Did you know that it only takes one-tenth of a second for people to form their first impression?
According to a study published in Psychological Science, people make judgments about what they see in lightning-fast time. That’s something to remember when you look at what’s in your portfolio of properties. What does that first impression tell you?
The exterior of residential properties is crucial to attracting tenants. How your rental home or apartment looks from the outside often determines whether potential renters look inside or move on.
According to members of the National Association of Realtors (NAR), 99% say curb appeal is one of the most important factors in attracting buyers. The same holds true for renters. A great-looking exterior is the first thing potential tenants see, and it can influence their overall impression.
Even if you spend the money for REIT remodeling services to overhaul the kitchen or put in beautiful hardwood flooring, it may go to waste if potential tenants never go inside to see the work.
Here are some of the key ways that curb appeal impacts your REIT properties.
Keeps Buildings Occupied and Earning
A residential construction management company like Charter Construction Group can help ensure your REIT properties look their best. This not only helps attract new tenants and keep your buildings occupied and generating revenue, but it also helps retain tenants. When residents feel good about where they live, they are more likely to renew.
When it’s time to list a property, you want the exterior to look good when potential tenants are browsing online. Great-looking photos of the home or building are more likely to attract attention.
Even small defects can turn buyers off, sending a message that you are not properly maintaining the property. If you do not address the small things, renters may fear there is no other damage they cannot see.
Increases Property Values
It should not come as a surprise that a freshly remodeled property is likely to generate higher rent. At the same time, it can also improve the value of the rental property when it is time to sell. Homes with high curb appeal can increase the overall selling price by up to 7%. In cold residential markets, studies show that the “curb appeal premium” can add as much as 14% to the sale price.
When a property is rented, it can be challenging to maintain its curb appeal. You cannot force tenants to do a great job maintaining the landscaping or rely on them to report minor damage before it causes big problems. A residential construction management company can help repair the damage that occurs when tenants are not taking good care of the property.
Protects Properties from Weather Damage
REIT remodeling services can also ensure your home or apartment building is protected. Constant exposure to sun, rain, and severe weather can take a toll. Paint can fade, crack, chip, or peel and make even homes or buildings in nice neighborhoods look shabby. Shingles can come loose. Water damage can rot wood and cause structural damage that can be costly to fix. All of this can seriously undermine curb appeal.
A residential construction management company can ensure your structures are properly sealed and protected from the weather and repair any damage, whether it is replacing a few shingles or an entire roof.
REIT Remodeling Services and Residential Construction Management
If your properties look rundown or dated, show signs of wear, or have damage to the exterior, it will inhibit your ability to rent or sell. Whether you need a complete overhaul to improve curb appeal and attract new tenants or need rental turnover services to ensure your building is rental-ready, Charter Construction Group is ready to help. Need a fresh coat of paint for your property’s exterior, roof replacement, or complete renovation? We do it all.
Charter Construction Group can handle the renovation of your property to bring it up to current market standards so you can earn rents in the higher range of comparable values. With turnkey services, Charter Construction Group handles residential construction management and will solicit and manage bids for outsourced remodel services, so you can focus on running your company. This includes home repairs, trash and debris removal, remediation services, pre-market cleaning, and renovations.
No matter what you need to make sure your property has the best curb appeal, Charter Construction Group will make sure you get high-quality work at affordable rates.
Improve the curb appeal of your REIT properties. Request a consultation to discuss your needs and maximize your returns.