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Net operating income (NOI) is a commonly used figure that investors and lenders use to determine the potential profitability of a property.
Net operating income (NOI) is a commonly used figure that investors and lenders use to determine the potential profitability of a property.
In popular areas in Colorado like Denver, nearly 50% of the residents rent the homes/apartments they live in. Over the past few years, there has been a mini gold rush in the Colorado rental real estate market. More people than ever before are buying rental properties, which means this industry is booming. If you are the owner of rental properties in Colorado, your main goal should be finding ways to fill vacancies quickly and easily.
Accomplishing this goal is a lot harder than most inexperienced rental property owners realize. One of the main things potential renters will notice about your property is how appealing it is. This is why you need to work on creating an interior and exterior design that is appealing. Here are some things you need to focus on when trying to improve your rental property design.
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One of the biggest mistakes that a rental property owner can make is ignoring the need for more curb appeal. Some landlords focus all of their attention on creating an appealing interior design and forget all about the exterior portion of their property. You need to realize that the exterior portion of your property is the first thing a potential renter will notice. This is why you need to start the design process at the curb.
Investing in professional landscaping is the first step in making the outside of your rental property better. As you attempt to optimize the outside of your rental property, be sure to consider updating the current exterior covering it. Investing in vinyl siding is a great way to boost curb appeal and reduce the amount of maintenance you have to perform.
If you are unsure about how to make the outside of your rental property more appealing, then you need to do some online research. Looking on websites like greatcoloradohomes.com is a great way to find inspiration. Once you get a look at the options on greatcoloradohomes.com, you can devise a plan of action for your rental property design.
When showing one of your properties to a potential tenant, you need to focus on impressing them. Once you get the outside of your home in pristine shape, you need to turn to other high-traffic areas inside of the home/apartment. If your existing entryway design is a bit dull and devoid of personality, you need to make some changes to fix this problem.
Not only do you need to clean this area up, but you also need to think about adding new paint and better light fixtures. Putting a decorative fixture in this area will not only illuminate this area but will also add more beauty. Impressing a new tenant right away with a well-appointed entryway can help you close the deal and fill vacancies.
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Performing an in-depth inspection of your rental property is crucial when trying to figure out where changes should be made. During this inspection, you should pay close attention to the paint on the walls inside of your rental property. If this paint is faded or filled with imperfections, you have to address this problem quickly.
The best way to do this is by investing in high-quality interior paint. With a fresh coat of paint, you can make the inside of your property look new again. If you don’t have the time or experience to get this painting done on your own, hiring professionals is your best course of action. They should have no problem getting this job done quickly and correctly.
Taking the time to find out more about what modern renters are looking for in a new home/apartment can help you greatly during this design process. One of the first things a potential tenant will check when touring your property is the appliances you have in place. Modern renters want appliances that are both energy-efficient and nice to look at.
If the existing appliances in your rental are outdated, then investing in new and updated models is in your best interest. While new appliances are expensive, they are worth the investment considering the attention they can garner from potential renters.
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Another way you can add depth to your rental property design is by upgrading your lighting fixtures. If all of the fixtures in your property use old incandescent bulbs, you need to replace them with LED fixtures. LED lights are both brighter and far more energy-efficient than traditional incandescent bulbs. The average person looking for a rental home wants something that is eco-friendly. This is why LED upgrades are a no-brainer for landlords.
By using the tips in this article, you can attract new tenants with ease.
Obtaining a property management certification will increase your industry knowledge and improve your skills as a property manager or landlord.
