Some people think the only way to do it is to charge more rent for those rental units. The truth is, there are other alternatives. Property finders and managers like you should look into your tenant’s perspective too. After all, most tenants wouldn’t welcome the idea of higher rent just because their landlord’s trying to improve his revenues.
Fortunately, there are ways to bring up rental revenue that sit better with tenants than higher rental fees. For example, you can increase the revenue of your rental property business by just giving the needs of your tenants. Today, you’ll know everything about that!
Steps in Managing Rental Units
You don’t need to acquire additional properties or pay for costly renovations to increase your revenue. You just need to focus on your current rental units and think about how you can get more out of them.
Property finders like you can do that through adding value to your offerings, of course. But you can also do it by reducing “wastage” in your assets, so to speak. We’ll talk in more detail about the ways to do that below. To help you maximize the revenue of your rental property, take a look at these tips.
- Prevent Vacancies in Your Property
You need to prevent vacancies in your property because a vacancy will lower the revenue of your rental business. That’s what I mean by the “wastage” I referred to earlier. Rental units that are unoccupied are rental units that aren’t bringing in money. This is why seasoned property finders and managers get antsy whenever they’re about to have a vacancy in a unit.
One of the best ways to minimize your vacancies is to find long-term tenants to reside in the place. Doing this will prevent you from dealing with frequent turnover. If there’s already a vacancy in your property, consider posting an online advertisement about it.
- Charge a Fee to Tenants with Pets
Today, many tenants prefer staying in rental units that allow them to move in with their pets. That’s why many property finders and managers allow pets in their property — it allows them to attract more tenants.
Aside from that, property managers also allow pets in their property because it can increase their profits. They can charge a fee to tenants with pets. You can increase your revenue by requiring to pay for an extra pent rent, it can be $25 per animal.
- Minimize the Turnover Cost
One of your main responsibilities as a property finders and manager is to keep the rental units in good condition. With that said, it’s necessary for you to only choose tenants who know how to take care of their rented property.
You could restrict certain activities inside a rented property to prevent it from taking excessive damage. To do this, make sure to add terms and clauses in your lease agreement regarding the allowed and prohibited alterations in the rental units.
In addition to that, consider improving your tenant retention to prevent vacancy and turnover. Provide the needs of your tenants so they wouldn’t have to move out of your property.