Normally, when we put together a piece about rental properties we are writing from the prospective of the consumer: How to avoid being scammed, tips to negotiate a lower rent, how to keep your landlord happy, etc. Rarely (if ever) have we put ourselves in the landlord’s shoes – until now.
Below we’ve shared a few tips to help you make more money on your rental home, courtesy of the folks at BiggerPockets for Money Magazine. Enjoy!
- Decrease Vacancy: The best way to minimize vacancies it to locate a long-term tenant to avoid the hassle of turnover. If a tenant must move, keep turnaround time to a minimum by posting ads the minute you learn your tenant is leaving. Also, remember that every property in every area has solid demand at a price so if your vacancy rates are always high, reconsider your price point.
- Minimize Turnover: To minimize turnover, you should try to find quality tenants that take care of your property and pay consistently. If you can find them, make sure you do what you can to keep them. Although price is important to tenant retention, another key is customer service. Always treat your tenants with respect and professionalism, value their concerns, and deal with matters urgently and to their satisfaction. Also, feel free to solicit feedback from your tenants by sending them a postcard that lets them know their opinions are important to you.
- Increase Rent Strategically: Don’t be afraid to raise rents on longer-term tenants. Know the rents in the area by checking sites such as Zillow and Rentometer. You may find that you have some wiggle room to increase your revenue while staying competitive in the market. To increase rents, you can often use one of two tactics: One, tell them the increased rent offsets new costs such as rising HOA fees which covers the amenities (i.e. pool, clubhouse, gated parking lot) they enjoy. Two, make sure increases coincide with an upgrade to the rental such as new paint, new appliances, etc. so the tenant feels like they are getting something out of the deal.
- Be Diligent on Late Fees: Don’t be a pushover when it comes to late fees. Make sure your tenants understand this is a business, they have signed a contract, and that’s it’s your job to complete the transaction.
- Add Revenue Streams: For a multi-family unit, consider a coin-operated laundry or vending machine. In single-family homes, offer extra house cleaning and landscaping services. The tenants may be happy to pay extra to avoid responsibilities that would have had to take on otherwise.
Cincinnati, OH Apartment Rentals
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