Making money as a landlord in Bella Vista is about more than just receiving rent checks. The key to long-term success is implementing a range of small but important strategies designed to boost rental property income without raising your tenants’ rent for several rental property owners. Keep reading to discover ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the initial actions you need to take to increase rental property income is to evaluate 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, it’s time to look around and check if you can acquire a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a reputable Bella Vista property management company. It may sound like a paradox, but acquiring a property management company can help decrease your maintenance and repair costs. This is because regular, comprehensive property maintenance often greatly reduces the cost and number of emergency repairs. What’s more, well-connected brands like Real Property Management First Choice 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, consider altering your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are commonly eager to do so if it means being able to keep their adored animal on the property. Numerous property owners also request 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 unoccupied garage, RV space, or shed, consider renting them out separately. Many consumers are hunting for secure storage space close to home. Unfortunately, large storage unit complexes frequently charge far more than many people can afford 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 revenue in your pocket each month.
Offer Upgrades
Many property owners have decided to provide additional services and upgrades to busy tenants. Because numerous individuals are working more than ever, anything you can do to make their life easier – for an extra payment, 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 begin to outsource these services, they may jump at the chance to get the services they seek through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also offer selected furnishings in your rental homes for an added cost. Furnished rentals typically rent for more than unfurnished ones. It also allows 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 way to reach a new renter demographic and increase rental property income, simply furnishing your rental property may be the way to go.
Do you want to improve your rental’s monthly cash flows? Contact us today either online or by calling 479-242-0791. Our property management specialists can assist you in ensuring that you maximize your property’s potential for the highest possible monthly income.
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