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.