Weekend Open Houses Are Set To Return July 9th

As New York City begins to reopen and real estate showings are a thing again, we are excited to share that our weekly Open Houses Guide is set to resume after the Holiday weekend on July 9th. Have an open house you’ve been waiting to show? Email us with the details and will share our very favorite.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Guide to Buying a Fixer-Upper Home

Homeowners come in many different shapes and sizes, each with their own expectations for their dream house, apartment, or condo. While most homeowners just want somewhere new or in livable condition, others want to go the extra mile and renovate a broken-down property. These properties are called fixer-uppers, and anyone eager to work on one knows the cost and labor needed to get the jobs done well. Even still, this guide to buying a fixer-upper home will help any homebuyer know the fundamentals of cheaper houses.

Compare the Renovation Costs and Home Costs

Before you make any final purchases, you should compare the total renovation costs and the cost of the home. For some, a fixer-upper in which the renovation costs are too steep is not worth the investment. If that’s the case, you may want to bargain the total home cost down, given all the work needed to fix it. You should also have a contractor inspect the home, so they can estimate the work costs. Don’t forget to price out supplies, materials, and other expenses either.

Prioritize Projects

Once you’ve decided on a property, you can prioritize the projects. Naturally, remodeling a room should take precedent over a new paint job or minor repair. Even still, be sure you know how to engage each renovation project appropriately. Consider the steps you need to take before starting any kitchen or bathroom remodel, such as lighting, flooring, fixtures, and appliances. These are major investments and require the appropriate attention. Smaller projects, like painting or landscaping, may not require as much attention, depending on their intensity.

Conduct Frequent Inspections

Granted, when buying a fixer-upper, it’s imperative to check for any major structural issues. However, you should also check for mold, pests, septic issues, lead-based paint, asbestos, or other problems. Of course, with a fixer-upper, there will be things to fix. That still doesn’t mean you’re trapped into purchasing an unsanitary or hazardous building. If those issues don’t bother you, negotiate with the seller to lower the price or pay for all necessary repairs. If they do bother you, find somewhere else.

When in Doubt, Call a Professional

Most of this guide to buying a fixer-upper home is meant for you to take charge of the renovations. Even so, sometimes you’ll need a professional’s expertise. The HVAC system, water heater, gas, electricity, and plumbing may all be out of your knowledge and skillsets. That’s okay. You cannot be an expert in everything, and professional servicemen will convert any broken-down structure into your dream property.

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Take A Look At This Carnegie Hill Home For $2,400,000

Catherine Doolan

A new listing has just popped up on Park Avenue in the Carnegie Hill area in New York City. This 2 bedroom, 3 bath apartment has breathtaking views of the city and amazing architecture that allows for natural light. Located at Apartment 5D at 1070 Park Avenue, the apartment is listed at $2,400,000.

The apartment is in an ideal New York City location, which is near Central Park and attractions like The Metropolitan and  the Guggenheim museums. Care to shop? You will find exclusive retail on nearby Madison Avenue as well a few grocery stores to choose from. The apartment is close to subway and bus stations making for easy access to public transportation.

High ceilings at about 9’4” give this apartment character by making it feel spacious. The living room has a wood burning fireplace to make cold winter nights just a little bit warmer, and the views allow for year-round New York City ambiance. The apartment has two bedrooms. The main bedroom has an en-suite bathroom and a large walk-in closet. The second bedroom has views of the northern part of the city and is newly carpeted with Berber carpeting.

The apartment has a large dining room to enjoy meals in, but it can also be transformed into a room of the owners choice such as a library or office. The kitchen has white cabinetry, a washer/dryer, a wine refrigerator and multiple appliances to fit your needs.

The building itself is home to many amenities including a fitness center, private storage, laundry, and an outdoor basketball court. There is a full time doorman and concierge to help with anything that you need. The building is also pet-friendly.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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The Growing Interest From Homeowners Within NYC to Sell Properties Via Auction

Caroline Fiske

In the midst of the coronavirus pandemic, NYC residents are now looking at selling their properties via auction. Concierge Auctions, in particular, is a popular way for these NYC residents to sell their properties online. Before the coronavirus happened, the NYC auctions have been slow but now this business is better than ever. Due to quarantine and being stuck in a small space in an apartment, suburbs are now the place to be for quarantine.

1 Fifth Avenue, Residence 10D

Some of the condominiums that are currently being auctioned next month are at 330 East 38th Street (The Corinthian) Residence 52K and at 1 Fifth Avenue, Residence 10D. The 330 East 38th Street condominium was originally priced at $1.7 million and the 1 Fifth Avenue condominium was originally priced at $3.2 million.

Today’s marketplace is a whole different ball game. Properties are now taking a much longer time to sell especially if the space is a small New York City apartment. For example, I live in the suburban town of Fairfield, Connecticut. The vast majority of the houses in my hometown are two or three-floor houses with plenty of space to function in during quarantine. The home demographic of Fairfield is especially attracting New York City residents including my new across the street neighbors. A husband and wife and their young daughter who were originally from New York City just moved on my street because they wanted to get out of the city. They love the spacious backyard, the not so crowded street, the friendly neighbors, and the optimal living space that a suburb has to offer.

In 2019 before the pandemic hit, the top New York City property sales were more than 1,2000 days on the market according to the Global Auction Leader of Concierge Auctions.

That statistic was shown during Concierge Auctions’ 4th annual “Luxury Homes Index,” a national report that investigates the top 10 highest priced properties in the year 2019. At least 50 popular United States markets tracked the overall health of their luxury homes as well.      30 East 38th Street (The Corinthian) Residence 52K.

30 East 38th Street

The bidding for these beautiful properties such as the 330 East 38th Street condominium, the 1 Fifth Avenue condominium and many more will be from this June 26th to June 30th at Concierge Auctions’ online marketplace. You can visit their website and start bidding at www.concierge auctions.com.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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The Real Estate Community Talks COVID-19

Jessica N. Todmann

Pamela Roman

The city as we knew it completely shut down on Sunday, March 22nd. In response to the rising concerns over COVID-19, Governor Cuomo announced to the public his "New York State on PAUSE" executive order. Statewide, all non-essential businesses closed their doors and gatherings of any size, regardless of the reason, were prohibited. The flags had been raised but there was still no clarity as to how severe the coronavirus outbreak was becoming or continuing to evolve. “I legitimately thought that this thing would blow over and it wouldn’t affect me whatsoever” said Jennifer*, a rental agent based in NYC. Unfortunately, this thing didn’t blow over and with it came a jarring sense of uncertainty. Especially for those working within the real estate industry. 

For Pamela Roman, the New Jersey based Managing Broker at a corporate relocation company, she had an early awareness of the pandemic’s growing magnitude. “Because we deal with global relocation, we were really interested in following the impact it would have because travel was obviously going to be an issue from other countries” she stated. The relocation industry held strong throughout 2019, and for 2020 roughly four out of ten organizations expected an increase in the volume of relocated employees, with the budget to support it. But similar to New York, stay at home orders were issued in the month of March for New Jersey and any new business from their international network became uncertain. “I think the first two weeks in March was when we were realizing that it was going to impact us severely.” 

Brown Harris Stevens’ top producing team of Nada Rizk and Joanne Greene states “COVID has changed the way that buyers shop for an apartment and offered a new perspective on due diligence. Once a welcomed offset to monthly common charges, buyers need to thoroughly examine the status of a building’s retail client and have a clear understanding of if and how a shortfall could be passed on to the shareholders. Renovation policies should also be reviewed, even the smallest project could be pushed out for months and be subject to new fees.”

Philip (Phil) Saint Denis Sanchez

Philip (Phil) Saint Denis Sanchez, a NYC based commercial and residential realtor, was able to “really pinpoint the moment” he realized COVID-19’s severity on both a professional and personal level. He had plans to head to Central America on March 13th, yet spent the week leading up to the trip contemplating whether or not to go. However, once he heard the WHO declared COVID-19 as a pandemic his plans changed. Right after hearing the news, he reached out to an ex who had been living in Tuscany. “This is no joke” he recalls her saying, imploring him to take the unfolding health crisis seriously. He ended up canceling his trip. When it came to real estate, for Phil it was “pretty immediately apparent that this was going to have major ramifications on New York City real estate and global real estate”. 

Deirdre Virvo

Indeed, major ramifications were also obvious for Deirdre Virvo of lower Fairfield county: “I guess this really hit home for me right around March 5th, when we found out the kids were going to be homeschooled.” As a real estate investor, landlord, short sale negotiator and house flipper, having multiple real estate businesses came with a varying set of challenges. “We were all at a standstill because we didn’t know if this was going to cause a crash or a crisis and if we were going to see prices go down or not” she mentioned. As a flipper, she didn’t want to buy a house that might end up going down in value while she was working on it. 

Once April came around, Jennifer* was now facing a series of hard truths, “this is not going to blow over, I’m not going to be making money for a while, my main source of income (which comes from the rental market) is going to diminish and I need a backup plan for the next six months to a year”. Aside from rentals, she also had three pending residential sales transactions. They all fell through in March due to fears surrounding the coronavirus. About a month into the stay at home orders being in effect for Connecticut, Deirdre resumed her search for properties to invest in. However, while the normal response rate to her marketing strategies were 1.5%, this time around it was zero. Phil could see that the world would never be as safe as it once was, “I’m not going to be able to run around in the city showing apartments.” The livelihood of these real estate professionals had entered a near state of suspension, with no clear sight into how things would recover. 

While a core of the business within Pamela’s brokerage firm was from abroad, she and her team had to switch gears and turn their efforts towards domestic clients. “I feel bad, a lot of our agents relied on that income, that’s been their niche and they needed to adjust their style of business” she stated, “they have to become more traditional real estate agents now.” Although she understood the fear of the pandemic from a personal perspective, she was intent on remaining positive for the greater good and giving her agents the tools they needed to succeed in a newer environment. Her brokerage recently joined Zillow Premier Agent, and the program allows the organization to advertise their services on Zillow’s website. As of June 15th, New Jersey entered phase 2 of reopenings which now allows for open houses with a maximum of 10 people at a time; face masks and keeping six feet apart are still required. “Never in the history of anything has there been one thing that's affected your health, financial security and being able to see your loved ones all at once” said Pamela. How strikingly true.

Phil already had his ear to the pavement and an inkling that New York City real estate was poised for a change. “Multifamily was already tough for investment because of the 2019 laws” he stated, “and I felt as though this was going to make it even moreso.” A recent survey from PropertyShark showed that 12% of respondents felt multifamilies would be the most affected sector of commercial real estate and despite the jump in first quarter earnings as compared to 2019, the impact of COVID-19 may show more apparent as we cycle through the months. He also sees transformation on the horizon for retail property, one which makes sense, as people continue working from home and social distancing. Phil thinks a vacancy tax may end up being passed, a move that he states is “long overdue”. “In the past landlords have just sat on retail spaces forever,” he states, “my hope is that we use this as an opportunity to restructure a little bit….there needs to be some kind of equalizing mechanism that allows people to negotiate rents that are sustainable.”

Another business venture Deidre had underway was the opening of a residential assisted living facility. “That has been a big wrench, a major expense…I had put so much money into this but have nobody living there.” Although furniture for the property has been on backorder for months, she still anticipates the location opening on July 1st. With her rental tenants, Deidre had been very proactive in working with those that couldn’t pay due to COVID-19 related obstacles. She even went so far as to offer one tenant a job on her construction team and accepted deferred rental payments from another who was unable to reenter the US due to travel restrictions. When New York shut down, a flood of construction workers seeped into Connecticut looking for employment, where construction related work was still deemed essential. Although she was able to continue working on projects, it came at an unknown price that left her with guilt. “I hired a crew to come over from Westchester so that they could work,” she stated, “cause they couldn’t work in New York”. Unfortunately, throughout March and April she found that a number of her workers were falling ill with COVID-19.

“At the end of the day, you need to do what’s in the best interest of your clients” Jennifer* said. “I had to put on gloves, take videos (of the property) for them, I had to open doors then walk away and let them go into the building so there was no contact.” 

It’s clear that this group won’t be deterred by this pandemic and are opting to work through it, no matter how difficult it may be. They’re adapting to change and, after all, that’s what you need to do to survive- especially from a business standpoint. These real estate professionals are ready to rethink and revamp their approaches to the industry. “I’m positive about the future, but it’s going to a long haul” Pamela mentioned, “this will separate the men from the boys, so to speak.”

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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The Only Remaining "Great Estate" of Private Residency in Lenox Hits The Market

Now more than ever, we can all use a bit of escapism. No era is more fun to daydream about than the Gilded Age and the roaring 1920s. In Newport and the Hamptons, there were grand Gatsby-esque parties, wealth, and the mega-mansions of the Carnegies, Vanderbilts, and Morgans. In the stunning mountains of the Berkshires, there was all the elegance and grandeur with an added feeling of escape and serenity. The property 101 Yokun Ave. Lenox MA is listed for $5,900,000.

Photography Credit: Gross and Daley Photography

The Berkshires attracted the aristocrats and financiers from Boston and New York City, who built great estates and sprawling summer camps. Originally built for the U.S. Ambassador to Denmark, the home was later owned by Kate Winthrop, the daughter of Moses Taylor, one of the founders of Citibank and among the wealthiest men in NYC in the 19th century. The current owners, Jamie and Ethan Berg, have meticulously restored the estate, now known as Ethelwynde, to its original elegance and prestige.

The spectacular Winthrop Estate, known as Ethelwynde, is an exquisitely renovated compound with over 31 acres of gardens, walking trails, and hideaways. The 11,700+ sq ft residence was built in 1927 with impressive architectural details throughout. The rooms are gracious and open, harking back to the ‘20s, but also perfectly suited to today’s lifestyle. Some of the home’s beautiful features include a grand living room with double exposures overlooking the Great Lawn and terraces, a luscious library with Purpleheart paneling, a dining room purposely placed in the heart of the house, a three-exposure conservatory and so much more.

The estate also includes a midcentury guest house. The 1,800 square feet midcentury guest house has 2 bedrooms, 2 baths and is on a private 1.3 acre parcel with separate drive.

Robin Kencel at Compass is the Listing Agent

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Apartment Complexes Are Embracing Gardens As Amenities

If you're apartment hunting, you may have noticed a trend blossoming in recent years. In addition to the usual amenities, such as gyms and pools, gardens have risen in popularity. This shift follows gardening's rise in popularity over the past few years, with 35% of Americans growing their own food. 

While you might not be explicitly hunting for a place with perfect growing potential, choosing a space with a garden could benefit your quality of life in your new home.

There are many different kinds of gardens and ways to use them. Figuring out how to fit apartment gardening into your lifestyle will allow you to learn about the world around you, practice self-care and get to know your neighbors. 

Digging Into Community Gardens

If you're not familiar with gardening practices, community gardens are a great place to learn and hone your skills. One of the beautiful things about a community project is that a lot of the space, plants and supplies are already there and available to use. When you get involved, you have the opportunity to see how experienced gardeners work, which may help you tend to your own plants.

In city environments, gardening — working with dirt and growing things with your own two hands — can give you the healthy touch of nature you need. If you can't take a walk in the park or get out of the hustle and bustle every day, you can spend time with your plants and work hard to take care of them. It's rewarding, healthy and fun.

New York has had community gardens cropping up throughout the boroughs. In Harlem, for example, GrowNYC helped develop Luigi’s Garden, a small community space where neighbors and groups can both grow food sustainably and host events. When searching for a property in the city, keep an eye out for community gardens that can help you get involved, learn new skills and make connections with neighbors.

2. Variety and Creativity in Garden Design

The type of garden you find in your apartment complex will probably depend on the space available. In urban areas, many buildings have to get creative. 

For instance, they may have raised gardens that sit in above-ground planters. These containers can be anywhere, including rooftops, decks, balconies or on grass or concrete. They also eliminate many of the problems associated with typical grow operations, as they require no digging and prevent weed growth. 

In New York, green space isn’t always easy to come by. However, you can also find apartments and properties in the metro area with both shared and private outdoor terraces and gardens. In Queens, for example, the Kew Gardens neighborhood is well-known for its greenery. Hampton Court capitalizes on this reputation with a complex that offers close proximity to parks as well as its own flower-filled courtyards, giving residents a true country feeling in an urban environment.

Gardens as Community Spaces

In this day in age, it can be difficult to get to know your neighbors. People are often more isolated than ever, especially in large city environments. Gardens can act as meeting ground and social space for people to spend time together and get to know one another. 

Community gardens are also beautiful spaces to spend time in. If you're looking to meet friends or build healthy, social relationships with the people in your neighborhood, finding an apartment complex that offers a gardening space could be ideal.

The Belgravia, located in the Upper East Side, offers a unique community space for condominium residents with a Japanese courtyard garden. This stylized amenity allows residents to gather in a natural space within their own building, where they can form community ties or simply take a quick break in the middle of a busy day. 

Going Green

It's no secret that gardening is beneficial for the environment. If you're growing native plants and using rainwater, participating in your community garden is an excellent way to give back to the earth. You can also go a step further and start a compost pile, tossing in items like newspaper, cardboard, food scraps, weeds and grass clippings. Once the compost breaks down, you can use it as a natural fertilizer for your plants.

Growing food allows you to lead a greener lifestyle. When you take the initiative to raise even one of your own vegetables, you're eliminating transportation materials, fossil fuel emissions and time spent on grocery store shelves. Gardening also reduces food waste, as it provides you with fresh produce and allows you to give fruits and veggies to your friends and family. 

Start Looking for an Apartment With a Garden

In an increasingly modern world, knowing that your home prioritizes a strong connection to the earth and your neighbors can be comforting and motivating. If you choose to move somewhere with a garden, try your hand at growing something! It could lead to an abundance of fulfilling connections. 

Holly Welles is a real estate blogger covering design, finance and market trends for apartment dwellers. You can find more of her work on her blog, The Estate Update.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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111 West 57th Street Has A Selling Spree Post Shut Down

Hero Credit - Hayes Davidson

111 West 57th Street has announced it has sold two $30 million residences since the Governor’s shut down order took place. While the real estate market is experiencing challenges due to the pandemic, 111 West 57th Street is proving to be an outlier.

Residence 70 was purchased for around the list price of $30.5 million by an international buyer who viewed the apartment and signed a contract in less than 30 days. Residence 64 was purchased for around $30 million by a local buyer who before the shutdown viewed the home and signed a contract after the Governor’s order took place.

Both residences are located within 111 West 57th Street's 1,428-foot tower, the second tallest residential building in the Western Hemisphere. The development includes the historic landmarked Steinway Hall building which recently began closings and is comprised of a limited collection of 14 unique homes. JDS Development Group, Property Markets Group and Spruce Capital Partners are the developers of 111 West 57th Street, which features architecture by SHoP Architects and interior architecture by Studio Sofield.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Listing With The Best Natural Light

Staying in? Aren’t we all. Windows invite more than just aesthetic and beauty into our homes. Large windows allow for more open exposure to natural light, which often assists in increasing our moods, energy levels, and even sleeping patterns. Adopting a more positive mood because of your body's adaptation to its natural sleeping patterns.  These new listings have beautiful high-rise windows spanning from the living spaces to the bathroom- inviting happier moods and beautiful views.

These new listings are found at the 'second tallest residential building in the Western Hemisphere'. Designed by SHoP Architects and including interior architecture by Studio Sofield, this building is in Steinway Hall - historic for their original design by Warren and Wetmore the architects behind the construction of New York landmark Grand Central Station. Mixing classic and contemporary, these are a part of Studio Sofield’s limited collection of light-filled, pre-war residences in one of Midtown’s most beloved landmarks.

Residence 16N: $8,750,000

Ceilings and windows as high as the sky, the ceiling height can go as high as 20 feet in some spaces within 16N. Equipped with 2 bedrooms and 2 and a half bathrooms, the entrance foyer features a white macauba stone floor and an exquisite powder room finished in jewel onyx. The floors are custom smoke gray solid oak floors throughout with a parquet pattern in the living room. On particularly beautiful days, spend some time on the terrace you can enter from the kitchen.

Residence 17S: $17,995,000

This two-floor duplex comes equipped with 4 bedrooms and 5.5 bathrooms. The dramatic entrance foyer comes with open windows in the 23ft ceiling space. For formal entertaining, the dining room features two west-facing windows with bright, open views over 57th Street. The oversized kitchen with a breakfast room is perfect for informal dining and has two large windows offering northern exposures. The kitchen includes a countertop and backsplash in Cristallo Gold quartzite and top-of-the-line appliances.

635 West 42nd Street, #24F

Also located in Midtown West, this Hell's Kitchen residence faces all directions with floor to ceiling windows that provide an abundance of natural light. In case you want to enjoy the beautiful weather outside, the apartment building has a roof deck overlooking the entire skyline. The Atelier building is a luxury 45 story modern condo building, with 24-hour concierge/valet, a fitness center, landscaped terraces and a sundeck. The apartment includes beautiful oak floors in this 2 bedroom and 2 bathroom space, listed at $1,625,000.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Our Favorite Listing:NBA Superstar Carmelo Anthony Lists His Full-Floor NYC Condo for $12.85M

Our favorite listing this week is 508 West 24th Street, Unit 5th Floor, home to NBA Player Carmelo Anthony. The ten-time NBA All-Star, has listed his New York City condo. The home is the largest unit in the Cary Tamarkin designed building at 508 W 24th that overlooks the High Line and is walking distance from world-class shopping and prominent art galleries. 

The fifth-floor home is 4,556 square feet - the largest unit in the building - and is easily accessible through a private elevator. The home offers five bedrooms and four bathrooms, 10-foot ceilings, and rift and quartered white oak floors throughout.

“The full-floor loft is an art collector's dream with ample wall space and an ideal location next to the Highline,” said Kevin Mallen of The Michael Graves Team, Compass. 

The unit is also ideal for quiet living and entertaining. The living quarters are separate from the two large entertainment rooms and dining areas. The residence features desirable 360-degree-views and includes a private balcony that overlooks the Highline. 

The condo is being listed as Carmelo is in the market for another residence in the New York area. The perennial all-star recently began the next chapter of his storied career, signing a new contract with the Portland Trailblazers.

Kevin Mallan of Compass is the listing agent.

2026 Update: This Listing Has Since Sold

This full-floor condo at 508 West 24th Street has since sold; Carmelo Anthony’s Chelsea unit was reported among Manhattan’s notable closed sales by CityRealty. The listing details below reflect the original $12.85 million asking price and features at the time this article was published.

FAQ: Carmelo Anthony’s Chelsea Condo

Q: Is Carmelo Anthony’s Chelsea condo still for sale?

A: No. The unit at 508 West 24th Street has since sold; it was included among CityRealty’s notable Manhattan closed sales.

Q: Where was Carmelo Anthony’s condo located?

A: The full-floor unit was located at 508 West 24th Street in West Chelsea, in a building designed by Cary Tamarkin that overlooks the High Line.

Q: How large was the condo?

A: The fifth-floor home was 4,556 square feet, the largest unit in the building, with five bedrooms and four bathrooms.

Q: Who was the listing agent for the property?

A: Kevin Mallan of Compass was the listing agent when the condo was on the market.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

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Ways to Make Your Rental Property More Profitable

Investing in rental properties is one of the best ways to make some passive income and even, potentially, primary income. Of course, there’s always a catch. You have to be willing to put in some work to maintain the property and make the home attractive. Additionally, you’ll work with your tenants, which sometimes can be harder than the physical work of bringing the property back to life. We understand the challenges, but we also know you’re in this for profit. If you’d like to learn some ways to make your rental property more profitable, we encourage you to read our guide below.

Maintain a professional relationship with your tenants

Put yourself in your tenant’s shoes and try to relate to their concerns. If you’re difficult to work with, or a tenant has to wait weeks to get something fixed on their home, they’re never going to stay. A profitable rental property is all about retention; after all, having the same tenant for five years is better than having a different tenant each year. To retain good tenants, be someone you’d want to work with. Fix problems in a timely manner and relate to your tenants. They’ll be more inclined to stay and pay more down the road if they have a great landlord.

Work out deals with other services

Many renters choose to rent because they don’t want to maintain the home or yard. If you’re new to being a landlord, you’re probably doing a lot of the work yourself. On the other hand, if you’ve been a landlord for a while, it may be in your best interest to make a deal with a local landscaper. For instance, if your landscaper charges $50 per month, you could charge the tenant $60 per month; that way you’re making something out of the deal.

Consider offering unique amenities

With rent prices being so competitive, you really need something––or some things––to make your property stand out. Each location is different, so it's important to consider what people in your city want. For instance, someone in Colorado might want a community-shared garden, while someone in New York City would love to have a parking spot. Use your location to your advantage and offer something unique that people in your area want.

Install quality items that last

When maintaining or developing a rental property, far too many landlords make the mistake of using whatever is cheapest. By doing that, you’re not only devaluing your property, but you’re asking for future repairs that will only cost you more. Instead, you should focus on making your rental durable and low-maintenance by installing quality items. That includes quality floors, paint, light fixtures, and more. You’re only costing yourself more by using cheap items; plus, your tenants will feel like their landlord doesn’t value the property. Prove them wrong.

Investing in rental properties and being a landlord is no easy feat. On top of your own home, you’re responsible for someone else's and answering calls at pretty much all hours. However, with these ways to make your rental property more profitable, you could earn some serious income.