Tips For Updating Your Rental Property

It’s no secret that future tenants look for the nicest place they can find when viewing potential rental properties. So what exactly do they look for? Are you a current rental property owner/ investor wondering if your rental meets those standards or does it need some work? Here ae some tips and tricks to get more traffic to your property with a few small updates.

Choosing The Right Paint

Bright colors are fun and appeal to some but it fits very few décor styles that people may have. For this reason you should go with more neutral tones but not just white walls!

It important in a rental to keep color tones light. Light paint colors will reflect natural light in a space and make the room feel larger. White is a common go to but should be avoided as a wall color as it can make a space feel overly sanitized and will show more marks if things touch the walls. Better options would be a light beige or soft grey.

Example: Valspar Signature Satin Seashell Gray Beige 4003-1a Interior Paint
 
There are different brands and finishes to paint. It’s important to pick the right finish for certain areas of the home that will have the best holdup. For example

  • Kitchen: High gloss or semi-gloss. Easy to wipe clean and durable.
  • Living space: Satin or semi-gloss. A finish that can hold up in a high traffic area.
  • Bedrooms: flat or matte. Lows traffic area so it won’t need to be as durable
  • Bathrooms: High gloss for rooms where moisture is present

Painting a whole rental property can become costly. However investing in a quality paint upfront can save you a lot of money in the long run.

Choosing The Right Flooring

Hardwood flooring can be a beautiful choice for a home. It comes in all different tones and styles. The cost of putting in wood floors can range anywhere from $3 to $7 a square foot. It’s best to stay away from anything exotic, patterned or whitewashed. Your best choice would be blonde or honey tones.


Vinyl Plank Flooring is the alternative to hardwood. It is also more cost efficient. It offers durability, water resistance and comes in a range and verity of tones and colors. However similar to hardwood, be sure to avoid colors and tones that won’t appeal to a large group of people. The best choices would be grey tones or light tones. Similar to the walls and hardwood choices.
Example:


Tile has become a less common choice in recent years (except in bathrooms and kitchen backsplashes). However it is an easy option for cleaning. When choosing which tile for the rental property stick to timeless styles. Professional instillation is key for tile because unleveled flooring can result in tiles breaking and costly repairs. Tiles cost $5 to $10 a square foot.


Carpeting can be the cheapest option for your rental but you do not want to put carpet flooring through the whole property. Carpet would be great in bedrooms. Keeping carpet in low traffic areas is the best option since carpet tends to hold smells that can detract renters. Once again sticking to lighter tones (greys and off white. Refrain from tans. this can make even new carpet look old and dirty). Depending on the type of carpet it can range between $1 and $20 per square foot.

Example: Antique silver life proof carpet

Cabinet/ Backsplash color
Although you can invest a lot of money into cabinets for a rental, wood tones have become out of style and can date a home quickly. One of the most popular home trends in recent years is painted cabinets with shades of blue and green and even though this is a great way to bring expression into the home it’s not good for a rental. The best choice is white cabinets. Which is another reason to avoid white in the rest of the home. This will make the kitchen space feel fresh and clean. It’s also a good idea to add a backsplash for easy clean while cooking. Good backsplash colors include light grey and white.

Lighting

Adding a nice modern light fixture above the dinning space or kitchen island can also add value to your newly painted home. Make sure this fixture matches current appliances. Another great place for lighting updates is in the entry way and common area. This can included updated semi-flush light in halls and fans in the living room/bedrooms.

Example: Clear Glass Globe Betty Pendant Light (placed above Kitchen Island or dining area)




Along with choosing the right design for your rental property it’s important to choose the right property management company to help you get the most out of your newly designed rental! Call All County Property Management Group today so we can tell you how our services can help!

Rental property pricing in seller’s market

It no secret that we are in the middle of a crazy seller’s market. Many people have not seen the real-estate market this way in years or ever! The prices for homes continue to skyrocket especially here in the DFW area. Supply cannot keep up with the demand which is causing many people to turn from buying to renting. So where does this leave us with rental properties? Read below find out!

Sellers’ vs. Buyers’ market?

When the demand for homes is higher this is what causes a sellers’ market. 2020 brought interest rates to a record low. However with the effects of the pandemic slowing new home building and fewer homes on the market we have seen a huge jump in prices. Thus creating a market where sellers will receive multiple offers well above asking. Leaving many buyers unable to compete.

When the interest is higher than the demand that’s when we will see prices slow or drop. This is considered a buyer’s market.


How will it affect rental pricing?

Even when/ if things return to normal soon there is still the long term effects that will continue to be seen in the housing market. Because many people are unable to tap in to the market due to low supply and high price they have turned to renting for the time being. So now demand for rentals has gone up. Because of this you will see rental rates increasing as well. Research has shown that in the past year one bedroom rentals have increased in price about 5% which is exponential in comparison to the gradual 1% increase we see each year.


How to calculate.

So as a property owner you may be wondering what you can charge for your rental amount. What is fair and what will bring in a profit. Rental price is based on three things. Location, unit type and size of the home/ unit. Although this does not include amenities and local demand this can offer a good starting point when determining what to charge.

Other factors to consider:
-check out the competition in the area
-consider the amenities (washer dryer, updated, energy efficient, outdoor space, pool)

Follow the 1% rule
This generally means the amount that the home cost, you can charge 1% of that amount for the monthly rent rate. (Ex: home cost $180,000 you can charge $1,800 a month)

 

The easiest and best way to get your property rented

Use All County Property Management Group for all your property management needs! Are you worried about setting the right rate, getting it listed, filling vacancies quickly, screening tenants and more! In addition to us helping you with everything listed above we are hear to guide you every step of the way as we all bounce back from the pandemic. Give us a call today to find out more information!



9 signs you may need a Property Manger

Being a landlord can be very rewarding but it can also be time consuming, stressful and overwhelming. So, not sure if it’s time to hire a property management company? Here are your signs!

1. You’re managing several rental properties on your own

Managing multiple properties is equivalent to a full time job. You will have to handle all the advertising, maintenance, tenants, payments and more. This is a lot, plus you may have another full time job. When hiring a property management company we handle it all. We have different teams that are assigned to each task to get request done in a timely fashion.

2. You don’t live near your rental properties


Some problems such as maintenance will require someone to be at the property when work is being done. You may live across town or in another state/ country. If this is the case we can handle that service order for you and make sure everything at the property is being taken care of as needed.

3. You’re stressed out


 Do you have a lot on your plate? Being a landlord isn’t a 9-5 job. It requires your attention 24/7. We understand there is a lot that needs done. You have another job, your family, projects around your own house. That’s a lot for anyone. Let’s us do the hard part for you. Don’t let your stress get out of control.

4. You don’t have the time

Being a landlord is demanding. Especially when it comes to finding the right tenants for your home. If you don’t dedicate a proper amount of time during the screening process you could end up with bad tenants. Then if you do land a good one but don’t dedicate time to helping them when service orders or questions arise you could loose a quality renter in the future.

5. Struggling collecting rent payments

It and be frustrating trying to collect rent from tenants that always pay late. This could lead to a costly situation and an uncomfortable conversation. We have someone that’s main job is collecting those rent payments for you. No need for hard conversations with your renters.


6. You can’t find good tenants


Having a hard time finding quality tenants? We have all the tools to make that possible. We have experts that screen each applicant but we also will market and advertise on websites that are meant to attract renters. Plus we have the experience and understand market trends that will draw in more interest.


7. You would prefer a hands off approach
You may not enjoy managing your property but want to enjoy the residual income that it brings in. That’s great! That’s why we are here! You can be totally hands off but still receive the reward.

8. Can’t find good contractors

It is challenging to find trustworthy contractors that will get the job done quickly and not charge you an arm and a leg. Luckily we have contractors that we work with every day and trust with our business. This long list of all types of contractors will be at your disposal when you manage with us

9. You don’t know/ understand local laws

Depending on the city that your rental property is in you may have not only state laws to follow but also county laws. If you are unfamiliar and don’t have an interest in learning,  then luckily for you we know everything you would need to.

A great property manager is worth the investment. With our help you can get back to the things you enjoy doing with your time. Let us do the hard work for you! Give us a call today so we can tell you how we will help!

What Tenants Want in Their Outdoor Space

For many renters, having an outdoor space is a huge plus. Backyard barbeques, places for pets to run and a area where kids can play! This is important for many which is why renters are even willing to pay more to have a nice outdoor space. So what exactly do they look for when considering their rental options?

Landscaping
Landscaping is what can set a home apart from the rest! It can make the home look refreshed and polished. This can include investing in quality grass for the front and backyard. Plant some trees that are easy to maintain and will grow well in your region. Consider even putting in a space for a garden in case you have a tenant with a green thumb.


Porch/ Patio
Lighting is important for any outdoor space. This is so a tenant feels they can have access to the space no matter what time of day it is. When using higher quality bulbs for outdoor spaces it will prevent from having to upkeep the area as often since the bulbs can last a few years. Sitting areas are also a nice touch. This makes the space feel inviting and cozy. Patio furniture is optional for home owners to provide for their renters but it can add a significant value to the home. Grills are also a great bonus to an outdoor space. This could be a free standing or a built in grill. Renters will love seeing this extra space for their family and friends to spend more time together.

Additional Amenities
Its important that your rental property have something to set it apart from the rest. Some other popular amenities that home owners choose to add include…

  1. External sound systems- ability to play music inside and out
  2. Neighborhood access- amenities such as pool access, parks, sports courts and clubhouses 
  3. Parking- safe and easy access parking space in a garage or out front 


The more care a property owner takes of the rental, the more return they will get on their investment. For more information on how to improve your properties outdoor space please give us a call today!

Complete Rental Property Maintenance Checklist

It is typical to have seasonal maintenance for rental properties. One of the most important tasks for landlords and property managers is to keep the property in good shape for the renters and preserving the quality of your investment. Below is a list of rental property checklists organized by season to help prevent issues before they arise.

Spring/ summer rental property maintenance checklist
Spring/ Summer brings the promise of better weather to come but also the threat of HVAC problems, among other things. However with a little preparation, property owners can combat impending spring time maintenance concerns.


Outdoor:
1.   Inspect the roof
2.  Replace or fix screens
3.  Keep doors and window locks secure
4.  Clean exterior vents
5.  Clean gutters
6.  Service the HVAC
7.  Spruce up curb appeal


Indoor:
1.  Test all emergency alarms
2.  Test the thermostat
3.  Inspect the attic
4.  Check ventilation
5.  Inspect the pipes

Fall/ winter rental property maintenance checklist

fall/ winter means the holiday season is approaching, but so is freezing weather and the need for heaters. However here are a few ways to be prepared in advance.


Outdoor:
1. Check for roof damage
2. Clean the gutters
3. Winterize outdoor spigots and hookups
4. Chimney cleaning
5. Prepare for snow removal


Indoor:
1. Prevent frozen pipes
2. Reverse ceiling fans
3. Service water heater
4. Look for water damage/ leaks
5. Prevent rodent infiltration


How to budget for routine maintenance
Both routine and emergency maintenance are something to plan and budget for. So what is the best way to anticipate expenses for rental properties?
• The 50% rule- this formula plans total operating cost to equal about half of the total rental income. This includes repairs, taxes, insurance and administrative services.
• The 1% rule- this helps investors plan for their years average cost of maintenance needs to be 1% of the value of the property.
• Square footage rule: this means you expect to pay $1 per square foot in annual maintenance needs.
As you can see all these will average around the same price. However take in to consideration that this could vary based on the age and condition of the home or property.


Final Thoughts
Preventive maintenance is one of the most important tasks for landlords and property managers. It requires a year around effort to maintain vital systems and prevent costly repairs. Many landlords opt to leave complex inspections, maintenance repairs, and other administrative work to the professionals. All County Property Management group can help you with keeping your investment in tip top shape! To find out how we can help you more please give us a call today!