Even though COVID-19 lockdowns are beginning to ease, there are still many unknowns in the coming months. However, there might be more summer travel than we previously thought! Rental property owners should see this moment as an opportunity to get ahead of the competition and make last-minute renovations that will help their properties to stand out – after all, there will likely be more supply than demand this summer and setting yourself apart will be more valuable than in years past.
Don’t feel rushed. Renovations can be simple, inexpensive, and fast. In this post, we share ways you can renovate your properties in under a month and position yourself to have a better-than-expected summer rental season.
Capitalize on The Slowdown
The temporary economic slowdown creates opportunities that savvy property owners can take advantage of. With local businesses feeling the pinch and many people temporarily out of work, renovation costs are reduced. Get in touch with your local hardware store to see if they’re offering curbside pickup. Reach out to local construction companies or consult online forums to see if any healthy construction workers are looking for work. Health is the number one priority, so make sure to demonstrate caution and implement recommended practices such as wearing masks, keeping teams small, and social distancing.
Prioritizing renovations while your property is empty will ensure that you secure more renters in the future. If you delay your renovations then you may force yourself to take your rental property off the market at a time when you could be renting it – so take advantage of the slowdown!
Install Modern Additions
You also don’t need to tear down walls to modernize your properties. Simple updates can completely redefine the aesthetic. Start with a fresh coat of paint and look to replace outdated hardware with modern-looking brass or chrome fixtures. If you have old countertops then look to cover them with marbled vinyl adhesive (the same can be done to change the look of an outdated kitchen floor using peel and stick tiles!). If you want to make renovations with millennials in mind specifically, take a look at our post about their tastes and preferences.
Once your interiors look modern, you’ll want to match your property’s functionality. If a property looks like it’s from the future, it should perform like it’s from the future too. Smart IoT enabled devices are one of the easiest ways to make your property stand out while also improving your renters’ experience. You don’t need to break the bank either. Most smart devices are cross-compatible with each other.
Start by replacing your outdated thermostat and blinds with newer IoT enabled versions. Not only will they provide your property with a cool, modern, and convenient upgrade but they will also save you money on your monthly utilities. Another often overlooked advantage is that these devices can be managed remotely over the internet, saving you a trip to the property.
Smart kitchen faucets, smart door locks, and smart televisions are other affordable and quick ways to renovate your properties. Smart faucets provide ease of use with touch control and provide warm water almost instantly, a small detail that your renters will appreciate. Smart locks make checking in and checking out a breeze and give your renters frictionless smartphone access to the property. Lastly, smart televisions come preloaded with all the apps and networks that renters expect, providing endless entertainment for a cozy night in.
Everything covered thus far can be accomplished in a matter of weeks—if not less—so why wait?
It’s worth pointing out that there are fewer people looking to renovate during these unprecedented times. Your local hardware store has likely seen sales drop, so when you reach out to the store, see if they’ll negotiate with you on the price. You’ll be helping each other out. Similarly, when hiring workers to install and paint, set a rate that is fair. It is likely lower than what they are used to getting paid, but it is most certainly higher than having no work at all.
There’s no need to negotiate aggressively, but instead use the situation to your advantage, making your renovations more affordable than they would have been otherwise.
PointCentral: Automation Solutions for Rental and Vacation Properties
If you’re interested in making serious smart home renovations then you’ve come to the right place. At PointCentral we build advanced smart home automation systems to enhance the safety, comfort, and well-being of property owners. Our systems and services are designed to make your properties easier to manage, more rentable, and more cost-efficient. It’s worth keeping in mind that our smart devices also happen to add a more hygienic allure than traditional properties (think keyless doors and no-touch faucets) a differentiator given the pandemic!
To learn about how your properties can benefit from the latest smart home technology, contact PointCentral for a free demo today.