How to Make an Outdated Property Appeal to Today's Renters

The Joseph Group Sep 2022

Ian Joseph

“Clients first!” – is a huge part of the DNA that Ian Joseph and his Team have established at The Joseph Group. This motto helps them focus on striving for the highest level of customer experience, for their clients (landlords) and customers (tenants). In fact, Ian strongly believes that in life, family and business, you must strive to give more than you receive. “You can have everything in life you want if you help enough other people get what they want." - Zig Ziglar

Perhaps you've found a great deal on an investment property you plan to rent out but need to put in some time, love, and care to get new residents in there. 

Renovations, upgrades, and modernizations are part and parcel of preparing an outdated property for new renters. Not to mention, it's worth it as it can bring in more significant returns, create a wider rental pool, and will expand the options for your new asset. 

Whether upgrading, flipping, or whatever you want to call it, updating a property can be one of the best real estate investing strategies out there. In this blog, we're going to look at five key areas you can focus on to make your outdated property as attractive and high-value as possible so that you can get those residents in there ASAP. 

So let's dive in. 

Five Areas to Make Your New Rental Property Shine

Property managers can tell you that, in most cases, a complete rental property renovation isn't necessary to boost the appeal of a rental unit. Sometimes one or two small changes can have a big impact! Here are five areas to consider. 

1. Add Smart Features

While the old-fashioned lock and key might be your thing, many of today's residents (especially the younger generation) appreciate smart features such as keypad locks, integrated electronic systems, and more. 

Smart features, especially those that integrate with mobile applications, can help renters regulate things like heating and cooling remotely, saving unnecessary expenditures and creating a more comfortable living environment. 

Smart home security app

Under the umbrella of smart features, WiFi connectivity should be high at the top of the list. In addition, a smart smoke detector that can send notifications electronically will add a level of safety. 

Smart features are about future-proofing the living space. Some forward thinking can help you decide which options are most important to your bottom line. A little investment will save time, hassle, and money in catching up with housing technology further down the line. 

2. Focus on Energy Efficiency

Energy efficiency is not only great for the environment but also brings down the cost of expenses and energy bills for potential occupants. 

Today's renters are after more than superficial changes to their living spaces. Concern for the environment and a desire to reduce emissions also play on the rental criteria of many future renters. 

blind study of potential residents found that renters are much more likely to opt for a property with a high energy-efficiency rating when shown the various ratings of a pool of potential properties for rent. 

Simple changes like adding LED lighting can add a significant improvement to the appeal of your property. 

3. Make Some Changes to the Indoor Space

This is where we roll the sleeves up and get into the nitty-gritty. 

With this step, you want to create an open, inviting, and modern space. Opt for timeless styles and products that will not need to be regularly updated, and you can avoid costly significant renovations. 

To help get you started with the indoor space, consider property upgrades like: 

  • Knocking down unnecessary walls to create an open feel to the space
  • Adding a fresh lick of paint and additional decoration 
  • Making changes to the kitchen, such as a new faucet
  • A timeless backsplash can add life and texture to the kitchen space
  • Updated finishings and door handles on cabinets can quickly modernize the kitchen space
  • Adding stainless steel appliances offer both durability and style to the kitchen
  • Changes like extra insulation layers can help regulate temperature and bring down bills
  • Durable flooring makes an attractive selling point for drawing in new renters as it is both sophisticated and easier to clean

Soliciting the services of an Edmonds property management company can also give critical insights into which changes are going to have the most significant impacts on the space. Local and expert knowledge is often the fast track to preparing a property for the market. 

Unidentified man painting with brush on the building wall outside4. Don't Neglect the Outdoor Area

While it can be tempting to focus on the inside of the property, don't forget about the outdoors. 

Conduct landscaping and gardening to clear up any brush or overgrown foliage. In addition, pressure washing driveways, decks, patios, etc., and trimming hedges can add enormous curb appeal to your space. Plus, while you're at it, you can also pressure wash the outside of the property to remove stubborn dirt and build-up of mold and other unpleasant stains that may come with an older property. 

5. Insider Tips to Make Your Outdated Property Shine 

Check out these final tips to ensure your outdated property is updated to the highest standard (and looks great). 

  • Working with quality contractors can save a lot of headaches and financial issues down the line. So ask around, and don't be afraid to interview more than one tradesperson for a potential job.
  • Find a quality property manager. If you're wondering, "what does a property manager do," then you'll be happy to know that property managers can offer critical insights into property changes and trends in the market. For example, The Joseph Group helps rental property owners choose the best renovations to assist them in transforming outdated properties into homes residents want to occupy. 
  • Watch your budget—buying in bulk, negotiating prices, and shopping around are all great ways you can make savings on these changes. 
  • Leaving room for renters to decorate the space can offer a sense of ownership and allow them to add their touch of creativity. 
  • High-quality photos can help show off your upgraded property when it's time to start searching for renters. 

Updating a property doesn't have to be a costly or lengthy project. Connect with the right property managers to choose smart updates that pay off and attract quality renters!

Edmonds Property Management Professionals Deliver the Best Real Estate Investing Strategies

Finding an outdated property can be like finding a diamond in the rough (with the right updates). By implementing the changes above, you can turn this out-of-style property into a money-making asset that's attractive to today's residents. 

For additional insights and a professional eye to help you select the best updates for your property, reach out to The Joseph Group today. We offer full-service property management and can't wait to help you work on your new property together! 

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