Using a Construction Team to Increase Your Bottom Line
A construction team can play a vital role in increasing your rent rates by helping you make improvements and renovations to your rental property. By making improvements to your property, such as updating appliances, adding new fixtures, or renovating bathrooms and kitchens, you can increase the overall value of your property. This can justify higher rent rates and attract higher-quality tenants.
They will help you identify areas where your property may be losing energy and make improvements, such as adding insulation, upgrading windows and doors, or installing energy-efficient appliances. This can lower utility costs and make your property more attractive to tenants. It can also help your bottom-line if you are paying for some utilities as a landlord.
Your construction team can help you create additional spaces to generate more revenue. For example, you can add a bedroom or a small office. You can add a coin operated laundry area or storage units for tenants. Adding modern conveniences can increase the length of tenancy on your rentals. Increased occupancy = more cash flow!
Still have the funds to improve your rental? Think about enhancing the curb appeal of your rental property. By making improvements to the landscaping, adding new exterior features, or repainting the exterior you may generate more interest in your property from renters when you have a unit to rent out.
Finding the right construction company for your investment property is crucial for ensuring that your property stands out amongst the competition and that you do not over-improve the property for the market it is in. Here are some steps to help you find the right construction company:
Determine your needs: Before you begin your search, determine what type of construction work you need done. Do you need general maintenance and repairs, or are you planning a major renovation or construction project? Knowing your needs will help you identify construction companies that specialize in the type of work you require.
Research potential companies: Research potential construction companies in your area by asking for recommendations from friends or colleagues, searching online, or consulting industry directories. Look for companies that have experience working on properties similar to yours and have a good reputation in the industry.
Check credentials: Once you have a list of potential companies, check their credentials to ensure they are licensed, insured, and bonded. Ask to see their licenses and insurance policies, and verify that they are current and up-to-date.
Look at their portfolio: Ask to see examples of the company's previous work, including photos and references from previous clients. This will give you an idea of the company's style and quality of work.
Request estimates: Contact the construction companies on your list and request estimates for the work you need done. Compare the estimates to ensure they are reasonable and accurate, and ask any questions you have about the scope of the work and timeline.
Consider communication: Consider the company's communication style and responsiveness when evaluating potential contractors. Look for a company that is easy to communicate with and responsive to your questions and concerns.
Evaluate professionalism: Evaluate the company's professionalism by looking at their level of organization, attention to detail, and ability to stick to a timeline and budget.
Check for warranties: Look for companies that offer warranties or guarantees for their work. This will give you peace of mind knowing that the work is backed by a guarantee.
By following these steps, you can identify a reputable and reliable construction company that can help you maintain and improve your property, ensuring that it is attractive and appealing to potential renters. If you have further questions about how a construction company can help improve your rental property, reach out to Empire Property Construction today!