Competition constantly rises between rental businesses in cities and in rural areas, forcing landlords to quickly adapt within a fast changing market. Here are ten steps to stay up-to-date and make your rental business more profitable.
#1 Research the Rent Price around Your Neighborhood: It’s important to regularly update your rental price. After you add new renovations such as fixtures, kitchen cabinets and cable service, you need to increase your rent to make a profit. However, the rental price has to match the market price in order to be fair to your tenants – especially the ones who have been living in your rental property for multiple years.
#2 Require a Screening for All Applicants: A great way to sort the good renters from the bad is to host individual property showings, as it will provide time to get to know the applicants before they sign a contract. You should also make it a requirement for potential tenants to fill out a rental application that includes the information needed for you to verify their income. It’s a good idea to contact a potential tenant’s prior landlord to learn about previous behavior, and perform a resident credit check and a criminal background check.
#3 Keep Your Rental Property in Good Condition with Preventative Maintenance: To keep your rental property appealing to customers, you need to keep the place in top shape. To do so, consider hiring a thorough maintenance team that will upkeep the property proactively. This will help increase the value of your property in the end, and prevent any costly surprises.
#4 Implement a Written Rental Agreement: Having a written rental agreement will prevent protect against disputes in the future. A detailed list of the responsibilities between the tenant and the landlord will make sure both parties are on the same page.
#5 Late Rent Policies Need to be Enforced: Be respectful, but make sure your tenants are aware that you’re running a business. Kindly remind them about the terms and conditions in the signed contract, and the need to abide by said leasing agreements. Make your expectations clear in the beginning so there is no confusion later down the road.
#6 Amenities, Amenities, and Amenities: Yes, it will cost money upfront, but it will pay off in the end. You need to stand out from your surrounding competition by adding amenities your neighbors don’t have—a pool, a gym, a washer/dryer unit, etc. If you put your money into amenities, your tenants will spread the word, making your business flourish above competitors.
#7 Upgrade to the 21st Century: No one wants to pay by check anymore. The digital age has arrived and tenants want to be able to pay their rent online. Take the time to set up a new, easy-to-use website and a system that allows for online payments. This will make paying rent easy for your tenants and for yourself.
#8 Offer a Free Month of Rent: Provide an incentive that cannot be refused such as one or two months of free rent if your tenant agrees to sign a fourteen-month lease. Be sure to research the deals and offerings from competing rental businesses to make your property more appealing.
#9 Hire Trustworthy Employees: Hire employees to help run your property and keep things operating smoothly. A friendly front desk employee can save you time and phone calls by helping your tenants with any issues or problems. Hire a property manager or landlord to see over the finer details of your property. Also,if your schedule is busy, consider hiring a real estate agent or tour guide to help sell a unit to potential tenants. Security guards will make your property feel safer, and are a good idea for multi-unit complexes, but remember that lifeguards are a must if you have a pool.
#10 Add Revenue Streams onto Your Property: You can add a convenience store to your rental property to increase your income, as well. You’ll see a profit if your tenants need to do some last minute shopping and can purchase from their convenience store instead of traveling down to a local CVS or grocery store.
Competition is strong in the rental businesses. Landlords need to be aware of competitive threats, and do a thorough job researching the market. But remember to take small steps, and not to make too many changes at once.Monitor your progress and perform tweaks when necessary. Follow these steps and you will inch closer to your goal of a more profitable rental business.
21 Responses
I didn’t have some expectations regarding that name, but then the longer I was amazed.
The writer did a excellent job. I spent a couple of minutes
studying and assessing the truth. Everything is clear
and understandable.
Hi there, I discoered your wweb site bby the use off Goole at the samee time as searchkng for a relatged
matter, ypur sitge ggot hee up, itt seems good.
I’ve bookmarked it iin myy google bookmarks.
Hello there, simply cchanged intoo aler tto youyr weblog throough Google, and locared thaat it’s truly informative.
I’m goingg to bee carecul for brussels. I ill appreciate iif you happe
to continue this in future. Many other folks can bbe beenefited
fro your writing. Cheers!
Justt wwant to say you ardticle iis as surprising.
The clearnmess oon your putt upp iis simpoly great
and i can think you’re an epert onn this subject. Well along with yor permission alloww me
to cluych your feed too sray upp too ate wityh impending post.
Thankks a million and pleae kkeep up thhe grafifying work.
This was a fantastic read! Thanks for providing such clear information.
I beliebe everything pubished waas verry reasonable.
But, what about this? suppose youu added a littlke content?
I ain’t suggestkng your inormation isn’t good., however wuat if yoou added a headine tat
makes people want more? I mean 10 Ways tto Maake Your Renttal Business Profitable iin 2018 – Financial Nerrd is
kionda boring. Yoou should peeek at Yahoo’s frnt page
andd seee how tbey create post hedadlines to ggrab peoplle
too click. You mightt addd a video or a ppic or twwo to
gett peopole interested about everything’ve written. In mmy
opinion, iit might maske yor websitte a litte bit more interesting.
Thiis poat is truly a fastidioous onee iit hdlps new webb viewers,
wwho arre wishing iin favor oof blogging.
Hello to every one, it’s truuly a plerasant for mme
to visit this site, iit incluhdes useful Information.
An intriguing discussiin is worth comment. I doo believve that
you oufht to publiswh more onn thuis issue,
iit might not be a taboo subject but typically
peopple don’t discuss such issues. To the next!
Many thanks!!
Having read thios I thought itt was ratther informative. I appreciate youu spending some time aand ffort too
putt thhis article together. I once again fin myself spending a lot of time both reading and commenting.
But sso what, iit was stjll worthwhile!
Cann I simply saay what a comfort too discover someone that really understands whatt they are tqlking about on the net.
You actually unmderstand hoow to bring a prolem too light and make iit important.
Moore people need tto check this oout and undersrand thiis sie off the story.
I was surprised youu aren’t molre popular beccause youu certainly have
the gift.
Thiis article wilkl help the iternet users ffor seyting up neww webpage oor even a blog from start too end.
Hi there! Thiss blkog ppost could nnot bbe written much better!
Looking throughh this article reminds me off mmy previous
roommate! He alway kkept preaching about this.
I’ll send this post to him. Fairly certain he’ll have a
very good read. Thanks for sharing!
Youu should bee a pqrt of a cintest ffor oone of thee greatest bogs oon thee
web. I wil rcommend his blog!
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.
Hello, i feel that i noticed you isited myy weeb sjte so i came tto go back the prefer?.I’m attempting
tto too find things to improve myy website!I guesxs its adequate tto make
use off some oof your ideas!!
Pretty! Thiis was an ncredibly wonderful article.
Thasnk you forr supplying this info.
Yoou need too takme part inn a coontest for onee oof thhe finest blogs oon thhe internet.
I mkst certainly will highlpy recommend thbis site!
Thanks ffor sharing yoour thouggts about 33349. Regards
Right here iss the right sige for anybody who wqnts
to finbd out about tis topic. You knlw soo muych iits almost tough too argue
wigh yyou (not that I actually would want to…HaHa). You definitely put a new spin onn a opic thaqt has beeen wriutten bout
ffor many years. Excellent stuff, jst excellent!
After going over a ffew of the bllog articles
onn your weeb site, I truly like your technique off blogging.
I addeed it to my bookmark webbpage list andd will bee
cheking bac soon. Takke a loook att my wweb site aas well
aand twll me how you feel.
Hi there, I discovered yokur blog vvia Google even aas looking
for a simillar subject, ypur weebsite came up, it appears good.
I’ve bookmared iit inn mmy gooogle bookmarks.
Hllo there, sikply become alert tto yoir blog via Google, annd located that
it iss trujly informative. I amm goinjg too bee carreful for
brussels. I’ll bbe grateful in thee event you continue this
iin future. A lot oof fooks will likey bee benefifed from your writing.
Cheers!