Property Management Blog

3 Tips to Maximize Return on My Edmonds Rental Property

System - Tuesday, August 22, 2017
Jeremy Tunnell, a contractor from Rent Ready Solutions, is here to talk with us about some of the ways you can maximize the return on your investment. Owners always want to know how to make money from property investments, and these are three tips that you can use right away.

Preventative Maintenance

Often, one of the most overlooked items and the easiest thing to take care of is preventative maintenance. This will go a long way in preserving the condition of your property and increasing your returns. There are four main areas that need your attention: the attic, the roof, the gutters, and the crawl spaces. No one wants to go to these places, but you need to check them. These areas should be dry, free of debris, and able to keep the insulation intact. Check for pests and treat grooves. Clean the gutters twice a year.

Renovation and Upgrades

There’s no need to do a complete renovation or upgrade the entire kitchen with granite countertops. But, there are some smaller updates you can make to your home that will increase your ROI. Over the life of a rental, there will be a lot of wear and tear on walls, carpets, and landscaping. These are the most cost effective areas to make improvements, and the difference will be dramatic. It will be ready for the rental market and your new tenants.

Set Expectations

Many small maintenance items can be taken care of by your tenants. You need to set these expectations before they move in. Talk to them about their responsibilities, such as replacing light bulbs. There’s no need for a work order when a light bulb goes out or a furnace filter needs to be changed. If they know how to put a closet door back on the rack, you can avoid sending out a maintenance professional to do that for them. Make sure they know that towel racks and toilets should be tight so there isn’t any damage to the drywall.

These are a few ways to save money and increase the return on your investment. If you have any questions about these tips or anything pertaining to Edmonds property management, please contact us at Miller Laine Property Management.