Useful Tips On How To Make Your Rental Property More Profitable

Apartment

These days there are many things people can invest in, from jewelry and cryptocurrencies to stocks and shares. Property is another major way to make money.

If you’re a landlord, it’s important to understand the strategies that will make your rental property more profitable. Whilst there is no one-size-fits-all method for landlords, this article will provide you with some helpful tips to help you make more money.

Employ A Property Management Company

If your properties and tenants are well looked after, you will find it easier to keep them and you can potentially charge higher rents. The reverse is also true: poorly maintained properties and inferior customer service create a high turnover of tenants and bring down rental values. In reality, it is more than a full-time job being a landlord. You can provide a better service if you hire a specialist company to manage your properties.

Las Vegas is a highly popular city in the state of Nevada, United States. Landlords frequently look for a Las Vegas property management company to help them with their leasing, background checks, and monthly rent collections. Assistance can also be provided for such issues as pets, keys, locks, financial reporting, and property maintenance. In turn, the landlords have their time freed up to make additional property investments and business decisions.

Maintain The Property Well

First impressions are important when potential tenants come for viewings. Make sure everything is working properly and regularly check the property exterior for signs of leaks or wear and tear. If possible, replace all doors and windows with UPVC versions. In turn, they will make the residences more energy efficient.

Each time a tenant moves out, check to see if anything needs upgrading or replacing. Even a fresh coat of paint can make a world of difference.

Maintain The Grounds Adequately

Ensure that you have well-maintained landscaping and consider having a childs’ play area to attract new families. You could also add an outdoor seating area to create a homely atmosphere, and put up Christmas lights during December to make it feel more festive.

Rather than viewing such things as expenses, it’s better to view them as investments in the ongoing success of your rental business.

Advertise Fully

When rooms become available, you could contact rental websites like Airbnb or HomeAway and post the information so that people from outside your city will be able to find out. Alternatively, you can put up flyers around town. If there are any events going on in nearby areas, be sure to include this as a sales point for potential renters.

Also make use of social media sites such as Facebook when posting ads online, as it’s a great way to target your potential customers and reach a wider audience.

Be Helpful To People

Give potential tenants the opportunity to rent for shorter periods of time so they can try out the house before committing to a lease.  Offer flexible payment methods such as paying by card or cash, instead of always requiring cheques. 

Keep any shared areas such as bathrooms fully stocked with common items that renters will need, including toilet paper, soap, and cleaning supplies.

Handle Maintenance Issues Quickly

Put in place a system for tenants to report these. It could be anything from an online form to a dedicated helpline number.

Be sure to deal with all requests promptly and courteously. If there will be a delay, let the tenants know how long this will be so they don’t just think you’ve forgotten.

Make Safety A Priority

Your tenants will want to feel safe and secure at all times. Make sure all windows have locks If possible, invest in security cameras and have a plan in place for emergencies.

If anything is potentially dangerous, address it immediately and take the necessary action. 

Make The Apartments Neighborhood Friendly

Potential renters will want to know they’re living in a nice location. As a result, you should be mindful of the noise levels in the neighborhood. Don’t let tenants make too much noise during specific hours (e.g., 10 pm – 7 am) when people are sleeping.

If there is an issue with noise, talk it over with the people concerned and give them options before taking any action. The tenancy agreement will need to include your policies on noise and misbehavior.

When a property is correctly maintained and its occupants are being well looked after, the stage will be set for your continued success. Your reputation as a landlord will bring more business your way as a result. 

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.