Should I Upgrade My Rental Property? | Answers from Kansas City Apartment Marketers
We’re not going to act like we don’t understand; upgrades cost money. In some cases, they can cost a lot of money. So it can be hard to determine whether you need an upgrade or not.
Here’s the truth: There are a lot of factors to consider when upgrading units. For some properties, it’s better to leave units as is if they are occupied and generating income. Other times, upgrades could pull in more renters when they need to fill spaces.
If you won’t have to spike rent and are in need of more renters, an upgrade could benefit you! While we can’t go into all the specific details surrounding your property, here are some perks of upgrades.
Therefore, when our LeasingKC experts get the question, “Should I upgrade my rental property?” we usually say it’s all about understanding your property.
The importance of upgraded rental properties
At the end of the day, rental upgrades make your facility more attractive and appealing. You’re probably well aware of the competition, and oftentimes, properties in the same area for the same price offer the same things. Basically, you want to stand above the crowd.
First, upgrades can help you with your marketing plans and converting leads to leases. When you’re able to promote all the great things your units and facilities have, it gives you an honest leg up (no one likes over exaggerations for the sake of sales). Plus, it helps you with tours. A tour is a first impression, and if a potential renter steps into an upgraded apartment, they’re more likely to be impressed.
Second, upgrades are a great way to retain the current renters you have. We all know how important it is to find new renters, but that’s not to say you should ignore the ones you already have. Renter retention allows you to save more money since you won’t have to worry about prepping the unit for another person. It also ensures that your building stays as full as possible.
LeasingKC can help you decide if you should upgrade your rental property.
If you’re in the Kansas City area, let LeasingKC be your bridge between you and your future residents. LeasingKC is a rental listing site run by local experts to help people find Kansas City apartments, rental homes, condos, and lofts.
Along with helping property management companies in Kansas City create strong branding guides, we also provide a variety of cost-effective marketing plans that allow property managers and landlords to maximize their investments.
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