Before you even begin to advertise your property, you need to make sure it’s ready to rent. It has to be in the best possible condition to attract high quality tenants and to ensure that it doesn’t sit vacant on the market for too long.
Avoiding Long Vacancy Periods
Making your property rent ready will give you an advantage once you start showing it. Vacancy rates may creep up in the Los Angeles market, and there are a lot of new apartments coming online. Landlords have had their way for the last decade, as nearly any kind of apartment has rented quickly, in varying conditions of repair. Simply put, demand has been great, and it’s been a landlord’s market. As we enter a new year, some are concerned about a changing market that might have tenants being more particular, and less likely to pay premium rents. However, by keeping up your property, your more likely to attract quality tenants fast, and collect a premium rent amount. Now is a good time to upgrade if you are considering it.
Making Smart Upgrades
Recently, an owner we work with upgraded all her kitchen appliances to stainless steel and installed hardwood floors in one of her apartments. This increased the value of this nice apartment in Sherman Oaks by nearly $1,000 per month. When making upgrades, you must make sure your money is well spent. The example just mentioned included no new cabinets However the doors were re-done, and new pulls and hinges were installed on the original cabinet boxes to make them look modern and updated. Composite quartz countertops were also installed. Shrewd landlords spend the right ways.
Often, improvements in kitchens will draw tenants to jump and apply right away. Be smart about what you upgrade and how you prepare your property for the market. We’re happy to advise, so the result you get is the best possible one.
If you have any questions about how to get your property rent ready, or any questions about property management in Los Angeles or the San Fernando Valley, please contact us at Los Angeles Property Management Group.