Making money as a landlord in Scott County is about more than simply collecting rent. For many property owners, the key to long-term success is utilizing a range of fewer but imperative strategies designed to increase rental property income without raising the rent. There are many ways to increase your Scott County rental property income, which may not result in you asking your current tenants for more money. By employing some of these strategies, you can maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the primary measures to increase rental property income is to analyze your monthly rental expenses for ways to reduce costs. If you’ve not compared landlord insurance rates in the last year, doing so can make sure you maintain a good policy for a low price. Another strategy to reduce your monthly expenses is to hire a good property management company. It may sound like a paradox, but hiring a property management company actually helps you highly reduce your maintenance and repair costs. This is due to regular, comprehensive property maintenance often reduces the cost and number of emergency repairs. Besides, well-connected brands such as Real Property Management Viking have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you do not already allow your tenants to keep a pet on the property, consider changing your policy. While asking for a “pet rent” will increase the total amount your tenant pays each month, pet lovers are usually prepared to do so if it means being able to keep their beloved animal on the property. Many property owners also charge an extra cleaning fee to accommodate additional costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an unused garage, RV space, or shed, consider renting them individually. A lot of individuals are searching for secure storage space close to home. However, large storage unit complexes frequently cost a lot more than several persons want to pay and may even require long-term contracts, as well. If you can rent your unused storage areas for slightly less than the going rate, that implies extra income in your pocket every month.
Offer Upgrades
Several property owners have initiated offering additional services and upgrades to busy tenants. Since most people are working more than ever, anything you can do to make their lives efficient – for an additional charge, of course – will be welcome. Some of the services you could offer your tenants include internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As several people start outsourcing these services, they may jump at the chance to have the services they need from their landlord or property manager.
Furnish Your Rental
If you have the resources, you can also offer selected furnishings in your Scott County rental homes for an added cost. Furnished rentals normally rent rather 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.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 612-442-8850. Our property management professionals can help ensure 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.
