One key to upgrading a rental property is to research. Researching comparable properties in your area can save you hundreds if not thousands of dollars. A foreseable problem a property manager can help with, is choosing how and what to upgrade in an investment property. Owners may pick up a property for pennies on the dollar and think if they install granite countertops and stainless steel appliances, they can charge astronomically more money than other comparable homes. The problem is, the market only allows for so much rent. There is a certain point in every neighborhood that no matter what upgrades the property has, renters just are not going to be interested. Sometimes they do not call, do not come to open house showings, and certainly do not apply for the property. The problems arrises when the rent is too high, and prospective tenants don't even want to see the inside! So, if they never look at the interior most likely they will never see anything but pictures. No you have over spent on expensive features or upgrades when often times clean or new rental grade carpet, fresh paint and a few minor repairs will do the trick.
Contact The Author