If potential tenants are passing your rental property by for other, more updated options, it may be time to consider making some renovations to your offerings. But where can (or should) you spend good money that truly pays off?
There are actually a few areas of note. In most cases, providing updates to the kitchen and / or the bathroom(s) can make any home much more appealing. Even just a new sink and faucet can give the appearance of a much more functional, and modern, room.
There are some other ideas for making your rental property stand out, too. For instance, over the past several years, the home office has become more popular. With more people running their own online businesses, or even working remotely for their employer, having a dedicated room for working can be appealing to a growing number of possible renters.
It is important to note that, because all rental properties – and areas – are different, there isn’t just one, single, across-the-board improvement that will pay off nicely for everyone. With that in mind, it is important to be familiar with the trends in the area where your specific property (or properties) is located.
There is, however, a great way to help you with better leveraging your time, so that you aren’t on call 24/7 as a landlord. That is to hire a property manager. With the right property management team on your side, you can hand off many time-consuming duties, such as collecting rent, marketing for vacancies, screening tenants, and taking care of both routine and emergency maintenance situations.
Want more information on just exactly what a property manager can do for you? If you own rental real estate in Orlando and / or the surrounding Central Florida locale, just give us a call today.