Rent Robin can help you maximize your rental property return on investment.
How do we make you more profitable?
We pay attention. We collect data. We follow the market and the shifting tenant preferences.
Every rental property is a little bit different, just as every investor has different and unique investment goals. However, there are some common strategies that we have found can help just about every rental property become more profitable.
Let’s take a look at what we mean.
Increase Rental Values and Property Values with Renovations
When you have a clean and well-maintained property, there’s no need to renovate it completely or make costly improvements. Why spend the money? It is worth your resources, however, to make small improvements regularly so you can keep your rental attractive to modern tenants.
This is one of the fastest and surest ways to increase what you’re earning in rent and in the long term.
Choose smart updates and upgrades. These are the improvements that we usually recommend:
Kitchens and Bathrooms
Start with aesthetics and appliances. You don’t have to spend the big bucks on stainless or granite. But when the finishes on your oven, stove, fridge, and dishwasher are matching, the kitchen will look modern and well-designed. If the appliances are old or you’ve had to repair them more than once, consider installing new ones. You don’t necessarily have to buy high-end models, but something energy-efficient will be a great selling point when you’re marketing your property.
Tenants in Kansas City and the surrounding areas throughout Kansas and Missouri are willing to pay more in rent for kitchens that feature elements such as backsplashes, shiny faucets, and smooth counters. If you’re only prepared to make renovations to one part of your rental home, update the kitchen first.
Bathrooms are easy and cost-efficient, too. Maybe a brighter light will make the space look larger. A new mirror over the sink can help. Does your tub and toilet need new caulk?
Update Floors and Paint
A fresh coat of paint is an easy upgrade and should be made whenever possible.
Invest in a higher quality paint than the cheapest one you find. You don’t want to spend too much, but walls that look great will bring in higher rents and better tenants.
When it comes to floors, know that most tenants prefer hard surface flooring to carpet. If you have it in the budget, tear up the carpet and instead of installing new carpet, lay down some laminate or tile floors. Even faux hardwoods look great. These floors are easier to clean and maintain, more attractive, and better for your rental value. Your property will always rent for more money when it’s free of carpet.
Invest in Smart Home Technology
Smart home technology, encompassing devices like thermostats, security cameras, smart locks, and lighting systems, is becoming increasingly popular. According to recent studies, homes equipped with smart technology sell and rent faster and at higher prices. For property investors, this trend offers a strategic advantage in a crowded market and it also allows you to increase the profitability of your rental investment.
Prioritize Tenant Retention
You’ll earn more on your rental property when you have a good tenant in place.
You’ll earn even more on that property when you keep that good tenant in place.
While you’re going to charge the same amount of rent regardless of who you place in your property, renting to a well-qualified resident will save you money, and that, in turn leads to more income. When you have a good tenant renting your home, you won’t waste time and resources chasing down late rent. You won’t have to worry about property damage or excessive deterioration after your tenant moves out. There won’t be any concern about lease violations or pet damage.
Tenant retention seriously impacts rental income. 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 less money is spent on turnovers, which can be extremely expensive. You also won’t have to worry about lost rent during a vacancy.
Create Curb Appeal that Sells Your Rental Home
Prospective tenants form an immediate opinion about whether they want to rent your home and how much they’d be willing to pay to rent your home when they approach your property from the street. This is why curb appeal counts. Make sure the outside of the home or building accurately reflects the inside. You want it to be welcoming. Give those tenants a reason to come inside.
Curb appeal is your first impression. Increase your rental property value with:
A power washing before showings or listings.
Fresh paint, if not on the entire property, then at least on the front door or the trim.
A well-mowed lawn and weeded flower beds.
Bushes and trees were trimmed away from windows, doors, and the roof.
An entryway that looks inviting and attractive. Plant some bright flowers near the door and make sure the exterior lighting is adequate.
When you take care of the curb appeal, you get cosmetic points, which can translate into more rental dollars.
Invest in Energy Efficiency for Your Rental Home
Sustainability is more important than ever to tenants looking for their next home. If you can show those tenants that your home makes the best use of environmental resources, you’re going to be able to charge more and attract excellent renters.
Reducing waste is becoming more important than ever for modern tenants. It can also keep your long-term costs down. So, invest in smart home devices that help you regulate the amount of energy that’s being used in your rental unit or building.
Smart thermostats are especially attractive. Tenants can better control their heating and cooling settings, depending on the time of day and whether anyone is home. Upgrading your light bulbs and your appliances will also make your property more valuable. Appliances can be timed to turn on at times when general energy usage is the lowest.
Earn More with a Pet-Friendly Property
You’ll earn more money on your rental property if you allow pets. This comes down to simple numbers and basic math. Some owners hesitate to allow pets on their property because of the risk those animals bring. We get it. But we also understand that pets equal profits.
Look at any statistical study, and you’ll learn that more than half of the tenants looking for a rental home have at least one pet. So, by making your rental property pet-friendly, you’re providing more than an appreciated amenity; you’re giving those pet owners an incentive to consider your home over those that may be unwelcoming to dogs and cats.
Allowing pets doesn’t cost you any money. While there are always risks of property damage and extra cleaning that may be needed, you’ll have an easy enough time mitigating those risks with pet fees and pet rent. We invite you to think of allowing pets as perhaps the most affordable amenity or upgrade you can provide in the quest to earn more on your property.
Here’s how pet-friendly properties earn more in the short and long term:
There’s a lower vacancy period when you rent out pet-friendly properties. You have a larger pool of tenants, so your home rents faster. You won’t have to wait around for that well-qualified tenant who doesn’t happen to have a pet.
You can charge a pet fee. This is a non-refundable fee that’s usually $200 or $300 per pet.
You can charge pet rent. This is an additional $25 - $50 per month per pet.
You’ll face less turnover. Pet owning tenants are more likely to renew their lease agreements. They don’t want to take on the work of finding yet another pet-friendly rental home, and they don’t want the expense of paying yet another pet fee. If they’re having a good experience, they’ll stay with you.
Reduce your risk by keeping a strict pet policy that requires vaccinations and flea treatments. Be clear about how many pets you’ll allow, what sizes they can be, and how many tenants may move in with. The pet policy should include how you expect your tenants to care for and control their pets. Then, you can have a relatively low-risk tenancy with a lot of extra income because you’re renting out a pet-friendly home.
Often, higher earnings and better profitability come down to smart property management. There’s a reason that the most successful real estate investors avoid self-management and partner with a professional team to lease, manage, and maintain their homes. It’s because we understand the market, and we know how to position your property for success. Our ability to leverage technology and relationships allows us to focus more on creating better outcomes for you.
Let’s talk about how to ensure your property in particular, earns more. We can take a look at your entire portfolio and share what we know. Please contact us at Rent Robin LLC. We manage rental homes in Kansas City and throughout Johnson County, Kansas, and Cass County, Missouri.
