goal is to maximize the return on your investment while taking the hassle out of owning and managing your property.

Areas We Serve

The entire Triad Area of NC

From Burlington to Clemmons

From Reidsville to Thomasville

Greensboro

Winston Salem

High Point

Archdale

Oak Ridge

Summerfield

Whitsett

Full Management

We will prepare and fill your vacancy. We ensure collection of rent and handle all tenant issues. We provide detailed monthly statements and disbursement, as well as tax information prepared by our accounting staff.

24 Hr. Maintenance

We have our own experienced crew on hand and work closely with trusted professional vendors to handle complete renovations, as well as any needed repair and or maintenance at the lowest possible cost to you.

Mold-Asbestos-Lead

Property owner nightmare. We can advise you and are knowledgeable in all current as well as upcoming laws and regulations regarding these problem-causing substances. We include important disclosure notices in our rental agreements to minimize risk of liability for our property owners.

Tenant Screening

We will fill your vacancy with tenants who are thoroughly screened for credit, employment, housing, and other references. We also personally interview each and every qualified applicant to ensure only the most qualified tenant is chosen.

Rent Collection/Eviction

We will enforce all rules and regulations. We take care of all tenant disputes, service of all notices, evictions, as well as collections. We will gladly advise you of your options to reclaim your property and or any lost rent.

Advertising

We advertise your vacancies strategically to maximize exposure while keeping costs to a minimum.

Customized Plans

If you simply need us to fill your vacancy, we have coordination packages for a reasonable fee to relieve you of the hassle of finding qualified tenants. We can also create a unique plan based on your specific needs.