Does Curb Appeal effect your Return on investment?
Does curb appeal effect my Return on Investment? Funny enough, this is not a question I get from my current or potential clients. It seems that this is not really a concern that people have in the rental market. The problem is that this is this is the first thing a potential renter see's when they approach the property. It sets their mind set on the value of the property and establishes the mood they are going to have when looking at a rental unit.
Now there are a few pitfalls we can get into, the first is a typical unit that has been miss kept by the previous tenant and not followed up by the property manager. We have all seen them, grass is out of control, garbage all over the yard, cars parked across the grass and the list goes on! In fact, this is often a way I identify rentals in areas. This is an example of an owner or property manager that is not present at the property! The issue is that this type of short term neglect can often lead to long term and expensive repairs on the property.
The second thing we see is an over abundance of yard work. This is typically on a unit that is managed by the owner. We see lots of flower beds, intricate yard work and a very nice appearance. The problem with this is that it is expensive to maintain and while it looks great when it is kept up, it becomes an eye soar when it is not. And frankly, most rental tenants will not be able or willing to put the time and effort into that type of yard work!
We generally try to advise our clients on the following:
- Low maintenance.
- Easy and cheap to fix.
- Open up the look of the property (bushes and trees need to be trimmed).
- Simple but not empty!
The message is simple, we need good curb appeal to ensure the maximum return on your investment. This has to be manageable and it needs to be followed up on a regular basis! These are some of the added value offerings you should expect when dealing with a responsible property manager!