Tactics to Increase Your Rental Income

Increasing the rent doesn’t need to be hard. Let’s not over complicate it.

When there is a vacancy at one of my properties or if I acquire a new property, I always follow the three R’s: Renovate, Refresh, Redecorate.

Small renovations around the home, refreshing with a coat of paint, and adding a nice welcome mat and some upscale décor can make all the difference.

Watch the video below and learn how even the smallest updates can make the biggest impact on your cash flow.

You will also learn how to increase rent and attract your perfect tenant the next time you are faced with a vacancy or if you’ve just purchased a new property.

Watch below where I give you a list of updates and home staging tactics that will attract the perfect tenant at the price you desire.

Check out the transcript for this video below:

Hi, Keyspire.

I’m success, coach Catherine Sutton
and I wanted to share just a quick
couple of tips on how you can increase
the rent in one of your properties.

First of all, just know your client
profile and know that, you know, some
of the updating can be well worth it.

So to start with, I want to share
with you one of the townhouses that I did and how I was able to
increase the rent from actually $1600 to $1900, a few years ago.

So I look at it as re renovate, refresh
and redecorate when you can, if you update your kitchen, you get 85% return.

Especially when you go to South plus
also, you’re going to get better tenants and they’re going to pay more.

So consider painting your cabinets. If they show a little bit of wear
and tear, replace hardware, of course, and, you know, adding a
back splash, it’s something that you can do yourself and it looks great.

Another thing that I did is I had the
countertops professionally painted.
It only took one day, cost me about
$1,100, but it was well worth it because my paint job had worn a little bit.

So second step. So I’m a huge advocator of staging. So make sure that you do stage
and get some good pictures. So here’s the before picture and
you can see it’s a really good in shape kitchen, but I needed
to bring the colors up to date.

So I spent $800 here in the kitchen,
including the cost of a new dishwasher. And now you can see the difference.

I’ve done the back splash, painted
the cupboards, the counter top, and everything is nice soft tones,
and the kitchen looked so much bigger.

This really wild, the new tenants and
I was able to get them in right away.

So another thing too is I
updated the laminate floors. They were orange again that matched the
walls and it was great for the time.

But I really needed to bring things
up to date and make it look bigger. So another thing that I did, cause
I knew I was going to sell this unit is between tennants took advantage
and I actually stained the stair banister, something that everyone
thinks about doing, but it gets rid of the orange look looks great and it just makes
everything look fresher.

But always make sure that the front
entranceway is always well painted. It takes the most heavy wear and
tear, especially during moving day.

So I do paint the whole walls,
especially around the front door and put in a welcome mat.

Another thing that I do. And this has to do with staging as an
example, this basement has no windows. It was kind of a yellowy beige, and I
wanted to make it look really vibrant.

I did do an accent wall
at the back and I used my children’s old student college furniture to stage and
really make it pop.

Now here’s an example too, of a bedroom. This is ready to go for staging for
me, but I want to show you how good it looks in a picture to be able to
make a bed out of cardboard boxes.

Just make sure you can shop from
home and make your own bed up.

Now, a tenant can see that it
will easily fit a King size bed and a dresser as well.

It also looks nicer in the photos.

Another thing here is the closet.
I actually took the time to do the closet. Not a lot of people do, but I knew that
this would make a nice difference and I staged the closet for the pictures
and I painted it in use some wallpaper.

Now looking at bathrooms, I
can’t stress enough is cleaning. Yeah. Might have to scrub the grout and
you might have to do the caulking over and over again between tenants
I found I had to do, but this vanity was a very odd side, so I
really didn’t want to replace it.

So I painted it and
I got the countertops professionally redone as well.

And I put a little bit of
wallpaper in, so you can see, I didn’t spend a lot of money.

Did a lot of elbow grease and a lot
of time with the cleaning and little patchwork, but it paid off when I did
sell the place and when I rented it.

So here’s some simple steps and
here’s the summary, know your tenant profile, do a deep cleaning. When you get the opportunity,
do small replacements, faucets handles small repairs.

I had to patch the water
damage under the shower.

Just look for where you can refresh.

And, you know, if you can spend
some time, a little bit of time and a little bit of money on
a Ooh-La-La moment, go for it.

Stage the place .That’s really,
really important and, you know, shock your home if you have to.

Once you’ve got those pictures,
they stay in your file and it’ll make it easier for the next time.

So I hope you found this
helpful and you’re able to
incorporate some of these tips.

Thank you very much.

Bye for now.