You have to spend money to make money. That holds true in a lot of situations. For instance, when your goal is to increase the rental income on your investment property. The good news is you don’t have to put yourself in the poor house to make your rental house more appealing. Take a look at four tried and true ways you can increase the rental income on your investment property:
#1: Take Care of Repairs to Increase the Rental Income on Your Investment Property
No one wants to pay top dollar to rent a home where any appliance is not fully functional. To increase your rental income, make sure nothing is in need of repair. This includes electrical, plumbing, appliances, flooring, paint, electronics, doors, landscaping – you name it! Go through your property with an inspector or contractor. Make notes of everything and whether it needs any repairs or not. Then do the repairs immediately. And keep everything in working order over time.
#2: Make the Space Beautiful
The aesthetic appeal of a property is hugely important when it comes to marketing and attracting tenants. People want to stay in beautiful homes, especially in a high-end vacation destination like the Vail Valley. Everyone has a different sense of design and style. Therefore, it’s important to keep things simple and neutral to appeal to as many potential tenants as possible. Consider these options:
● Upgrade the flooring to something beautiful but durable. That way, it will stand up to use without needing replacement or looking shabby.
● Repaint the interior to make the space look brighter and bigger.
● Update landscaping for additional curb appeal.
● Install new lighting and fixtures to update the space.
#3: Make the Space More Functional
Want to attract tenants willing to spend more on a vacation rental? It’s important that the space is easy to be in and to work in, if necessary. Upgraded appliances for the kitchen ensure ease of cooking, should they choose. Top-of-the-line electronics are important for entertainment when your renters are not on the slopes or hiking, biking, rafting, or doing many of the other outdoor activities available. And providing WiFi and other amenities means they can have a working vacation without stressing about the availability of the things they need to be productive.
#4: Decrease Expenses to Increase the Rental Income on Your Investment Property
Your time has value. Are you spending an inordinate amount of it trying to clean, maintain, market, and manage your rental property? You’re spending more time and money than you should. This is only going to decrease your potential income. A reliable property management company can manage all areas of renting and managing your property. Therefore, you can leave it in their capable hands and enjoy the return on your investment.
For the right property management company in the Vail Valley to help you increase the rental income on your investment property, contact our team at Fireside Properties today.