5 foolproof ways to add value to your rental property

Property Management

5 foolproof ways to add value to your rental property

Attracting long term and high-quality tenants is every Property Manager’s goal, however, it can sometimes feel unattainable. You may be doing everything right to appear as the ‘perfect’ Property Manager, and your rental may have space aplenty, so why aren’t you getting any favourable candidates? 

The answer is, prospective tenants may not be able to look past the aesthetics and lack of amenities in your rental. Therefore, you need to put yourself in the tenant’s shoes and figure out what would make their life more comfortable and convenient. Thankfully, we have put a list together for you, of the top five ways to add value to your rental property. 

1. Increase energy efficiency

With climate action at the forefront of our minds, it’s no surprise that tenants are searching for energy efficiency in their homes for peace of mind. In a report by PowerHousing, it was found that over eight million homes in Australia are not energy efficient. Therefore, there is a large gap in the market, where adding small and inexpensive upgrades will appeal greatly to prospective tenants. 

The main way to create energy efficiency in your home on a budget is to swap out the shower heads for low flow alternatives that retain the same pressure but drastically reduce water consumption. Similarly, swapping out the lights for low energy light bulbs can drastically reduce energy consumption. If you want to go the extra mile, installing solar panels or conducting an energy efficiency audit can elevate the experience for tenants renting your property. Just don’t forget to bring these new features up in the showing!

2. Increase curb-side appeal

It’s said that first impressions last a lifetime, and this especially applies to houses. Within the first seven seconds of seeing a home or meeting someone, a solid first impression is made, and is extremely difficult to change. Therefore, it’s important that as a Property Manager you not only make a desirable first impression, but also that your rental property makes a great impression. 

The way to do this is by increasing the curb-appeal of your property, so that as your prospective tenants drive by they are instantly attracted. While increasing the curb-appeal can sound like a full-scale renovation project, this is rarely the case as the small details make all of the difference. Giving the front door a fresh coat of paint and replacing the door handle can create a welcoming atmosphere. However, plants and greenery are the biggest way to make a splash. This can be done in a cost effective and time efficient manner by adding some pot plants by the front door.

3. Increase storage space

As we get older we acquire more ‘stuff’ and all of that ‘stuff’ has to fit somewhere in our homes. In a study by HSH, it was found that homeowners’ biggest pet peeves were surrounding a lack of storage space. If a home doesn’t have plenty of storage, prospective tenants can find it easy to picture the home becoming cluttered, especially with children.
However, the prospect of adding more storage can be confusing and daunting, with many valid questions arising. Where do I add storage? What type of storage? It can all seem overwhelming. When looking at a survey it was found that 60% of tenants preferred extra food storage, followed by 49% of tenants who looked for closet storage. By focusing on these two areas you can add exponential value to your rental.

4. Invest in photography

As much as we all like to act like self proclaimed photographers with our smartphones, there is a large difference between the quality of a mobile and that of a professional camera. As mentioned earlier, first impressions count, and with online listings being the first port of call for prospective tenants, it’s imperative that your photos highlight the most important features and amenities showing off the new value you’ve added to the property. 

Whether you’re the camera operator or you’re hiring a photographer to aid you with the photos, there are a couple of things you should consider. Firstly, lighting is crucial to capture a space accurately, with the middle of the day being the most desirable time to snap your pics due to the bright light. However, you can get creative and shoot the outside of the house in the late afternoon to catch a beautiful sunset in the background or show off the outdoor lighting. 

Secondly, it’s important to open up the space when shooting to make it seem larger and more welcoming. This includes opening any curtains, blinds, doors and windows. Lastly, you should always shoot from shoulder or head height, as this is typically the height of the prospective tenants and gives the most accurate image of the home. For more tips on how to photograph your property, check out our blog here.

5. Declutter before showings

This one seems like a rather obvious tip, however, it’s less about remembering to declutter and more about how you declutter. We all understand that your current tenants will need to give the property a good clean to make it look appealing, however, beyond that it’s important to remove any personal items from eyesight as this can prevent prospective tenants from seeing the value in the house. For example, if you’re showing the property to prospective tenants who don’t have children it’s a good idea to remove the kids’ toys from the back patio. Generally, the more minimal the main living spaces look the better!

So there you have it, our top 5 foolproof ways to add value to your rental property right before a showing to make sure you retain desirable and long term tenants. Let us know your thoughts by emailing [email protected]