6 Ways Fayetteville Landlords and Property Management Companies Can Boost Rental Value Without Remodeling
When it comes to increasing the value of your home, or the amount you can charge for renting out your property, nothing’s as effective as a remodeling project.
Property owners in Fayetteville, North Carolina are faced with the ever-changing landscape when it comes to increasing the rental rate of their properties. A good property manager and property management company should, on a constant basis, assist you in making improvements to your property. In Fayetteville, there are a lot of means and methods to increase the investment value of your property, without breaking the bank.
The key is you have to be smart about it, or you’re going to wind up creating a white elephant property that’s priced too high for the neighborhood for a sale, or rental. Making improvements which aren’t strategic can create a value that is too high for your target rental market, and make it difficult for your property management company to get the rent you desire.
We’ve compiled six clever ways you can boost your home’s rental value without resorting to a major expense, like doing a major kitchen or bathroom remodel. These ideas are important whether you are working with a property management company in Fayetteville to rent your home, or if you are working with a property management company to assist you in finding a realtor to sell your home.
First, try creating the appearance of more space by decluttering your home, or renting out your home to a potential tenant. A cluttered home can turn a buyer or tenant off when they’re flipping through hundreds of home photos online and picking out a dozen homes to see in a day without that foot traffic. Your asking price or rental amount is bound to fall. You should limit bulky furniture in smaller spaces, right. Less is more. Minimize décor, especially along any horizontal surfaces. So book on shelves should be minimal; items on the top of desks and counters should be reduced, and even your dining room table should have a minimal amount of stuff on them. You want the potential renter or buyer to be focused on your home, not on your belongings. The same applies to items in cabinets and closets also. Along similar lines, you also want your home to be clean, free of clutter and organized.
Second, you should add curb appeal by tending to your garden and maybe even doing some touch up work on the exterior of your home. That means of doing a little landscaping. The more appealing your home is at first glance and in the photographs you post online, the more foot traffic, the more potential for receiving offers or rent at the rate you want.
Third, you should also touch up all the little things. Fix the dents and scratches in the wall, make sure the paint lines look clean and even, lubricate all of the door hinges, drawers and cabinets, and clean the windows and other shiny surfaces.
Fourth eliminate odors. This is an often overlooked component of marketing your property. When we live in a home, we don’t tend to notice any of the odors which may be offensive to a potential tenant or buyer. But there have been countless occasions where a potential tenant or buyer has informed a property manager that they did not want to rent the property because the property had, what they considered, an offensive odor. Remember, an odor that is not offensive to you, does not make it unoffensive to a potential tenant or buyer. This is especially true with pets. Eliminating owners doesn’t mean merely spraying air freshener around the house, but it may also involve getting a professional to deodorize your home, or at the least renting an air cleaner to get rid of any smells.
Fifth, you can also try repurposing a room to make your home more appealing to renters or buyers. In today’s remote working and work from home environment, one in five potential tenants would prefer a home office be in the description of the property for some rooms (and oddly enough the dining room at times), because that is how they intend to use the area. While this might not be true for all potential renters, it does allow you to put a new dynamic on your marketing effort when working with your property manager.
Sixth, if you are going to paint before you rent out your home, or list it to potential buyers, focusing on keeping the colors neutral. You can “change” the appearance color of the room by properly staging furniture and accessories in the room. So a “red room,” now becomes a room with neutral wall colors, where the room is accented by red highlights in the way of furniture, art, or other decorations. Additionally, neutral wall colors allow for faster tenant turnover, as our staff can paint your home faster, and get it rented out to the next tenant in a timely manner.
By simply rethinking how your home looks and how you can use it, you can increase your home’s rental value in the Fayetteville and surrounding area market. At Linchpin Property Management, we pride ourselves in knowing that we are consistently using property management techniques, at a reduced cost to the owner, to increase the rental value, as well as the overall property value in Fayetteville and the surrounding market.
If you have questions about how we can effectively manage your property in Fayetteville and the surrounding area with our experienced property management team, please contact us below.