After managing thousands of properties over our 13 years in business, you tend to collect a lot of data. Very useful data. Here are our six tips on improving your ROI with residential rental properties:
- Minimize vacancy: The big three are being responsive to your residents, handling repairs quickly, and staying on top of preventative maintenance.
- High-end components: Specifically, paint, appliances, and window coverings. We get the most complaints about these things during showings by FAR.
- Vinyl flooring instead of carpet: Carpet is more expensive and doesn’t last nearly as long.
- The newer the property, the better: Even considering the higher purchase price of a newer property, the savings you get from repairs and maintenance will make up for it.
- Add a washer and dryer: This will improve your days on market, big time! Washer and dryer is preferred by 67% of those seeking rentals.
- Use smartlocks: Over time those rekeys can add up. Get a smart lock on there and it will not only add security but will also cut your locked-out calls to zero.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
