Rental Property Updates that Make Investor’s Lives Easier

Smart Lock and Security Systems

For example, smart locks, which can include things like keyless entry and remote access devices, can make securing and re-keying a property both easy and convenient. Smart locks come in a range of options, from numbered keypads to remote access apps that you and your tenant operate with a smartphone.

Security systems are another great smart home option for rental properties, especially those that offer real-time alerts and updates. Today’s security systems have become more affordable and easier to operate than ever before. Plus many include video doorbells, exterior cameras, and other features that can make keeping an eye on things much easier. This is a particular advantage for rental property owners who do not live in close proximity to the rental. And, it can greatly enhance tenant safety and satisfaction in their rental home.

Smart Thermostats and Energy Management

Another great smart home option for rental properties is a smart thermostat and other energy management devices. Energy-efficient appliances and programmable thermostats have been around for a while, but today’s smart options are even more adept at maximizing utility cost savings while offering the ease of remote access. Many smart thermostats can be operated with a smartphone app, and have advanced scheduling features that can create custom heating and cooling programs that fit any lifestyle. Smart features like these will especially appeal to budget- and environmentally-conscioustenants, many of whom belong to renter demographics in their twenties and thirties.

Modernizing Interiors

Along with smart home technology, there are a number of interior updates that can make owning and managing a rental property much easier.

Upgrading Kitchens and Bathrooms

While updating kitchens and bathrooms is a great move to increase your property values, the right updates can also make your life easier. Modern, functional kitchens and bathrooms last longer, require less maintenance and repair and appeal strongly to prospective tenants.

For example, choosing to update your property’s faucets, fixtures, and appliances to energy-efficient and long-lasting models can help prevent frequent repair and replacement. Aim for quality brands and materials that have a reputation for consistent performance. While such updates may require some cash out of pocket up front, they will last longer than cheap options, save you money – and hassle – in the long run, and make your rentals easier to lease out.

Flooring and Paint

Similarly, updating your rental with durable, attractive flooring and paint options can reduce maintenance time and costs while still appealing to tenants. For example, some rental property owners shy away from flooring options like hardwood or vinyl plank, thinking that the upkeep will be expensive. But today’s flooring options are designed for long-lasting performance as well as on-trend. The same thing goes for paint. Fresh, neutral colors and quality, scrubbable paint can keep your rental property looking nicer longer, as well as protect your interiors. So instead of choosing cheap paint and carpeting that will wear out quickly, look shabby, and need replacing every few years, the right flooring can simplify your life and make your rental more profitable.

Enhanced Property Management Tools

While not technically a property update, if you haven’t been using today’s powerful tech tools to manage your property, you are making your life much harder than it needs to be. Property management software comes in a range of prices and options, but the best ones offer time-saving features like online rent collection, maintenance requests, and tenant screening. In fact, technology tools like these can vastly improve your efficiency and communication, ensuring you stay on top of everything your property and tenants need.

Another must-have management tool for rental property owners is virtual tours and a robust online marketing plan. A virtual tour can be an effective screening tool, as it helps reduce those “looky-lou” people who probably won’t rent from you. Instead, you can reserve your time for the tenants who are most likely to qualify as a tenant. The same thing is true of online marketing. Most people today search for their next rental home online, making an online presence one of the best ways to reach your target demographic while optimizing your advertising budget. In this way, you can reduce your vacancy rates, save yourself time, and streamline your marketing and screening processes.

Maximize Convenience While Staying On Trend

To stay competitive, all rental properties need regular improvements. But if done correctly, those improvements can also make your life easier and enhance convenience for you and your tenant. Still, knowing which updates, marketing options, and tech tools are right for your situation and property can be a challenge. That is why Real Property Management offers property owners local market expertise, the latest in technology tools, and professional marketing strategies that will make owning your rental properties the easiest thing you’ve ever done.

Visit us online or contact your local Real Property Management office today to learn more about the many quality services we offer, all of which are sure to make your life easier!