If you are not seeing as much profit as you expected from your rentals, there are some things you can do. You may not become a mogul with a large real estate company like Taylor Equities – but you never know!
Even simple changes like painting the walls and replacing doorknobs, light fixtures and cabinet pulls can add some value to your rental property. Some renovations that can significantly boost value include new sinks, floors, windows, skylights and carpets. Real estate professionals like Steven Taylor Taylor Equities can tell you how much each specific renovation might affect the amount of rent you can collect.
Include Extra Amenities
Find out if there is fiber internet available in your area. This can entice renters as fiber internet is usually low-cost and fast. Check with cable and internet companies in your area to see if they pay landlords a bonus when their renters register for their services.
Renters are willing to agree to higher rent for reserved parking spots. They will also pay substantially more for apartment buildings that include a laundry room or, even better, a washer and dryer in each unit.
Allow Pets With Raised Rent and Deposit
It can be difficult for renters to find a home that will allow them to bring their pets. You can ask for a deposit upfront to cover damages, and you can collect extra monthly rent as well. Pets can sometimes damage the property, but it is more likely that the extra rent will produce revenue.
Have Tenants Pay for Utilities
Including utilities in the monthly rent can be attractive to renters but it can cause your earnings to dwindle. Many tenants will be considerate about how much water, gas and electricity they use but some will take advantage of you if they do not have to pay extra for utilities. Tenants who are able to pay for their own utilities may also be more likely to pay their rent on time.