Vantage Property Management
Better Qualified Tenants.
Less Time on the Market.
Higher Comparable Rents.
Hi, I'm Jim from Vantage Property Management..
At Vantage Property Management, we constantly get questions from our Owner/Landlords about, "What do I need do in the way of renovations to make my investment property more appealing to prospective tenants? The answer is NOT a simple one.
Even within our Company, this is an area of much discussion. In our role as a property manager, it's our job to try to obtain the highest monthly rent for our property owners, while spending the least amount of the owner's money in doing so.
On the other side of this discussion, our marketing staff is constantly telling us, "If you want top $ rent for that property, you've got to get with the owner to address some needed renovations. The home simply needs to be "freshened up". Is the owner going to approve installing those new kitchen cabinets and countertops that we talked about? How about considering some new fixtures for those bathrooms?". As you can see, there will always be differences in opinions as to weather certain renovations will pay for themselves by way of higher rents and longer lease terms.
There is one thing for sure, as a landlord you can't simply take the position, "That it's just a rental, so what are the tenants expecting?". Well, in our very competitive local rental market, there are usually enough homes available so that the tenant has several choices as to which one will provide the highest level of satisfaction.
On the less expensive side, there are many options available that aren't quite as expensive as kitchen and bathroom remodels. These can be things as simple as a coat of fresh paint throughout, or maybe some new carpeting. Nothing spruces up an older home better than fresh painting and carpeting.
These are just a few of the things that a property owner can do to make the home more desirable to prospective tenants.
We just need to keep in mind that we are in a very competitive rental market area (that's a good thing) and even though the plan is to get the best return on investment, money needs to be spent from time to time to stay competitive.
If you have any other thoughts or questions along these lines give us a call here at Vantage Property Management
1120 Benfield Blvd.
Millersville, MD 21108
Vantage Property Management
410.729.2770