How to Increase the Monthly Price of Your Rental Property

In today’s housing market, many landlords are doing very well. There may have never been a better time in which to own rental property, but not everything is …

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In today’s housing market, many landlords are doing very well. There may have never been a better time in which to own rental property, but not everything is positively rosy when it comes to renting. While there is certainly high demand from those wishing to rent, increased availability of rental property can make it more difficult to acquire your ideal monthly rate. Fortunately, there are many different strategies that can be used to increase the monthly price of any rental property. Today, we’ll talk about some of those strategies so that you can implement them and earn the monthly rate you deserve for your property.

Invest in Professional Cleaning

Perhaps one of the easiest and most cost-effective ways to boost the monthly asking price for your property is to have it professionally cleaned. Nobody wants to move into a dirty place, or even one that looks older than it really is. By spending a small sum to have the floors scrubbed and polished, the walls purified and every nook and cranny in the home completely cleaned, you’ll be able to take better pictures of the property when listing and better impress potential tenants when they inspect it, which will help you achieve a higher asking price. After you finish fully cleaning the house, consider browsing websites on the internet, such as the Threel website, for a variety of bedroom and bathroom accents in order to add a bit more class to these rooms.

Create the Illusion of Demand

If you really want to get the best price for your rental property, then you need to make prospective tenants see how in-demand it is. When preparing to show a property, be sure to schedule all of the interested parties at the same time and on the same day. This creates the equivalent of an “open house” effect, in which everybody will be shown the property at the same time. By seeing everybody there who is interested, you can practically start up an auction right there, on the spot. While not everybody will necessarily be interested after touring the property, having several different people there at once can help you get the maximum price for the rental property.

Polish Your Appliances

If your rental property includes appliances, then you’ll definitely want to be sure that they are in the best condition possible. People who are renting want to know that the appliances in the home work, because they will have to invest in buying their own otherwise. If all of the appliances are already functional, then be sure to give each appliance a very immaculate scrubbing.

Make the Floors Perfect

Whether you are renting or buying a home, the quality of the floors is a huge consideration – and an element that can add immense value to any property. If your rental property has a lower-level quality of flooring (linoleum and laminate, for instance), then consider replacing it to ensure that it is in the best condition possible. Likewise, adding a higher-quality type of flooring – such as genuine tile or wood – will automatically increase the amount you can ask for from any potential tenant. If your property has carpet, then be sure to thoroughly clean it after each tenant leaves with a steam cleaner; if the carpet is beyond saving, then total replacement – with something other than carpet, ideally – can quickly increase the realistic asking price for rent.

By thoroughly cleaning, investing in quality flooring, sprucing up the appliances and creating the illusion of demand, you can immediately increase the asking price for any rental property and collect each month what the property is truly worth.

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