Maximize Your Profit With These Rental Property Upgrades

Landlords are always thinking about upgrades they can make to their rental properties that will increase their rental income and make their lives easier in the long run. But which upgrades are worth your time and money? Let’s look at four upgrades that will keep your tenants happy and increase your rental income and property value.

Upgrade Flooring

Replacing the carpet with hardwood flooring will increase your value and save you time. Carpet can stain and tear easily, making it more prone to need replacing. Hardwood flooring is easier to clean and more long-lasting. Installing hardwood flooring can be expensive up front, but it will save you time and money in the long run.

Fresh Paint

Painting rooms in your rental property can make a huge difference and make your rental property more appealing. Neutral colors like gray or beige with white trim go with all kinds of decor and are colors that tenants tend to gravitate towards. 

Update Kitchen & Bathrooms

The two rooms that tenants like to see updated are the kitchen and bathrooms. This can get expensive, but luckily, you don’t have to update everything to make a good impression. Small changes in the bathroom, like updating the toilets, vanity, or sink, or kitchen updates, like cabinetry or countertops, are all you need to give these rooms a new look.

Increase Energy Efficiency

Tenants will appreciate energy efficiency items like Energy-Star certified appliances or new windows as they will help lower their utility bills. Replacing old appliances will save you money on maintenance issues in the future. New windows are more aesthetically pleasing than old ones, and cold drafts from the old ones can cause higher utility bills.

As you can see, there are a lot of different upgrades that can benefit you and your tenants. If you have any questions or need recommendations, reach out to us! We are always here to help.

Tips To Ensure Your Home Price Is In Line With The Market

As the Austin housing market shifts, it has become even more difficult for homeowners to accurately price their homes. Too high and interested parties will back out, too low and you won’t turn a profit. While it is still a seller’s market in Central Texas, on the other side of the transaction, buyers and renters are gaining more leverage. There is a statewide cooling in the demand for homes as inventory increases, prices return to more reasonable growth rates, and competition cools. 

While this might alarm some sellers, there is still plenty to be done. Sellers that are in tune with the current real estate market are adjusting their prices and continuing to see substantial profits on their properties.

Partnering with a seasoned real estate professional continues to be the best path to success as you navigate pricing your home and the current market. As you consider your options, here are some tips on accurately pricing your home.

Get A Home Valuation Estimate

These estimates can act as excellent starting points as you research pricing and can be extremely useful when making any comparisons to other listed properties. We at TALK Property Management ensure our clients have a well-rounded understanding of their situation every step of the way through our comparative market analysis.

Review Other Listings

Pay attention to the market. Check listing sites for similar properties and their current listed price to gain a better understanding of where your home value falls. However, there is much more happening in the background than you might realize. Inspect how long each property has been on the market and if there have been any recent price reductions. 

Sellers can easily avoid losing potential buyers and renters to overpricing by connecting with an experienced real estate partner and getting a useful estimate of their home value. If you would like to learn more about your local market and discover the best price for your home, contact TALK Property Management today!