Rent Maximizer Inspection
Del Val Realty & Property Management offers clients our Rent Maximizer Inspection (RMI). The RMI is designed to identify potential improvements and enhancements to a rental property that increases the monthly rent. These improvements can increase the value and desirability of your property, allowing you to justify a higher rent price and maximize your return on investment.
Using the 1% Rule, if we can increase the rent by $100, the value of your property increases by $10,000 ($100 times 100). So, every opportunity to increase rent dramatically impacts your monthly cash flow and property value.
- Property Assessment: Our trained inspectors will thoroughly inspect your rental property using Happy Inspect software, including all interior and exterior areas. They will take 30 to 60 photos as part of the inspection, looking for ways to enhance the rent.
- Value-Add Recommendations: The inspector then provides a report with recommendations to elevate the monthly rent and reduce the days on the market. This might include cosmetic improvements like cleaning, painting, flooring/carpet, or window covers. Or it may consist of larger structural modifications like enhanced kitchens or bathrooms, new windows, gas heat, air conditioning, or other new amenities. We will also recommend improvements to the exterior area to add “curb appeal.”
- Safety and Compliance Checks: While the main aim is to increase rental value, ensuring the property meets safety standards and local regulations is paramount. The inspector will identify any areas of non-compliance or potential hazards.
- Cost-Benefit Analysis: A brief analysis of the estimated cost of implementation versus the potential increase in rental value will be provided for each recommendation. This helps property owners prioritize investments that yield the highest returns.
- Increased Revenue: Property owners can command higher rents by making the recommended changes due to enhanced appeal and functionality.
- Faster Occupancy: Improved properties are more attractive to potential tenants, leading to reduced vacancy periods. Preserved Property Value: The inspections and updates help maintain the property in its best state, preserving or enhancing its market value.
- Safety and Peace of Mind: Ensuring that a rental unit adheres to safety standards protects the property owner from potential liabilities and provides peace of mind to the tenants.
The Rent Maximizer Inspection is a strategic tool for property owners to ensure their units are competitive and stand out in the market. The process is a blend of cosmetic evaluation, functionality checks, and market analysis designed to offer a holistic approach to property enhancement.