Upgrading A Rental - Park City Property Management
As a landlord in Park City property management you have probably been faced with a decision to replace any number of components in your Park City long term rentals. Perhaps your faucet has broken beyond repair, the carpet is looking pretty shabby and starting to tear, or the walls have so many touchup spots they are starting to look like a collage. At times like these you are going to be making a decision on replacing one item with another. Should you find the cheapest faucet at Home Depot and throw it in? Or maybe buy a unit that will work better, last longer, and give your kitchen a little more appeal. And you've probably seen billboards that say "Carpet 3 rooms for $499!" When it comes to carpet however cheapest definitely does not equal best. Here are a couple of compelling reasons why upgrades make sense for Salt Lake City property management.
Higher Rent
You might be a master at jury rigging a shower head but if you are trying to maximize your rent then you should consider the appeal of newer or upgraded things like fixtures. Of course you don't need to put gold plated faucets in your mobile home rental, your goal should be something that is a step up from comparable rentals in the area. Even more expensive items like carpet or appliances can pay for themselves. If you are able to get an extra $25 a month after spending $1000 on a better carpet then what was previously in your rental this pays for itself in about 3 and a half years. When it comes time to replace items in your Park City long term rentals it pays both in the presentation and in the month rents to put in something better than what you took out. If all the rentals in your area, particularly if you rent a property in a large condominium community, have fairly basic appliances, fixtures, carpet, etc. and you choose to make a reasonable upgrade to these components you will find your property will stand out from the crowd and you can increase your rents. Set rents can be somewhat of an art so it may not translate directly into more dollars. Take a look at my post "4 Tips On Market Rent - Park City Property Management" for more help on establishing a rental rate.
Lower Vacancy
Nothing kills your cash flow on a property quicker than vacancy. As a landlord you want to attract and keep great tenants, they are the life blood of your Salt Lake City property management operation. Maybe you decide to replace your kitchen appliances. Rather than buying used or bargain basement items you get a nice matching set that is an improvement over what you previously had. This might cost you around $1200 but if your property rents for $1200 and new appliances help you avoid a month of vacancy they have already paid for themselves. If your dishwasher goes out and you want to keep your current tenants happy try putting in a nicer unit than the one they were used to. This goes a long way towards good tenant relationships and they will be more likely to stay. Now obviously you don't need to put in a high-end Wolf range in a war zone so choose your upgrades to be slightly above the norm for a given area.
Quality Tenants
The best thing you can have in Park City property management is quality tenants. They maintain your property, pay on time, don't create problems in the community, and generally are great to work with. If shelling out a few extra dollars for nicer items helps you attract quality tenants then it is definitely worth it. Tenants who realize you are a property owner who takes care of their property, and not a slum lord trying to squeeze every dime out of a shanty, they will take care of your property as well.
If you would like more information on upgrading a rental, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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