A rental property in the greater Charlotte area makes a great investment. There’s a strong tenant pool in this area, and there is a lot of potential for cash flow and rental income. Even if you’re already reaping the benefits of a smart investment and you’re earning some consistent income, there’s always room for improvement.
Today, we’re talking about some of the things you can do to really maximize your rental income with your Matthews rental home.
Keep Your Property Well-Maintained
The condition of your home has a major impact on the amount you can charge in rent. When you want to earn more on your rental property, you need to give high quality tenants a reason to pay higher prices. Your home must be clean, functional, and attractive when you want to earn more rental income.
Before you rent out the property, give it a detailed inspection and take care of any repairs or replacements that are needed. Even minor issues should be taken care of right away; this will ensure your property doesn’t fall into disrepair or accumulate deferred maintenance. Putting off necessary repairs will only reduce the value of your rental property.
When you provide a high-quality home, you can maximize your rental income.
Make Cost-Effective Improvements and Upgrades
When you have a clean and well-maintained property, there’s no need to renovate it or make costly improvements because those things will only deplete what you’re earning in rent and long term ROI.
However, a few minor updates and upgrades will give your home a fresh, modern look and allow you to charge more in rent. If your appliances are aging, for example, don’t repair them. Instead, consider replacing them with energy-efficient, stainless steel models. Install new showerheads in the showers and put new faucets and hardware on all the sinks, drawers, and cabinets. Replacing old, worn carpet with laminate or tile is worth the investment. Not only will you earn more in rent, you’ll also attract tenants who are looking for low-maintenance floors.
Focus on Tenant Retention
When your tenants are enjoying their home and feel like you’re providing a great rental experience, they’ll be more likely to renew their lease agreements year after year. This means more money in your pocket, because it saves you on things like turnover costs and vacancies.
Make sure you’re responsive to your tenants when they request repairs. Say thank you when rent is paid on time, and be willing to take the extra steps that make them happy to be renting from you.
Work with Professional Matthews Property Managers
The most important thing you can do to earn more money on your Matthews rental property is to work with a professional property management team. Your property managers will help you earn more income, rent to better tenants, and be proactive when it comes to maintenance.
Property managers ensure rent is collected on time, keep you in compliance with all state, federal, and local laws and regulations, and understand how to effectively inspect, maintain, market, and care for your rental home.
If you’d like to talk further about how you can maximize the income you’re earning on your investment property, please contact us at RE/MAX Gold. We’re your best Matthews & Charlotte property management resource.