Maximizing your income property

Have you ever wondered how to pull a couple hundred extra dollars a month from your rental properties, or even a couple thousand? Achieving top dollar for your rental isn’t as hard as it may seem.

First off, never skimp when remodeling a rental property. Many times, folks will install a brand new kitchen, but will not want to spend the couple of dollars extra to replace the flooring. Along those lines, if you do plan on leaving the old carpet, have it professionally cleaned. Painting can also go a long way. Remember to keep the colors neutral but not just a plain white. The key is to give the property a little bit of color without overwhelming potential tenants. You would be surprised how much easier it will be to rent a unit with stainless steel appliances.

When placing the property on the market for rent, whether by yourself or with a qualified real estate professional, make sure the property is presentable. Many potential tenants will start their search online. The first impression they will have of your property will be the photos. Make sure when taking them, there is no clutter and that the space looks big and bright. Take pictures of the features that will make your property appealing.

Remember the old saying, “Time is money”? Well that really is true when it comes to your income property. Every day, the property stays vacant costs you money that you could use to cover insurance, maintenance, and possible mortgage payments. Many times, it is easier to give a good potential tenant a little discount and avoid having the unit remain vacant for months on end. A solid tenant will be ready to move as soon as possible, so make sure you and the property are absolutely ready once you place it on the market.

Giving your tenants some freedom will also help. Allow them to make simple modifications such as painting. Allowing pets will also increase your chances of finding a good long-term tenant. Finding a tenant that will stay long term will always save costs in the long run.

Remember, first impressions are everything when it comes to real estate. Bring in a qualified broker to give you the pros and cons of your property prior to listing it on the market. This will ensure you will receive top dollar for your rental for years to come!

For more, call 847-292-4700, e-mail gz@zerillorealty.com or visit www.zerillorealty.com.