March 22 2017
Having one rental property is no more than a part-time income resource but what if you have 20 rental properties to manage? Surely you would seriously consider about taking this as a full-time job. With the help of rental properties, you can generate huge amount of income stream from your tenants, essentially without gouging them. It’s just your skills that you can make use of in order to get the revenue from rental properties enhanced.
With that said, it would be worth mentioning some of the great ways you can enhance revenue from your rental properties.
Try to manage property by yourself
If you have multiple properties to manage and you are considering being a landlord as your full-time job, try to manage the property by yourself. Property managers take 10% of total rent just for providing general support to the tenants. You can certainly do this by yourself.
Maintain your property regularly
Regular property maintenance can save you huge amount of money. The cost of maintenance, when you hire a maintenance company, varied between $50 per hour to $100 per hour. When maintenance tasks are bulked up, you might have to consider serious kinds of expenditures to pull off every project.
Thus, you can save that money by visiting the property regularly and fix every issue as soon as it shows up. Remember, the maintenance tasks, in their initial stages, can be fixed easily with a DIY approach.
Never let the property get vacant
Although, filling rental properties is one of the most difficult tasks for landlords, it has become reasonably easier in the recent years thanks to the technology that helps in marketing. Now, you don’t need to rely only on conventional advertisements. You can put and online ad and that will surely get you some valuable leads in much lesser cost.
There can be days when you might be unable to fill your property after the previous tenants would leave. During the time when your property is vacant, you can put it on show 3 times a week. Displaying your property more frequently is one of the rare ways that can help you fill your property in a matter of days.
The coin-operated laundry
Instead of hiring laundry services for the apartment building you own, you can install coin-operated laundry system. That laundry system may be the big expenditure at first but it is economically beneficial in a lot of ways, and it is certainly better as compared to conventional laundry services in general.
Charge for the pets
While you can certainly implement a rule of ‘no pets’ in your rentals, this practice is only going to scare away the quality tenants. Instead, you can charge a small fee for the pets; for instance, $25 for a pet. It will not only ease it down for the tenants to prefer your property over others, but you will also be able to get extra income.