Maximizing the ROI on your Keller rental property requires that you minimize expenses while increasing income. There are several different ways to do this, and today we’re focusing on five specific steps you can take to achieve this goal and bring in better returns.
We recommend preventative maintenance, curb appeal, market rents, pet-friendly homes, and cost-effective upgrades.
Preventative Maintenance Keeps Repair Costs Down
Statistics have shown that the number one reason tenants move out is deferred maintenance. A lot of owners would prefer to save some money, leaving repairs and maintenance for later. This is a bad idea. Not only do you chase away great tenants, you also allow those small problems to become larger and more expensive issues. Protecting the condition of your asset also protects the value of that property.
Don’t sacrifice your ROI because you don’t want to make a minor repair now.
This impacts your tenant retention, too. Keeping tenants in place allows you to earn more ROI because you’re avoiding vacancy and turnover costs.
Keller Rental Home Curb Appeal and ROI
An appealing and inviting property is going to rent faster. It’s hard to do showings or even take good marketing photos if the paint is peeling off the walls, the mailbox is broken in the front yard, and the garbage bins have been rolling around outside for days.
Good curb appeal includes green grass and neatly trimmed bushes and trees. Most tenants will decide if they’re not going to rent a place as soon as they pull up to a house. The curb appeal usually indicates what the home will look like on the inside. Invest in a great first impression, and you’ll increase your ROI.
Price Your Property According to the Keller Market
Maximize your ROI by getting a great tenant placed quickly. To do that, you’ll have to be sure your rental price reflects the market. If it’s too high, you’ll chase away well-qualified renters. Study what competing properties are renting for and compare them to your own. You don’t want to lose money by pricing your home too low, but you definitely don’t want to over-price it and leave it unoccupied for an extra month or two.
Pet-Friendly Properties Earn More
Not every rental property owner loves pets. That’s understandable, given the risk and the damage they can cause. However, providing a pet-friendly property is an excellent and often overlooked way to maximize your ROI. Here’s why it works for you:
You have lower vacancies. More than half the Keller tenant pool has a pet. You don’t want to shrink the number of prospective tenants for your property.
Consider allowing pets. With a strong pet policy, you can reduce the risk that comes with animals.
Consider Cost-Effective Upgrades
Tenants will be willing to pay more for new floors and updated appliances. That’s going to increase your rental value and your ROI. Even if you can earn an extra $50 a month because you pulled out the carpet and put in hard surface floors, you’re earning $600 more per year. That’s a worthy investment. Look for minor updates and improvements that don’t require a full renovation.
These are just a few of the things you can do to maximize the return on your Keller investment property. For more ideas, please contact us at Trend Property & Management. We manage long-term residential leases and short-term vacation homes in Fort Worth, Keller, Saginaw, Hurst, and the surrounding areas.