The Most Overlooked Ways To Boost The Profits Of Your Rental Property

One of the easiest ways to boost the profits of a rental property first and foremost is to retain good paying, long staying tenants. A year without a month of vacancy is the optimum goal for the year. How can a property manager entice a good tenant to stay forever? What is the most overlooked way to boost the cash flow or your rental property? Easily, by being an owner/property manager that visits the property often. Not just a drive by once a week, or pulling in the drive and mowing the lawn occasionally, but by actually observing the property on a regular basis.

Stopping in on the unit and performing repairs and maintenance not only builds a positive relationship with the tenants that will increase the length of the stay, but it will also show the tenants that the owner appreciates their business, and wants them to take care of the property in the same manner. Performing preventative maintenance on a regular basis will also allow for problems in the unit’s systems can be headed off early. This will save the cost of expensive repairs and replacements in the long run.

By performing regular visits to the unit/property, issues such as damage being caused by the tenant can be quickly addressed. For example, a pet that is scratching a doorway, a running toilet or dripping faucet can be addressed before major damage is created and save in wasted utilities and added bills for the owner or the tenant. Problems like excessive noise or possibly even crime can be observed and the appropriate measures taken.

While at the property, it is never a poor idea to plan for possible capital spending/investment maintenance. Providing the tenants with off the street parking or covered parking is an amenity that can increase the rent charged. Patios and decks can be a small investment for the property owner, that can also increase the rent.

Over time, these small improvements can quickly pay for themselves, and are not a one-time payoff, this increase in the rent is from that moment forward. Other capital investments to boost the rent charged for the unit are supplying a washer/dryer along with the other appliances in the unit, or redo the bathroom in the unit, replacing the lighting and plumbing fixtures to a more modern look.

Owning a rental property is not a “fix and forget it” type investment venture. It is most profitable when it is grown, developed and improved upon. Look for the most overlooked way to boost the profits of your rental property. It can often be the most obvious things. The seemingly smallest effort like stopping by to change the furnace filters in September, can pay off in many different ways.