Making money as a landlord in Tillmans Corner is about more than simply accumulating rent checks. For some rental property owners, the way to long-term success is by utilizing a range of small but important strategies intended to improve rental property income without raising your tenants’ rent. Keep reading to figure out strategies to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the main things you have to do to increase rental property income is to analyze your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t searched for landlord insurance rates in the last year, now is the right time to look around and check whether you can find a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a decent Tillmans Corner property management company. It may sound like a paradox, but recruiting a property management company can assist with lessening your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly diminishes the cost and number of emergency repairs. Additionally, well-connected brands like Real Property Management Azalea City have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, start changing your policy to consider “pet rent.” While this will increase the total expense your tenant pays each month, pet lovers are often prepared to do so if it means being able to keep their beloved animal on the property. Some property owners also demand a cleaning fee to cover additional costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an unutilized garage, RV space, or shed, consider renting them out separately. Many people are looking for secure storage space close to home. Nevertheless, huge storage unit complexes usually charge much more than many people want to pay and may even require long-term contracts. If you can rent your unused storage areas for slightly less than the going rate, that implies extra profits in your pocket each month.
Some property owners have begun offering extra services and upgrades to busy tenants. Since several people are working more than ever, anything you can do to make their life easier – for an extra expense, of course – may be welcome. You could offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals begin outsourcing these services, they may jump at the chance to get the assistance they want through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also require payment for certain furnishings in your rental homes. Furnished rentals often rent for more than unfurnished ones. It also permits you to rent to corporate and cross-country tenants who pay well for a top-quality rental home. If you have been searching for a method to reach a new renter demographic and enhance rental property income, simply furnishing your rental property might be the best approach.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 251-345-6224. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.