Making money as a landlord in Trophy Club is about more than just acquiring rent checks. For most rental property owners, the major point to long-term success is to implement a variety of small but important strategies created to improve rental property income without raising your tenants’ rent. Keep reading to figure out ways to boost your rental revenue – none of which require upping the rental rate.
Reduce Monthly Expenses
One of the important things you can do to increase rental property income is to examine your monthly expenses for opportunities to reduce costs on your rental property. If you haven’t looked for landlord insurance rates in the last year, it’s time to look around and see if you can acquire a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a reliable Trophy Club property management company. It may sound like a paradox, but collaborating with a property management company can help lower your maintenance and repair costs. This is because regular, comprehensive property maintenance can typically cut the cost and number of emergency repairs. Aside from that, well-connected brands like Real Property Management Meridian have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already approve your tenants to keep a pet on the property, you might want to amend your policy to authorize a “pet rent.” While this will increase the total cost your tenant pays each month; pet lovers are usually willing to do so if it means being able to keep their treasured animal on the property. Some 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 a spare garage, RV space, or shed, think about renting them out separately. A lot of individuals are searching for secure storage space close to home. On the other side, huge storage unit complexes typically charge far more than many people wish to pay and may even require long-term contracts. If you can rent your unused storage areas for a little cheaper than the going rate, that means extra money in your pocket each month.
Some property owners have started offering extra services and upgrades to busy tenants. As many people are working more than ever, anything you can do to make their life easier – for a fee, of course – may be welcome. You could offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals begin outsourcing these services, they may jump at the chance to get the services they necessitate through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also include certain furnishings in your rental homes for an additional expense. 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 an ideal rental home. If you’ve been wondering how to reach a new renter demographic and boost rental property income, furnishing your rental property could be the answer.
Are you searching for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 817-678-8787. Our property management authorities 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.