Making money as a landlord in Richmond is more than just collecting rent checks. For several rental property owners,the key to long-term success is taking advantage of a range of small but crucial strategies designed to increase rental property income without raising your tenants’ rent. There are several amazing customs that you can use your Richmond rental property, not all of which entail asking your current tenants for more money. With some of these strategies, it is possible to maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the first matters you need to do to increase rental property income is to analyze your monthly rental expenses for places where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s time to take a look around and see if you can find a good policy for a lower price. Another option to help you reduce your monthly expenses is to hire a good property management company. It may sound like a paradox, but hiring a property management company can help you reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Also, well-connected brands like Real Property Management Richmond Metro have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, consider shifting your policy to allow for a “pet rent.” While this will increase the total amount your tenant pays each month, pet lovers are often eager 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 cover 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 out discretely. Many people are looking for secure storage space close to home. But large storage unit complexes typically charge much more than many people 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 means extra income in your pocket each month.
So many property owners have started offering 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 added cost, of course – may 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 more and more people start outsourcing these services, they may jump at the chance to get the services they need through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also offer selected furnishings in your Richmond 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.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 804-417-7005. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
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