How can I maximize my ROI when doing pre- sale renovations? “Preparing your place to sell by making it “move-in ready” using a pre-sale renovation is one of the best ways to enhance its market appeal, help the home sell faster, and significantly boost its return on investment (ROI). A successful pre-sale renovation requires strategic improvements to address current buyer preferences and local market trends. Knowing exactly which updates to make to bring the highest sales price is the key to a successful pre-sale renovation and why homeowners today are turning to a new source: a pre-sale renovation firm. A pre-sale renovation firm revolutionizes the process by offering a comprehensive package of services, including financing the renovations upfront: zero dollars out-of- pocket for sellers. With a deep understanding of the local real estate market and exceptional renovation experience and expertise, they can identify precisely which renovations will yield the highest ROI in your market. To make the process as effortless as possible for homeowners, pre-sale renovation firms use advanced technology, including AI and computer vision, to streamline the renovation process. From budgeting and design choices to securing contractors and materials and scheduling, today’s pre-sale renovation process can be turnkey to ensure your property improvements maximize its appeal and your ROI.“ Candice Mooring from Revive Real Estate What key aspects should I consider when looking to buy a rental property? “I’m a short-term rental investor who buys properties and puts them on Airbnb. When I’m looking to buy rental properties, I aim to have over 25% first-year gross rental yield in a city with high real estate appreciation factors. I start with choosing the right city with: • A high average rental yield. • A good appreciation outlook. (5 years average
property and ensuring tenant satisfaction. First, conduct a thorough inspection to identify any existing or potential maintenance issues. This includes checking the plumbing, electrical systems, appliances, heating and cooling systems, and the overall structure of the property. Also, establish a clear process for tenants to report maintenance issues. This should include a responsive communication system and a timeline for addressing problems. Being responsive to maintenance requests not nly keeps the property in good condition but also builds a positive relationship with tenants. Additionally, consider setting aside a budget for maintenance and emergency repairs. This financial planning will ensure that you have the resources available to address issues promptly without financial strain.” Josh Matteson from Lula How can I protect my vacant property from squatters? “Protecting your vacant property from squatters involves a combination of vigilance, regular inspections, and strategic use of technology. Start by conducting regular property inspections to ensure everything is in order and to demonstrate active management. It’s also crucial to market your vacant properties effectively to find tenants faster, reducing the time the property is empty. Use Lockboxes to enhance security for vacant properties, restricting access to authorized individuals only. It significantly reduces the risk of unauthorized squatting and break-ins. Make your property appear occupied. Regularly collect mail, adjust curtains during inspections, maintain the landscape, and engage neighbors to report any suspicious activity. Regular visits, at least three times a month, are essential, especially during off-seasons like winter, when you should also turn off the water supply to prevent damage. Prevent your prospects from turning into squatters by conducting thorough background checks, including contacting previous landlords, and being strict with rent payments. We advise all leads coming in to be pre-qualified, ensuring only suitable candidates book showings. This can be automated and free from human error by using AI chatbots. Finally, in case of a tenant’s passing, promptly change locks and secure the property until proper documentation is provided.” LetHub Team from LetHub
income change and population growth) • A short-term rental-friendly regulation.
Once I decide on a city, I look into the specific neighborhoods and property types with high short-term rental demand.” Jae Seok An from Airbtics
SPOTLIGHT ON BUSINESS MAGAZINE • VOL 24 ISSUE 2 35
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