As a rental property owner, there are very few things as important to your day-to-day life than optimizing your leasing process. Reducing the time it takes to lease your property not only increases your income but also minimizes your expenses.
In a highly competitive Austin real estate market, it’s essential that your rental property stands out from the rest. Working with an experienced property manager ensures your property is well-maintained and adheres to high standards.
Below, we’ll explore some property maintenance tips and delve into the magic of investing in your rental property to help you achieve leasing success.
Strategic Make-Ready Standards
1836 Property Management, a leading full-service property management company in Austin, requires all of its clients to adhere to “hotel room ready” conditions for their property. While some property owners may question these make-ready standards, there’s a compelling reason for this.
Prospective tenants feel welcomed when they see a property that looks like a turned-over hotel room. They feel safe, comfortable, and like it’s a place they could call home.
By ensuring everything is in working order and in good condition, you’ll increase tenant satisfaction, enhance your investment’s longevity, and give your property a competitive advantage while it’s on the market.
Always Be Improving
Property owners should always be on the lookout for potential improvements they can make to their property. One of the best times to do these improvements is during turnover from one tenant to another — since the property is vacant.
Yet, property owners need to think creatively about what property improvements they can make. The updates you make may not directly translate into increased monthly rent, but they can still enhance your property appeal and, as a result, reduce time on market.
In the long run, this could actually make the ROI on these improvements better than if you received a higher monthly rent. That’s because vacancy can be very costly for rental property owners.
Consider what improvements will exceed market expectations to attract quality tenants and optimize property performance.
Additionally, we recently spoke with Victor Cianci of Citizen Home Solutions, and explored the value of concierge utility connections to enhance resident satisfaction. Discover how their seamless process benefits both residents and property owners.
Watch the video here: Why Streamlined Utility Connections Services Matter
Minor Updates Can Have Major Impact
Minor updates to a property can have an enormous impact on property leasing. This can be seen in a real-life example that we’ve come across.
The photos on the left are from one property’s original listing from the MLS (Austin’s multiple listing service). It sat on the market for 132 days, and was listed at $2,295 per month.
At that point, the property owners took the property off the market for a little more than a month, painted the exterior and replaced the flooring downstairs.
Before the property owners re-listed it again in mid-March, with another brokerage, they took new photos highlighting the improvements and the green grass, with a new list price of $2,300.
Ultimately, the property went under contract in just seven days.
This success story underscores the importance of staying proactive in property enhancements. Making those property improvements from the get-go would have saved the property owners a considerable amount of money.
Over the 132 days the property was on the market, the property owners absorbed $9,959.40 in vacancy costs — based on the list price. Once the property was re-listed, the owners absorbed only $529.34 in vacancy costs for the seven days it was on the market.
That’s an astounding difference of $9,430.06 in vacancy costs.
Property Management Partners Have a Vital Role
Partnering with an experienced property management company like 1836 Property Management sets you and your rental property up for success.
They advise owners on effective property updates that are most likely to attract renters to your property quickly in your market. They analyze market trends and recommend strategic rental rates and improvements to enhance the property appeal, which as a result, reduces time on market.
Choosing a trusted property management company with expertise in the Austin market ensures you stay ahead of the competition.
Optimizing your leasing process requires strategic property maintenance and investments. The professionals at 1836 Property Management have years of experience and a full suite of top-notch property management technology to help guide its investor partners. To learn more about what we can do for you, contact us today.
