An effective rent roll for rental properties typically includes the monthly rent, rent paid in advance, and information about upcoming lease expirations. When reviewing rent rolls, investors get high-level insights into how a property is performing and if they'll need to find new tenants soon.
When a property is not performing well, it is essential to have a plan of action. The right Seattle property management insights can help you generate more revenue with upgrades that will attract quality tenants—or encourage a current tenant to renew their leases! In this blog post, we'll talk about the six best upgrades for Seattle rental properties.
1. Replace Drafty Windows With Energy-Efficient Windows
New windows might not significantly spruce up the look of your rental property, but they add tremendous value and appeal to tenants! Seattle renters appreciate homes that help them reduce energy costs. Property management experts can also tell you that replacing the windows is also a worthwhile investment that adds long-term value to an investment.
2. Install New Flooring
New carpeting, tile, or laminate floors give rentals a fresh look. Replacing outdated flooring is also another way to add long-term value to the home.
Be careful about overspending on high-end flooring. A property manager knows that while expensive floors can boost the luxury of a property, they can also outprice your home for the market. Most Seattle, Wa renters, don't want to pay high monthly rent amounts for amenities like expensive hardwood floors when they can find a quality home with laminate flooring that has the look and feel of hardwoods.
3. Paint the Walls
A fresh coat of paint should be part of the make-ready process when turning a property for new renters. If it isn't, a whole-house paint job is a cost-effective way to add an immediate boost to the appeal of your rental unit.
Newly painted walls help a tenant feel like they're moving into a fresh, clean home. Plus, quality paints help hide imperfections in the walls and help your listing photos stand out online.
Don't forget the exterior! With Seattle's climate, a home's exterior can look dingy and dirty without cleaning and painting every few years. If it's time to give renters an excellent first impression of the property, repaint the exterior. Property managers recommend choosing interior and exterior paint colors that help renters feel at home without following trends that can become outdated before the next season.
4. Upgrade the Appliances
A property management expert will tell you that old appliances won't attract a new tenant or encourage current residents to stay. Replacing appliances like dishwashers, ovens, and stoves every few years maintains a modern appeal to the kitchen. Rental property owners also don't have to worry about them breaking down unexpectedly when routinely replacing appliances that maintain heavy use from renters.
Energy-efficient appliances are affordable these days, and they also help residents reduce utility costs. New appliances also become a depreciated tax deduction for your property!
5. Improve Rental Property Curb Appeal
Whether you paint the exterior of your property or not, there are other ways to boost the curb appeal. Making an excellent first impression on potential new renters starts with what they see from the curb!
Simple, cost-effective curb appeal updates include:
- Adding or changing exterior lighting
- Replacing or painting the front door
- A new mailbox
- Low-maintenance landscaping
- Repainting window shutters
- New house numbers
A tenant doesn't want a home that doesn't look like "the rental" on the street among well-kept single-family homes lived in by their owners. These simple updates can help your rental attract quality residents and give them a Seattle home they're proud to live in!
6. Upgrade Your Property Management System (With a Property Manager)
A cosmetically attractive home with new appliances is a great way to improve occupancy rates—but if tenants find it hard to pay the rent or get a response to a maintenance request, they won't stick around for another lease term.
If you're doing a great job of keeping the unit updated and functional for residents but struggling with communications, creating lease agreements, and collecting the rent, it's time to upgrade your property management system. Features like an online tenant portal for rent payments and maintenance requests are critical to boosting returns and keeping good tenants. Slow (or poor-quality) responses to maintenance issues are one of the biggest reasons residents don't renew their leases.
The best way to improve your property management system is to hire a Seattle property manager! The right property management team comes alongside DIY landlords for simple rent collection through online payments, sign a new lease, and receive prompt, professional responses to maintenance requests.
Make Smart Upgrades With a Seattle Property Management Company
If you’ve ever been frustrated with the high turnover rate of your real estate investment properties, these six property upgrades can help. Choose a property management solution that can deliver what you need without requiring full-service pricing for services you don't need! RentWatch offers solutions like this and more. We're happy to answer any questions about our process or how we may be able to help you make the right upgrades and deliver maintenance services that attract tenants who will stay for more than one leas. Contact us today if you want to learn more—we look forward to hearing from you soon!
Learn more about managing your rental properties! Get our free guide, "The DIY Landlord Handbook."
