Here are five simple ways to help you increase profits at your investment properties: 1.
Increase The Rent Raising the rent on your investment properties is an obvious way to increase profits.
Rent increases keep your property priced within market value, help you stay on top of expenses and give you the means to reach profitable rates on your properties.
The easiest way to present approachable rent increases is to build regular rent increases into your lease agreement.
By including a small annual rent increase into your lease agreements, your renters will be prepared for the raise in living expenses and budget accordingly.
Allow Pets It’s been well established that a great many renters have pets, but pet-friendly housing can be hard to find.
Investors have the opportunity to capitalize on this need for pet-friendly housing by allowing pets, with clearly established rules and an increased rent amount.
Consider charging a monthly pet rent if your tenant chooses to have a pet on the property, which will be easy additional income for your property.
Investors have to be extra diligent about maintenance since they are not always at the property making sure routine tasks get taken care of.
If your renters calls with a maintenance emergency, you know that when you call your preferred vendor, you will be getting the right service at a price you are prepared to pay.