Once you’ve welcomed a tenant into your rental unit, don’t sit back and congratulate yourself for a job well done. Keep strategizing for smart ways to make more money with your rental property. A little creativity can increase your income, and it all adds up.
Focus on Long-Term Tenants
That’s the dream, right? Lovely, low-maintenance tenants who enjoy competitive cleaning and bake you muffins every Monday. A long-term lease means no vacancy months, no turnover hassles and costs, and no time wasted looking for the next occupant. But finding these tenants isn’t just about luck. There are proactive ways to attract stable renters if you look at it the situation through their eyes. What would make them want to stay in your unit for more than a year?
- Rent that’s a great value.
- Recently remodeled kitchens and bathrooms.
- Conveniences such as in-unit washers and dryers.
- The best landlord in the universe.
Even if you currently have a great tenant who’s planning to move on, you can try to entice them to stay. Talk to them and get feedback about what improvements or details might make your property more irresistible to a renter. It might even be worth it to lower the rent a bit. Even if you do have to find a new tenant, you now have more insight as to how to attract someone of quality.
Revisit Rent Strategy
While lowering the rent can pay off in the long term, you might be in a position to raise the rent, too. Don’t just go by your gut. Find out what your property is worth by crunching the numbers for your area and looking at the competition. If you have tenants that you’re afraid of alienating, package the rent increase with an improvement that ensures they’re getting something out of it too. If you were planning to replace older appliances or upgrade the windows anyway, time it so that it coincides with the small rent increase. Plan to run the numbers at least every year, so you’re not missing out on any extra income.
Offer Some Services
It’s not hard to provide more amenities for your tenants with a little effort. If your tenants are new to the area and don’t know of a good cleaning service, negotiate with a reputable vendor, connect them with your tenants, and collect a contractor fee. Even that small surcharge will add to your revenue stream each month. You can make it easy for them in all kinds of ways by acting as a concierge, recommending services for landscaping, lawn maintenance, pool maintenance, dog-walking, dry-cleaning, and more.
Don’t get too comfortable as a landlord. Challenge yourself to come up with more smart ways to make more money with your rental property. If you’re looking for Longwood, Florida, property management, R. Russell Properties can advise you on how to maximize your profits. Contact us for more information and ideas.
