3 DIY Property Management Solutions to Raise Rental Value
If you like taking property management into your own hands, then you must find ways to increase your unit’s rental value. You need to do what you can to compete against other landlords, as competition in the real estate market is fierce. But what cost-effective options do you have at your disposal?
This guide is here to help you brainstorm some do it yourself property management solutions that you can do over the weekend. All you need to do is bring out the necessary tools and get to work. You can also decide to do these gradually and open the property only when all the fixes are complete.
Besides raising the rental value, the other key goal here is to increase its availability for new tenants. You may also be looking into selling the property later on. Whatever your future plans are for your property, these quick fixes have long-term implications that can define your success in the real estate market.
Fresh coat of paint
If you are looking for a quick upgrade for your rental property, a new coat of paint is a perfect way to go. You can easily go over the old and faded color of the exterior of your home to attract potential tenants. Plus, you can also choose a kind that is made to withstand different weather conditions and longer-lasting.
With your home rocking new colors, you can price the rental value more competitively as the other properties within the area. You can even cater to a new market, as the new color can match a broader range of styles and preferences. Overall, a fresh coat of paint can bring new and viable renting opportunities.
Minor room renovations
You may also want to bring change to major rooms in your rental, like the dining room or the bathroom. This is especially effective if your unit was poorly maintained over the years.
With that in mind, you want to take on just enough budget-friendly renovation projects that you can successfully tackle on your own. Remember—you don’t want to overspend while the property business isn’t open yet. Fix up the rooms that need minor repairs that you can do yourself. Make sure to do them as professionally as you can because a poorly executed repair may cost you more in the long run.
Sprucing up the front yard
With the interior of the unit accounted for, you also need to turn your attention to the front lawn. This is a crucial fix since the front yard can serve as a welcoming atmosphere. There are many affordable options to help you beautify this area of your property.
For example, you can look into simply cutting away the tall grass or adding fresh greenery. Doing so will surely raise the rental value and clear the path towards sealing property rental deals.
The real estate market features stiff competition, and you, as a property owner, must constantly look into solutions to stay on top. Consider the aforementioned D.I.Y. tips for raising the rental value and attracting potential tenants to choose your property today!
Are you searching for a professional property management company in Jacksonville? Jumpstart your rental property business with us from Quest Real Estate! We can professionally manage your commercial or residential rental property and take the burden of day-to-day operations from your hands.