You shouldn’t be operating your rental properties at a loss. It defeats the whole reason why you worked so hard to purchase your rental properties in the first place. Here are a handful of tips that will increase the profitability of your property and help you make more money:
First impressions are key. You’re not setting yourself up for success if you’re not maintaining the exterior of the property. Always stay on top of lawn care and trimming any bushes or trees. If the front door is damaged, you’ll need to repair it or replace it. Install a new light bulb if the front porch light bulb no longer works. Work on impressing potential tenants from the moment they step foot on the property. It’s always important to make those first few seconds count. No one wants to live in a place that looks like a dump so take the time to enhance the appearance of your property.
Regular deep cleaning
How often are you doing a thorough cleaning of everything from the bathtub to the oven? Consistent deep cleaning will help you stay on top of cleanliness of your property. You’ll be able to reduce mold and mildew growth while helping your tenants stay healthy and happy. It pays off to have a cleaning crew work on your property everytime a tenant moves out. Hiring a cleaning crew will save you time and allow you to focus on your strengths. Don’t ignore carpet cleaning even though it may seem trivial. Professional carpet cleaning will help extend the life of your carpet. You’ll also be able to reduce dust and allergens that can be trapped in your carpet.
When you regularly clean your rental property, you’re able to remove unpleasant odors and protect your investment.
Patch up holes and touch up paint
Holes in walls don’t help you impress potential tenants. The same goes scratched off paint on walls and cabinets. Always invest in repairing holes and touching areas that need fresh paint. It’ll help you create a fresh feel in your rental property.
Over time, your appliances eventually break and stop working as they should. Appliances such as washing machines and refrigerators will eventually have problems. Be prepared to upgrade and replace old appliances. They’re costly but providing working appliances for tenants will give you the opportunity to charge more for rent as time goes by since you’re providing quality appliances. Before new tenants move in, check all appliances to see if they work. You don’t want to disappoint new move-ins when they find out the dishwasher or microwave doesn’t work.
One of the best things you can do as a rental property owner is maintaining constant communication with tenants. Communication is the number one thing you can do to build a healthy relationship with renters. Whether it’s a monthly text or a friendly drop-by with a small gift during the holiday season, always provide opportunities for tenants share with you how they’re doing. It’s important to be aware of life changes your tenants are experiencing such as the birth of a child or a new job. Being aware of such information will help you understand the needs of your tenants. When your renters are happy, you will be happy.
It’s simple. If your rental property is empty, you’re not making any money. You can’t have a profitable property when it’s vacant. Let’s go back to the importance of maintaining communication. When you know what’s going on in the lives of your tenants, you will feel like you were caught off guard when your tenants leave due to a major life change. Constant communication will give you a chance to prepare ahead of time to find new tenants when needed. If you’re having a hard time filling your property, read our blog post on how to find new tenants.
Do you have any more questions about how you can increase the value of your rental property? Feel free to contact us!