5 Simple Ways Landlords Can Boost Property Value and Tenant Satisfaction
Owning and renting properties can be a very lucrative activity. However, given the competitive nature of the real estate market, successful landlords must actively look for ways to increase the property's value and boost its residents' satisfaction. Luckily, these two goals are usually synergic, meaning that achieving one also helps you achieve the other. Things like keeping up with regular maintenance and investing in useful upgrades can make your property more livable to tenants while increasing both its potential rent and sell price. Not to mention that these actions can prevent the rise of problems that may negatively affect the property's value in the long term.
In this article, we will explore five simple ways landlords can resort to when aiming for more satisfied tenants and an increase in their property's value.
#1 Adopting Smart and Energy-Efficient Systems
One effective approach is to adopt solutions that can reduce utility expenses for your tenants and you. A perfect example is upgrading your outdated HVAC system with a smarter and more modern one that can automatically adjust lighting, heating, and cooling.
Recent technological advances allow landlords to turn their properties into smart homes and buildings that use multiple integrated devices to adjust the level of energy consumption to current needs. For example, when sensors detect an empty room, the system may automatically turn off the life. Similarly, the system may regulate artificial heating and cooling when natural temperatures rise or drop. A smart home is more valuable on the market and can also attract potential tenants who don't mind paying a higher rent to benefit from the extra comfort.
#2 Upgrade Your Security System
With property crimes representing the most common type of crime in the US, installing the most effective security systems is another great way to boost the value of your home and provide extra reassurance to your tenants. Modern cameras can provide additional visibility, thus ensuring that the property is properly monitored at all times.
When choosing the right devices, one common doubt is NVR vs DVR security cameras. While DVRs record directly to a digital video recorder, NVRs store footage in the cloud or an integrated storage system, thus offering greater flexibility and scalability.
It would be great if you also considered investing in a video security management system that can process and organize hours of video footage to inform better how the property is being used and identify potential threats.
#3 Making Small Renovations for Big Benefits
Among the various upgrades that can help you increase property value and resident satisfaction, you should also include small renovations. These include upgrading appliances such as refrigerators and ovens. Replacing old and inefficient models with modern devices will ensure that tenants have access to the most recent features while also providing the property with a more aesthetically pleasing look.
Other small renovations that can greatly impact include updated sinks, toilets, mirrors, doors, or cabinets. All these modifications are relatively easy and cost-efficient to do and go a long way when it comes to overall property values. Keep also in mind that renters usually consider both the quality and the range of amenities available at a property before they decide to sign a lease agreement.
#4 Don't Neglect Outdoor Improvements
In most cases, potential tenants' first impression of the property is the outside area. Neglecting the importance of improvements to the outdoor perimeter and front area can hurt your property's value and the chances of finding new tenants. Investing in gardening and outdoor furniture should not be a secondary activity. It should be one of your main priorities when upgrading your property. When choosing the right materials for these improvements, make sure that you opt for those which are durable and low-maintenance at the same time.
#5 Give It a Fresh Coat of Pain
Even though this is one of the most straightforward renovations you can plan for your home's interior and exterior, it can do wonders to boost your property's attractiveness to potential renters. Whether you opt for a plain, neutral color or add some vibrancy and flavor with more daring shades, make sure that the paint job is done professionally. Painting your home will be an expense in the short run, but it will pay off in the long run, as it can increase both its market value and rentability potential.