As a landlord, maximizing rent and minimizing vacancy rates are critical factors in ensuring a profitable rental business. However, preparing a rental property for a new tenant—a process known as turnover—can be expensive and time-consuming.
Fortunately, you don’t have to go over your budget or spend a ton of time on improving your property just to maximize your rental income. Here are some valuable tips to help you optimize turnover and get the best rent for your investment property.
Have the Property Professionally Cleaned
Even if your rental property doesn’t seem dirty, have the unit professionally cleaned. A clean home is more appealing to prospective tenants and will demonstrate that you take good care of the property as a landlord.
Our properties are professionally cleaned each time a tenant moves out, including the floors, windows, walls, and appliances; as well as carpets to meet our clean house guarantee. Before your new tenants move in, be sure to document the condition of the property for comparison when your renters move out.
Make Necessary Repairs
Address any maintenance issues or damages in the unit during turnover. Replace broken fixtures, repair plumbing or electrical problems, and fix any cosmetic damages, such as holes in the wall or chipped tile.
It’s important to present a well-maintained property to prospective tenants, and making necessary repairs can help you do this. Keep documentation of what you repaired and when to keep for reference.
Add a Fresh Coat of Paint
Applying a fresh coat of paint can enhance the overall appearance of the unit. It can make the property look cleaner, brighter, and more spacious. Even if the paint doesn’t look bad, consider adding a fresh coat.
Choose neutral colors that appeal to a larger audience and make the space appear brighter and more inviting, such as white, off-white, beige, or soft grays. Stay away from darker, more dramatic colors that can make the space appear smaller and darker.
Clean or Update Flooring
If the flooring is old or worn out, consider replacing it. New, durable flooring can make a significant difference in the overall appeal of the unit and may justify higher rent rates. Renters are looking for modern flooring that’s easy to clean, such as hardwood, tile, or luxury vinyl plank.
Professionally clean any carpeting in the property and consider replacing it if it’s stained or excessively worn. Renters will appreciate clean and updated flooring and may be willing to pay more for such a property.
Update Key Areas
Certain areas of the property have a significant impact on rent pricing, such as the kitchen and bathrooms. Consider updating these essential areas during turnover to maximize rental income.
Modernizing fixtures, appliances, cabinets, backsplashes, and countertops can greatly enhance the overall appeal to potential tenants. These upgrades can increase the rental value and attract higher-quality tenants willing to pay a premium for well-maintained areas such as these in a home.
Enhance Curb Appeal
The exterior will make an impression on tenants, so don’t ignore this part of your property. Consider tidying up the landscaping, ensuring a well-maintained entrance, and refreshing the paint or siding if needed.
Remember, a visually appealing exterior creates a positive first impression and attracts potential tenants, so let them know what your property offers by making sure the outside speaks for the inside.
Streamline Your Turnover Process With Circle Property Management
As a landlord, your time is valuable, and turning over a unit to prepare it for the next tenant can be time-consuming. Streamline the turnover process with our property management professionals at Circle Property Management. Contact us today to learn more about our property management solutions in Northern Virginia at (703) 349-0144.
About The Author
Patrick H. Page - Principal Broker | Licensed in Virginia and the District of Columbia
