As a rental property owner, you already know that updating your rental properties is critical to maximizing revenue and ensuring long-term tenant satisfaction. But not all updates are worth your time and energy. In today’s competitive market, the right property updates can make all the difference, not only in attracting and retaining quality tenants, but also in making many of your routine property management tasks easier. Want to learn more about the top rental property updates that will simplify your life? From smart home technology to sustainable upgrades, here are the latest trends and innovations that appeal to both property owners and tenants.
Smart Home Technology
Smart technology has come a long way in recent years and there are now many cost-effective products that can help streamline and simplify rental property ownership.
Intelligent locking and security systems
Smart locks, which can include keyless entry and remote access devices, for example, can make securing and relocking a property easy and convenient. Smart locks come in many styles, from numbered keypads to remote access apps that you and your tenant operate using a smartphone.
Security systems are another great smart home option for rental properties, especially those that offer real-time alerts and updates. Today’s security systems are more affordable and easier to use than ever before. Plus, many include video doorbells, outdoor cameras, and other features that make it much easier to keep on top of things. This is a particular benefit for rental property owners who don’t live in close proximity to the rental property. And it can greatly improve the security and satisfaction of tenants in their rental property.
Smart thermostats and energy management
Another great smart home option for rental properties is a smart thermostat and other energy management devices. Energy efficient appliances and programmable thermostats have been around for some time, but today’s smart options are even better at maximizing utility cost savings while offering the convenience of remote access. Many smart thermostats can be operated with a smartphone app and have advanced scheduling features that can create custom heating and cooling programs to fit any lifestyle. Smart features like these will especially appeal to budget-conscious and environmentally conscious renters, many of whom fall into the renter demographic in their 20s and 30s.
Modernization of interiors
In addition to smart home technology, there are a number of interior upgrades that can make owning and managing a rental property much easier.
Modernization of kitchens and bathrooms
While updating kitchens and bathrooms is a great way to increase the value of your property, the right upgrades can also make your life easier. Modern, functional kitchens and bathrooms last longer, require less maintenance and repair, and are more attractive to potential renters.
For example, replacing your property’s faucets, fixtures and appliances with energy-efficient and durable models can help you avoid frequent repairs and replacements. Opt for high-quality brands and materials that are known for their consistent performance. While such upgrades may cost a little money up front, they will last longer than cheap options, save you money – and hassle – in the long run, and make your rental properties easier to rent out.
Floor coverings and colours
Likewise, updating your rental property with durable, attractive flooring and paint can help you reduce maintenance and costs while still being attractive to tenants. For example, some landlords shy away from flooring like hardwood or vinyl planks because they fear they’ll be expensive to maintain. But today’s flooring is built to last and is on trend. The same goes for paint. Fresh, neutral colors and high-quality, washable paint can keep your rental property looking great for longer and protect your interiors. So instead of opting for cheap paint and carpeting that wears quickly, looks shabby, and needs replacing every few years, the right flooring can simplify your life and make your rental property more profitable.
Advanced property management tools
While it’s not technically a property update, you’re making your life unnecessarily difficult if you’re not using today’s powerful tech tools to manage your property. Property management software comes in a variety of price ranges and styles, but the best ones offer time-saving features like online rent collection, maintenance requests, and tenant screening. In fact, such technology tools can greatly improve your efficiency and communication, ensuring you stay on top of everything your property and tenants need.
Another essential management tool for landlords is virtual tours and a solid online marketing plan. A virtual tour can be an effective screening tool because it helps reduce the number of “shoppers” who are unlikely to rent from you. Instead, you can dedicate your time to those who are most likely to be tenants. The same goes for online marketing. Most people today search for their next rental property online, so having an online presence is one of the best ways to reach your target audience while optimizing your advertising budget. This way, you can reduce your vacancy rates, save time, and streamline your marketing and screening processes.
Maximize comfort and stay on trend
To remain competitive, all rental properties require regular renovations. When done correctly, these renovations can make life easier and increase comfort for you and your tenants. Still, figuring out which renovations, marketing options, and tech tools are right for your situation and property can be challenging. That’s why Real Property Management provides property owners with local market expertise, the latest technology tools, and professional marketing strategies that make owning your rental properties easier than ever.
Visit us online or contact your local property management office today to learn more about the many quality services we offer that are sure to make your life easier!
