Did you know there are 48.2 million rental units available in the United States?
Competing against so many other rentals can be tricky as a property owner. The key is striking the right balance with your price for the unit.
You want to make a tidy profit while also remaining competitive against other properties in the market. So if you're looking to increase your California rental valuation, keep reading to learn three ways to do so.
1. Improve Curb Appeal
It only takes about seven seconds for someone to form their first impression about something. Whether it's a person or a property, they decide how they feel quickly.
So when people come to tour your property, helping them have an excellent first impression can make the rest of the tour go smoothly and increase your rental value.
Make small changes like:
- Sprucing up the outside of your building
- Paving over cracks in any parking areas
- Focusing on neat landscaping
- Having adequate lighting
- Having clear pathways to buildings
Ensuring you have the exterior of your buildings in excellent condition makes people eager to see what the interior offers them.
2. Better Marketing
How you portray your property can also make a big difference in how much people are willing to pay for California rental properties.
Taking high-quality photos, offering thorough descriptions, and highlighting entertainment and food options near your San Mateo rentals can genuinely show people the value of renting from you.
Your marketing should paint any property you own in the best light and help people envision themselves living there. If marketing isn't your strong suit, you could be missing out on potential tenants who would love the property in person but were never enticed enough to reach out.
Working with a property management company to take your marketing to the next level might make a more significant difference in your rental property valuation than you think.
3. Have an HOA
A homeowner's association, or HOA, is a legal entity that manages several aspects of a property. They include marketing and overall management (mowing, maintenance, etc.).
Having an HOA helps you maintain consistent property values by promoting a safe and well-kept rental. They also often offer additional amenities.
People enjoy renting from properties with HOAs because they know exactly what to expect throughout their time renting and enjoy the extra benefits of one despite the additional cost.
Increase Your Rental Valuation in Three Steps
Increasing your rental valuation isn't always easy. But if you take the three steps mentioned here, you can guarantee a rental property valuation calculator will show you a fair number.
Offering an HOA, boosting curb appeal, and bettering your marketing are all things it can be tough to do on your own. So reach out to us today to see how we can help you make changes to better your California rental properties and increase profits without all the work landing on your shoulders!