Making money as a landlord in Findlay is about more than just getting rent checks. Several rental property owners believe that adopting a range of small but important strategies meant to enhance rental property income without raising your tenants’ rent is the key to long-term success. Keep reading to know how to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the first steps you need to perform to increase rental property income is to examine your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t browsed for landlord insurance rates in the last year, this is the chance to look around and see if you can locate a good policy for a lower price. Another option to help you reduce your monthly expenses is to recruit a professional Findlay property management company. It may sound like a paradox, but recruiting a property management company can help lower your maintenance and repair costs. This is because regular, comprehensive property maintenance often considerably minimizes the cost and number of emergency repairs. Also, well-connected brands like Real Property Management Clarity Team have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already support your tenants to keep a pet on the property, consider amending your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are typically eager to do so if it means being able to keep their beloved animal on the property. Several property owners also ask for 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 unneeded garage, RV space, or shed, think about renting them out separately. Many persons are searching for secure storage space close to home. However, huge storage unit complexes often charge much more than many people want to spend and may even require long-term contracts. If you can rent your unused storage areas for slightly less than the going rate, you will have extra income in your pocket each month.
Offer Upgrades
Multiple property owners have begun to provide additional services and upgrades to busy tenants. Because many people are working more than ever, anything you can do to make their life easier – for an extra cost, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people start 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 may also charge a fee for specific furnishings in your rental homes. Furnished rentals generally rent for more than unfurnished ones. It also enables you to rent to corporate and cross-country tenants who pay well for a good quality rental home. If you have been looking for a means to reach a new renter demographic and raise rental property income, simply furnishing your rental property may be the way to go.
Are you looking for more ideas to improve your rental’s monthly cash flows? Contact us today either online or by calling 567-200-2320. Our property management experts can help guarantee 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.
