If you ask landlords what their greatest fear is these days, it’s likely to be “High vacancy rates”. It’s true, inflation and taxes are a big concern. But when you have a rental property that generates a regular stream of income, property owners can increase rental rates to mitigate both inflation and taxes. But, as experienced Maryland rental management companies will tell you: “When a property is vacant – there’s no rent to increase!”. High vacancy rates are an enemy to a steady flow of income.
The Enemy Within
Rental property owners need look no farther than inside their units to find the enemy. Often, high vacancy rates correspond to rundown properties. When tenants are paying market rates, they expect to rent a comfortable, attractive, and safe place to stay. However, if your units are in a bad state of upkeep and maintenance, renters will vacate in droves.
The first step in dealing with the “enemy within” is to work with a reputable Baltimore rental property management expert, and identify areas of concern. Units that aren’t in prime shape expose landlords to several risks:
- No takers to your vacancy advertisements
- Tenants who vacate frequently
- Higher long-term maintenance costs
- Increased number of health and safety complaints by tenants
- Risk of failing city health and safety certification
These risks not only cost you more money, but also styme a landlords regular income flow. However, they’re easy to mitigate. The best Maryland rental management companies can offer advice on how to do just that.
When it comes to renovating a rental property, landlords and owners receive a two-fold value for money outcome:
- Firstly, by attracting higher rent-paying tenants, it increases the income generation potential of the property
- Secondly, strategic renovations increase the long-term value of the property
The challenge, however, is where to prioritize those renovations?
When you talk with your Baltimore rental property management company, the priorities will most likely be the following:
- Kitchen – especially the appliances, sinks and counter tops
- Bathrooms – with special attention to the shower and toilets
- Living areas – consider changing (or professionally cleaning/washing) upholstery, curtains, and carpets
- Entire home – have a professional apply a fresh coat of paint, and change lamps and lighting throughout the property
Of course, the most important thing that attracts prospective renters is Curb appeal. If your property shows well from the outside, renters are more likely to have a favorable opinion about it. Use planters and potted flowers to brighten up the exterior. Paint external features too, such as the gates and fences.
Working with seasoned Maryland rental management companies gives you an additional advantage – you can tap into their vast network of contacts and contractors to help you with your renovations. Good property managers can also help landlords and rental unit owners to plan their renovation projects, including budgets, schedules, and execution sequences.
Having a professional property manager on your team, to advise and guide you, will ensure you not only make the right renovation decisions, but that your reno projects come in on time and within budget.