Making money as a landlord in Marble Falls is about more than simply collecting rent checks. For certain rental property owners, the key to long-term success is to use fewer but relevant strategies designed to increase rental property income without raising your tenants’ rent. There are many interesting opportunities to use for your Marble Falls rental property, not all of which require asking your current tenants for more money. By following any of these strategies, it is possible to maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the best ways 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 essential to take a look around and see if you can have a good policy for a fair price. Another alternative to significantly reduce your monthly expenses is to associate with a good property management company. It might seem 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. Additionally, well-connected brands such as Real Property Management Highland have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you don’t by now allow your tenants to keep a pet on the property, you must amend your policy to allow for a “pet rent.” Though this will increase the total amount your tenant pays every month, pet lovers are also willing to do so if it means being able to keep their beloved animal on the property. Various property owners also demand an extra cleaning fee to support 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 individually. Lots of people are searching for secure storage space close to home. Yet, huge storage unit complexes always charge much higher than many individuals want to spend and may even require long-term contracts, too. If you can rent your unused storage areas for slightly less than the going rate, that means extra income in your pocket each month.
Numerous property owners have begun offering additional services and upgrades to busy tenants. Since a lot of people are working more than ever, whatever you offer to them to make their lives convenient – of course at an extra charge – may be welcome. You can offer some services to your tenants, such as internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. Since more and more consumers begin outsourcing these services, they may jump at the chance to utilize the services they need from their landlord or property manager.
Furnish Your Rental
If you have the means, you can also offer selected furnishings in your Marble Falls rental homes for an added cost. Furnished rentals frequently rent compared to 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’ve been searching for a way to achieve a new renter demographic and increase rental property income, simply furnishing your rental property may be the best place to go.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 830-637-7880. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
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