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Attracting the best renters for your Escondido rental home requires performing upgrades and offering flexibility to potential tenants. Building value can create higher demand, which allows you to set a higher rental fee.
Fortunately for property owners, upgrading your property does not have to cost an arm and leg. With simple rental updates, you can attract many renters.
Here are five tips you can apply to justify collecting a higher rental rate for your Escondido unit:
1. Enhance Curb Appeal
Even if you renovate your rental property interiors, it still pays to elevate the outside look of your unit. If the paint is looking dull, arrange for a professional painter to coat another layer of paint for a more refreshing appearance.
The more you pay attention to details, the better the impression you leave with your renters. If they see that you keep a constant watch over the upkeep of your Escondido home, they would naturally want to keep it well-maintained.
Pretend you are a prospective renter. Would you like to move into your home given its current appearance? Remember that curb appeal matters a lot to newcomers since they don’t have a way of finding out about the interiors yet.
You must elicit enthusiasm and engagement from prospective tenants and you can do this by showcasing clean exteriors. This includes keeping your outdoor furniture tidy and managing your landscaping. Cut overgrown weeds and branches and pick the right plants.
Invest in stylish lighting to keep your Escondido rental attractive even at night. It creates a welcoming sight. The good news is there is a wide range of lighting options you can distribute outdoors.
2. Invest in Energy-Efficient Appliances
You want to help renters reduce their utility bills so placing appliances that conserve energy around your Escondido rental unit keeps renters happy.
Although you need to spend an additional amount, you can be sure that residents will find it rewarding to stay in your rental space. You can also add LED light bulbs to further reduce costs.
3. Consider Allowing Pets
Although you may initially feel anxious about accommodating pets in your Escondido rental property, you will be able to increase your rental rate.
Ensure you provide pet amenities, such as pet stations for bathing dogs and a fence to keep the small dogs from running outside your outdoor area. Invest in durable doors and flooring that can withstand scratches from pets.
You can also manage your hesitation by running a pet screening. This helps you assess whether the pet will be suitable to welcome into your rental unit.
Adding a pet addendum to your rental agreement is also recommended so you can list your pet restrictions and conditions.
It pays to be flexible in welcoming pets since more people own pets now. You also open up your tenant options, which means you can expand your tenant selection.
Accepting pets also provides you an opportunity to collect pet rent or pet fees. You can also offer pet-related services to your renters.
4. Upgrade Your Kitchen
Kitchens are central to your home so landlords should keep it updated. Plan for renovation projects such as:
- Applying a new layer of paint to the kitchen walls and cabinets.
- Replacing cabinet hardware.
- Cleaning faucets or replacing old ones.
- Adding more storage space.
- Installing tile backsplashes.
You can also choose stainless steel appliances to elevate the appearance of your kitchen.
Consider investing in granite countertops also for easy maintenance and stylish appeal. When you promote easy maintenance additions around your kitchen, tenants are likely to keep your kitchen in top condition.
5. Hire a Property Management Company
A surefire way of earning a higher rental income from your Escondido rental home is hiring a property manager.
You get more resources, solid administrative support, and extensive services from marketing and rent collection to property maintenance and repair and property inspections.
When a vacancy occurs, a reliable team will work quickly to advertise your property on popular listing sites and apply diverse marketing strategies. They will do their best to push your property exposure higher.
With the property management company’s long-term immersive experience in the industry, you stand a better chance of succeeding in your Escondido rental business.
In addition, they will run an extensive tenant screening to ensure you get top-of-the-line residents. They know what signs to look out for since they have run a thousand tenant screenings.
The property management team will also make sure to evaluate a potential tenant’s income level and will verify the rental history and employment.
You also won’t have to deal with tenant complaints since skilled property management representatives will take care of your residents and have excellent processes to ensure the lease agreement is enforced.
Working with a property management company means you can rely on a team to perform the day-to-day property maintenance tasks of your Escondido property which can be time-consuming for landlords to manage on their own, especially as their portfolio grows.
Bottom Line
These five easy strategies can help you increase your rental income from your Escondido home. Paying close attention to your property exteriors, investing in the right kitchen upgrades, and purchasing energy-efficient appliances can create more value.
Being flexible by allowing renters with pets to your property can also result in positive outcomes.
Best of all partnering with a trusted property manager can grant you peace of mind while increasing your opportunity to earn more. If you’re seeking a dedicated property management company to support your rental business in Escondido, contact Francis Taylor Properties today!