A question we hear frequently from the owners we work with is: What are small things that I can do that will pay off big for my ROI? This is a good question. All investors want to earn as much as possible on their rental property. Today, we’re sharing a couple of things that can make a big difference in the return you earn on your investment.
Make Simple Property Upgrades
As a Fort Myers property management company, we are always recommending simple and affordable upgrades to properties. They don’t have to cost a lot, but they make a big difference in attracting good tenants and setting your rental rate. Anything from putting in new carpet on the floors or repainting the walls will help you earn more in both the short term and the long term. Tenants will notice that the home feels clean, modern, and well maintained. Be smart with your upgrades and updates; you don’t have to renovate an entire kitchen. Just put in some new lighting or even updated hardware on drawers and cabinets.
Make Timely Repairs
Timely repairs are also an important part of increasing your ROI. When you take care of maintenance issues right away, you preserve the condition of your property and protect the value of your asset. You will also keep your tenants happy because their maintenance needs are being met. When your tenants are happy, they are more likely to renew their lease once it expires. You always want your good tenants to stay in your property and renew from year to year because a vacant property doesn’t make anyone any money.
These are two simple things you can do to increase your ROI and be a more successful real estate investor. If you have any questions about property management in Fort Myers, please contact us at Real Property Management Rental Direction. We service Naples, Fort Myers, and the local Lee and Collier county areas, and we’d be happy to help you.