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Popular Interior Design Changes in Rentals

By | Agents, Property Management

Popular Interior Design Changes In Rentals

All owners of rental property share the same main goals: keep vacancy to a minimum while maintaining or increasing property value. Besides a clean space and working appliances, there are several more factors that contribute to an ideal situation for owners and renters alike. Interior design can be a big help and won’t cost too much with a little preparation. Though trends come and go, it is important to be aware of what is popular when designing your property for rental.

Experts Are All Around You

experts all aroundWith sites like Pinterest and Houzz, there is no shortage of “expert” advice and influence to be found on the internet. Maybe you have a Facebook friend that has their finger on the pulse of the trends and can help you make some informed decisions. There is a balance between making some popular interior design adjustments to enhance your condo/apartment’s aesthetics and spending countless dollars on a full makeover. Knowing your market can really help to find that balance. With the right touches you can easily enhance your condo and make it much more marketable.

When it comes to upgrading rental property, Owners can also learn a lot by looking at other listings in the area. Making yourself aware of the finishes that renters in your market are looking for will set you up to make the right decisions on your own investment.

Even with the advice of the “experts” on the web, sometimes time just isn’t as plentiful as one may need it to be. Savvy owners turn to Lofty, one of the top property management companies in Chicago. Lofty has apartment management in Chicago down to a science.

Want to increase profits and cut down on your time spent managing your properties? Contact us and we’ll show you how to do just that. We provide free market analysis, consultations and professional photography for all our new clients. We will ensure you never have to worry about renting out your condo again.

Some Tips from Lofty

Through their experience leasing condos in Chicago, the Lofty professionals have refined their list of what does and does not work in rental property design elements.

improvements cleaning

Here are a few tips you can use as a sort of guide or checklist when you are ready to make some changes for the better:

Hire a professional service to clean the apartment really well so you can expect to have your unit returned to you in the same pristine condition it was given.

A good place to invest a bit of money is in matching, stainless steel, energy efficient appliances. Otherwise, make sure whatever is there is cleaned like new and operating without issue.

Choose interior design materials that are timeless. Hardwoods, natural stone, and stainless steel are all good options.

When painting or decorating with wallcovering, opt for neutral colors. A neutral color palette will please the majority of potential applicants.

Avoid costly, over-the-top customization as adding too many details may limit the appeal or price you out of the market.

Built-in storage and shelving can be a big hit. Bookshelves in a flat wall can add some extra space; closet or cabinet organizers in bathrooms and bedrooms will help maximize storage.

Simple bathroom updates like a new mirror, faucet, towel rods and light fixtures make a big difference.

improvements stainless

Depending on marketplace expectations, blinds—especially wooden blinds— are a great investment as they offer more control and class than a pull-down shade. Remember to instruct tenants on proper operation.

Here at Lofty, we provide free market analysis and consultations. We would be happy to come out and take a look at your space to help you determine what interior design touches can help you get more income out of your rental. The right interior design elements will get your property rented for top dollar and keep it rented. We want your time spent where it should be, enjoying life.

Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.

 

 

Time: the Missing Link in Property Management

By | Agents, Property Management

Time: the Missing Link in Property Management

The American dream of owning a nice home (or condo) with a white picket fence has changed over the years. The current morph looks something like this: owning a few properties with the tenants covering the mortgage by way of rent payments, leaving the owner free to pursue other wealth-generating activities. This new version of the dream is slightly more expensive based on the time needed to care for and maintain multiple properties, while also increasing value and communicating with tenants—a bit more than a weekend afternoon out in the garden or straightening up around the house.

There are simple ways to increase your property value, but simple only matters if the time investment is available. Time is the missing link… the investment on the investment.

Save Time Make Money

Time is money

Many first-time or inexperienced landlords can get caught up spending way more time than the investment may reasonably allow or even call for. These are called “smart people mistakes” and everyone on the path to financial success is both susceptible and prone to making them: Taking on too much alone, rushing through projects to save time, and cutting corners on projects to save money.

Making some or all of these mistakes can result in shabby looking improvements. In the worst case, that can actually cause depreciation of your property value. In the best case, you can end up attracting tenants that also operate like that. If property ownership is the shortcut to accomplishing your financial dreams, don’t try to shortcut the shortcut.

“You can always make another dollar…”

Experienced property owners know that having a Chicago property management company manage their property and handle all the “simple steps” will afford them a lot more time and only marginally affect their real estate profitability. The right property management company in Chicago will take care of the three simple ways to increase your property’s value for you!

Applying all the great advice found on the internet and even in motivational talks takes time. The simple steps that will add value to your property take time to execute. Even if you want someone else to take care of all the simple steps for you, it takes time to find the right person or people to do the work, supervise the work, ensure the work is done correctly and with your property value in mind.

“… but you can’t make another minute.”

Time is a precious and expensive commodity. When you begin taking time away from your core business to manage your own property, it can cause frustration. At some point, some folks may begin to wonder if rental properties are even worth the aggravation.

Before you get too frustrated and stick a for sale sign in the front yard, consider using Lofty, the real estate management company in Chicago that has the experience to effectively manage your property and free up your time.

Experienced, Professional Partners

Lofty's Experienced Property Management ProfessionalsHere at Lofty, we take pride in developing a reputation of excellence. This means your tenants are treated with the utmost respect and care to ensure our service does not reflect poorly on you, the owner. Our automated systems track every request, phone conversation and email so we can succinctly and accurately inform you of the happenings.

You likely have enough on your plate, trying to find time for home improvements that can increase your property value is likely not something that you can find time for. Does that mean that your property does not need to have these simple improvements done? No! it means that it is time to get some help on board from a property management company in Chicago that is experienced and has a contact list full of vetted, reliable vendors ready to serve.

Like any other business, the rental property business is one where you need to reinvest to keep it humming along and know when you need assistance to ensure success.

Time to Play

Turning over your property to the professionals at Lofty will mean more free time, less worry, and a better maintained property. It is simply the right choice for most experienced landlords.

Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.

 

 

3 Simple Steps to Increase Your Property’s Leasing Value

By | Agents, Leasing

3 Simple Steps to Increase Your Property’s Leasing Value

While it is true that updated bathrooms and kitchens sit at the top of the list when it comes to valuable improvements, there are plenty of other ways to improve the value on a rental property. As an owner, there are three goals: Maintain value, increase value when possible, and keep it rented. From landscaping to painting to fixture replacements, we are excited to list some inexpensive home improvement options.

There are three main goals for a rental property:

  • Maintain the value
  • Increase the value when you can
  • Keep it rented

While maintaining your rental property’s value in some markets can be a challenge, increasing your property value should consistently be top of mind. There are 3 simple ways to increase your property value and make it more appealing to tenants, even while it is occupied. When a property is more appealing to tenants the leasing process is quicker.

Landscaping to Improve Curb Appeal

A really simple way to increase your property value is to spruce up the curb appeal with some great landscaping.

Improve Outdoor Appeal

Landscaping the exterior of the property makes the property more welcoming and enhances value two-fold.

First, by directly increasing your property’s value based on improved impressions. Secondly, by improving the overall look and feel of the neighborhood, which, in turn, increases the value of your property. Remember the old adage, “ K-I-S-S”, Keep It Simple Savvy investor.

Exterior/Interior Paint

For those with a single unit detached property, an exterior coat of paint can go a long way towards improving your property’s value. It is like a facelift for your property, able to transform the look from a run-down rental to a revitalized dream home. Plus, it will compliment your newly landscaped yard!

Fresh Interior Paint

A quick coat of interior paint can go along way to securing your next renters. Along with making your space feel fresh and clean, it also allows your future applicants, during their showing, to focus on where they will be placing their furniture, instead of whether it is worth living with all the scuffs and imperfections on the walls.

While you’re at it, a fresh coat on the windows and sills might not be a bad idea depending on their condition. Bottom line, painting inside and out can add the value to your property that you hoped for and ultimately lease your unit faster at a potentially higher price.

Low Cost Fixes With Large Returns

This is all about the little details! There are several simple fixes that can add a nice return on your investment, from upgrading the outside lights and hardware on the doors to updating the interior light fixtures.

Faucet Change Boosts Value

Changing out old faucets and handles with modern updates can increase the desirability of your unit. Though inexpensive and relatively simple to do, it may allow your future tenants to feel more comfortable moving forward with you. If they assume you take care of even the smallest details, it implies you’ll take care of any bigger issues that may arise. Falls right in line with the saying, “ How you do anything, is how you do everything.” Remember to highlight these little improvements during your showings, or ensure your Chicago area leasing agency knows of your improvements to effectively communicate them.

Time is Money

Though anyone can do all three of these steps in a few weeks to improve the value of their property, there is a missing link that leads property owners from successfully achieving their desired results.

Whether you just need to find the right tenants for your investment property, or you want everything managed from top to bottom, live the life you deserve and let Lofty handle the rest.

 

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