There are many ways to maximize the return you earn on your Roseville investment property. There are two specific ways you can both increase your rental income and your long term gains: proper pricing and tenant retention. Today, we’re explaining why those two elements are so important and how they can help you keep profits high and expenses low.
Update Your Property
To achieve the best possible rents, you need to provide the best possible property. You can charge more when you have a safe, attractive, and desirable home on the market. You’ll also appeal to better tenants. You don’t have to completely remodel your home, but you can implement a few updates and upgrades that won’t cost a lot but will make a huge difference. Create curb appeal, which will lead to a good first impression. Pay attention to flooring. You may need new carpet that isn’t stained or torn, or perhaps a laminate or tile floor will be more appealing to tenants. Paint the walls. This is so much better than simply touching up areas that are imperfect. Change light fixtures and hardware. New drawer pulls are cheap, but they keep your home looking fresh and modern.
Pay Attention to Maintenance
Responding to repairs and tenant request for maintenance is critical to preserving the condition of your home and keeping your tenants in place. Deferred maintenance will hurt your ROI and encourage your tenants to leave at the end of a lease. Be proactive with maintenance, and take care of anything that needs to be fixed or replaced promptly. If maintenance is ignored, tenants will be in a hurry to leave and you’ll have higher turnover and vacancy costs. Take care of small problems before they become more expensive.
A clean, safe, and well-maintained property will rent for more and attract high quality tenants who renew leases year after year. Both of these things will contribute to your ROI and help you be a more successful real estate investor.
If you have any questions about Roseville property management, please contact us at Sunburst Properties. We offer professional property management in Roseville, Citrus Heights, Folsom, Rocklin, Granite Bay, Sacramento and the surrounding areas.