How to Add Value to Your Indianapolis Rental Property

How to Add Value to Your Indianapolis Rental Property

Picture this: you have the perfect rental property, but no one’s biting (or they don’t stay for long). It’s not a nightmare; it’s a reality for landlords who can’t seem to land that dream tenant. If you’re among them, it’s time to step back and consider your Indianapolis rental property from the perspective of a renter.

Here are a few ways to increase rental property value and improve your odds of closing the deal with new tenants.

Increase Energy Efficiency

Did you know the 2017 electric operating costs for Disney World was reported as $97,321,843? Your investment property is nowhere near the size of an amusement park, so its energy costs shouldn’t be astronomical. Tenants are looking for ways to save on costs, and utilities tend to be more difficult to control expense-wise. One way to give your Indianapolis rental an edge over the competition is to install energy efficient lighting and appliances. Not only is it more economical; it’s better for the environment, too.

If you include utilities in your lease agreement, having energy efficient lighting is a boon to you as well.  The U.S. Department of Energy includes energy saving tips to help you and renters get below the national average of 1000 kWh/month.

Improve Your Rental Property’s Curb-side Appeal

Your property’s exterior creates the first impression with renters. Fortunately, improving the outside doesn’t need to cost a fortune. Small enhancements, like a new mailbox or window boxes, can go a long way in giving your property a more attractive appearance.

Here are 14 ways to increase your property’s curb-side appeal for $100 or less.

Increase Storage Space for a Clutter-Free Rental Property

No one likes a cluttered home. Fortunately, convertible furniture and home hacks from space saving influencers can help you improve your property’s storage opportunities. When you view your property from the tenant’s perspective, think about what you might like. You might even look at your own home for the answers. Are there enough cabinets for food? Where might you put away miscellaneous items and seasonal decorations? Tenants don’t want to pay extra to rent storage space elsewhere. See what you might improve to help them keep the home clean.

Give Your Rental Property a Photo Shoot

It’s the twenty-first century. There’s no need for fuzzy photos that look like they came from an old polaroid camera. If you want to do yourself and your prospective tenants a favor, invest in high-end photos of the property’s interior and exterior. You should also consider offering a virtual tour. Beautiful photos attract more attention and make your rental property worth more in the eye of the beholder compared to a property with dingy photos.

You might also get shots of the rental property in different seasons over time, so you can show off the beautiful greenery of spring and summer, as well as how the property looks surrounded by a soft blanket of snow. Once you have the photos, minus any major updates where you’d want to have new ones, you can use them whenever you need.

Declutter the Rental Property before Showings

Have you ever come across someone selling a used item online, such as a stove or bicycle, but it’s covered in dirt, dust, and stains? The person may write in the description that the product is available at a low price because the buyer needs to clean it. However, most people wonder why the seller couldn’t take some time to scrub the product down, if only a few minutes. The equivalent of that seller is the landlord who doesn’t declutter before showing a property.

It’s hard for prospective tenants to envision their furniture in a home if they can’t clearly see the space available in each room. In addition, clutter raises alarming questions. A prospective tenant might wonder: “is the clutter hiding a stain or problem that the landlord doesn’t want me to see” or “will the landlord be attentive if they can’t take time to declutter the property before showing it to me?” 

Ultimately, adding value to your Indianapolis rental property takes a little time and effort, but it will set you apart from the competition. Tenant tastes change over time, so it’s important to keep up with the market and what appeals to the modern renter by continuously evaluating your property and the value it provides.

If preparing a rental property and finding tenants is too time-consuming, consider hiring an experienced property manager. At WILMOTH Group, we know how to stage a rental property and assist our clients in improving it. If you need to find new tenants or have someone on hand to respond to renter needs, contact us to learn about the value we can offer you.

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WILMOTH Group is headquartered in Indianapolis, Indiana and Fort Myers, Florida. We focus on providing creative local solutions for a variety of residential real estate needs including, properties for sale, property management services in Indianapolis, and short-term management services in Tampa and Fort Myers.
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