There are countless ways you can maximize your profits from your rental properties. Have you thought of them all? Chances are, Own It Detroit has a few more suggestions up our sleeve that can help you put more money in your pocket! Let's get creative and find a few more ways that you can increase your revenue stream from your rental properties!
- Do as much as you personally can - If you have the luxury of living near your rental properties, try and do as much managing and maintenance as you can. When you manage your own property you can save at least 10% that you would normally hand out to another manager. Additionally, by doing small maintenance, you are saving an incredible amount of money in labor. Don't try and tackle things that you feel are out of your capability, but a quick Google search on how to tend to areas of a home can usually be accomplished yourself.
- Fill your homes - Vacant homes are nothing but a hinder on your pocketbook. While this is one of the most challenging problems for any real estate professional, it is a much easier task than in years past. Try and show your property as often as possible, and screen applicants before showing the home. Rather than hiring a property manager, try and complete this process yourself. Can't seem to find enough applicants? Consider lowering the price on your rental property. You'll still come out ahead by not paying a property manager to do this for you.
- Charge for pets - Most tenants tend to come with a furry friend or two. Adding a pet fee to your roster of costs can help increase your revenue. Almost every apartment complex and other rental properties have a pet deposit fee of at least $25.
- Get your license - If you have a history of providing great tenants with great rental properties, consider getting your real estate license. Chances are, those tenants will eventually be looking to purchase a house, and who better to show them their dream property, but you?! Make sure to advertise this option and keep in good standing with your tenants, in order to maximize your income from this area.
There are dozens of more ways that you can add value to your profits. Here is a quick list of a few more areas that may work for you!
- Charge fees to fill out an application
- Start adding fees for extra occupants
- Incorporate fees for lease termination
- Offer more amenities such as a television or a vending machine
When it comes to making money in real estate, the possibilities are endless! Get creative and start charging for your hard work, because if you don't, someone else will!