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10 Simple Things You Can Do to Improve the Value of Your Rental Property

Are you planning to sell your rental property, or do you hope to attract high-quality tenants? Whichever is the case, you should start planning today for ways to increase the value of your property.

Below is a list of ten simple moves you can make to raise the value of your property, and as a consequence, generate more money.

1. Advertise your property well

Source: zillow.com

The first thing you need to do is advertise your property in an effective manner. How you talk about the place matters to the ears and eyes of your tenants and potential clients.

You want to show your target customers the high quality of the place, and the benefits it promises for them. Potential clients should perceive the quality during their initial walkthrough and they’ll be more likely to offer a high price for your prize.

2. Make sure all the repairs are complete

If your property is currently undergoing any renovations, you must make certain all of the work is completed before listing. The ideal clients won’t be interested in viewing if it’s still under construction. If you’re unsure about which renovations would increase the value of your property the most, speak with the Green Residential team.

3. Highlight the most attractive features

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One vital strategy in real estate is to make the property as appealing as possible to prospective clients. They seek a place that has an overall positive experience, whether they’re looking to buy or might be high-end tenants.

This may seem tedious, but adding a few special touches to your home can determine whether a client will want to move into or purchase your property.

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For example, a fireplace or hot tub can make potential tenants feel like they’d be moving into the luxurious home of their dreams. Make sure that you showcase all of these special touches in your rental, however, if you wish to increase its perceived value.

4. Get a professional appraisal

It would be best to obtain a professional appraisal on the property before putting it on the market. Potential buyers will understand what they can expect to get when they hire an appraiser and study a copy of the one you had done.

If any repairs might be necessary, the appraiser will provide an initial estimate. Then he or she will advise you about which significant changes you would have to make before placing it on the market.

5. Make sure all your paperwork is up to date

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If you’re a real estate investor, it’s critical that you have all the documents lined up for every property. For instance, if you have a mortgage and an insurance policy, it’s essential that they be up to date.

By being open with prospective clients, you will be more likely to receive a higher offer on the property. Moreover, being able to place all the essential documents before prospective buyers or potential tenants will show them you’re serious.

6. Clean the site

One of the simplest ways to increase the value of your rental property is simply to clean it up. If you work with a property manager, you can be certain their firm will make sure all the cleaning gets done before they put your house on the market.

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You can therefore rest easy, knowing it’s ready to sell. Furthermore, property managers work with professional contractors to ensure that every facet of your property is up to date and in good condition for prospective buyers or tenants.

7. Prepare for listing photos

Source: zillow.com

Another simple thing you can do to sell your property is to schedule a professional photo shoot. It’s worthwhile to have photographs that highlight the best features of your property.

Use the opportunity to showcase the angles and details that would make your property most appealing to prospective clients. Professionally shot photos will enable potential tenants to visualize themselves in the space. Not only that, but they might pay more, as well.

8. Prepare a professional brochure

An essential tool in real estate is the brochure to advertise your property. Keep it looking both professional and simple by including all your contact information, great photos, and basic overall qualities of your property.

The brochure should also include a written summary of the property’s highlights. This can be a great way to show off your rental and make tenants and buyers want to come and see it for themselves.

9. Negotiate

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It also helps if you also are willing to negotiate the price of if you’re hoping to sell. By looking at comparable rental properties, you can determine a reasonable starting price.

However, if you want to get the best offer, it’s essential to set the number at a competitive level. Otherwise, you might end up showing your rental property to only a few people and then simply have to accept whatever they offer … which may not turn out to be a fair price.

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It can be a challenge to sell a property on your own since you don’t have anyone else looking out for your interests. By working with a professional agency that knows how to market your property effectively, you can get the best price and still receive compensation for your efforts.

10. Be prepared to show the property

The final thing you need to do is make sure you’re ready to show your property to interested buyers and tenants. Your agent will set up appointments with potential buyers and have them come over to view the home so they know what they’re getting before agreeing to purchase.

Your property manager will also show your property to interested tenants.

It’s essential to be upbeat when showing your home. It’s also vital to answer all your prospect’s questions about the property, even if they seem simple. Small questions might matter the most to the homebuyer and will help them decide whether they want to rent or buy your place.

Summing Up

If you’re thinking of selling your rental property, you must first ensure it’s in good condition. Make certain that all parts of your unit are working correctly and it’s ready to go on the market right away.

By paying close attention to the above ten items, you can feel confident about placing your home on the market and getting top dollar.

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