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Potential new tenants are always on the lookout for hot new properties to live in, especially if the location is highly valued and in demand. As such, it’s important that you consider sprucing a property such as a condo unit up to enhance its curb appeal and attract more prospective tenants. You’ll also need a good property management company to help manage the daily operations of renting out or selling a condo unit. That’s where our team can step in to provide the assistance you need.
At Mareka Properties, we’re a highly trusted condo property management company in the GTA that specializes in the fields of residential and commercial property organization. We take care of all the grunt work and paperwork involved in renting out a condo unit, such as dealing with residential property management fees. We work with a variety of property owners and tenants to ensure both parties are satisfied with their living conditions.
Contact our team today for expert property management assistance and learn more about how we can rent out your condo unit faster. There are many factors to getting to that point, so we will break down how you can kick-start the process.
What Elements Add The Most Value To My Rental Property?
If you have a well-furnished condo unit, then you’re already on the right step to adding great value to your property. However, you may still not have many takers to buy or rent it out. As such, consider renovating or adding specific elements to your condo unit to enhance its overall rental value.
Sometimes, low-maintenance fixes can add the most subtle value to your condo property. Tenants are constantly worried about the broken heating/cooling system, bathrooms, walls, etc. Calm their fears by renovating amenities ahead of time and limiting emergency repair in the future. Small improvements like these make it easier to clean and maintain units while keeping their overall value.
You can also focus on replacing easily stained carpets in your condo unit with hardwood flooring. Add some vinyl sliding to add an extra layer of protective coating and you can make your flooring more durable. Afterwards, you can focus on enhancing the visual appearance of your kitchen and bathroom. Add in whiter, stylish countertops or silver faucets to give a fancy feel.
Other elements to consider adding include installing energy-efficient lighting and smart technology. Allow for more natural light to come into your property by adding double-paned windows, LED lighting, and energy-efficient appliances (like refrigerators). This will not only increase the value of your property but also entice more energy-conscious tenants to rent or buy your property. Meanwhile, smart technologies such as lighting, thermostats, fire detectors, carbon monoxide detectors, and locks can give your tenant more assurance in their safety and automatic functioning.
How Can I Customize My Apartment?
One of the best ways to customize your rental unit is by giving it a new paint job. Give it a nice neutral colour to give tenants a blank canvas and an easy-going experience. You can also ask if they have a preference for shading or colour.
You can also work to make your apartment or condo unit appear larger. Think about knocking down some walls, if you have them, to create more potential space and open up things. It can be a key part of early renovations for your rental unit. If that doesn’t work for you, try removing old furniture or accessories that can take up unnecessary space.
Other things you can add to customize your rental unit may include installing a dishwasher in the kitchen, adding more closet or storage space, improving air conditioning systems, and having an in-unit washer and dryer for clothes. You can also take advantage of elements outside your property, such as off-street parking for tenants’ vehicles or outdoor living areas like small parks or walkways.
These are just some ways you can customize your apartment unit for a tenant and the reasoning behind it will benefit the property manager long-term.
Why Should I Update My Unit?
If you update your condo rental unit, you’ll be able to appeal to more tenants and get rent much faster than before. Moreover, you’ll be able to differentiate your rental property from competing properties. You’ll be able to justify raising the monthly rental amount to your tenants by providing them with all the great amenities on the property.
Updating your unit to be more energy efficient will also limit your property’s carbon footprint on the environment. Add in appliances that use less power or water to curb your monthly utility bills. This will make your property a popular selling point for eco-conscious tenants and you can even take advantage of energy credits or rebates.
More importantly, updating your rental unit with the latest appliances or a fresh coat of paint will improve your renter’s satisfaction. Give your tenants a great living experience on your property to nurture trust and reliability with them.
At Mareka Properties, we’ll help you manage the day-to-day operations with your tenants to ensure they can live comfortably on your property. Contact us today to learn how we can help add more value to your condo unit and rent it out to new tenants fast!