By RPM Central Valley
Owning rental property is a great way to build wealth and also create passive income that you can use for your retirement but the big question is how do you increase the income from your rental property?
In this article we will provide you with easy tips you can use to increase your rental property income and get more ROI from your rental in 2018.
Have Your Rental Property Professionally Cleaned
Before listing your Rental Property for sale it’s important to have it professionally clean since prospective tenants will be searching for a rental property that’s clean and looks like nobody has lived there before.
Invite Everyone to See Your Rental on the Same Day and Time
One of the great things about owning a Rental Property is that you can create demand for your rental just like you would with any other product by inviting potential renters to show up on the same day and time to view your rental.
When renters start seeing that there are potentially other people interested in the same property this will create a demand and cause prospective tenants to fill out their renal applications sooner, get their deposits ready and be prepared to show a serious interest in the rental property.
Paint the Front Door TO Your Rental Property
Last of all, but most important things you can do to increase your rental property income is to paint the front door to your rental property.
This will create a positive first impression in the minds of potential tenants when they see that your property is fresh and inviting.
Target Your Ideal Tenant
Getting the perfect tenants for your property is a triple financial bonus; you’ll be able to set a higher rent and if they’re suitable they are less likely to leave, saving you costs associated with vacant units and tenant turnover.
Find out what your ideal tenant is likely to want, in terms of fixtures and fittings and décor, and give it to them.
This sounds simple but just make sure you do you research first: if your best tenant is a professional twenty-something then they’re likely to want different facilities and interior design than retirees or a family with young children.
Location is key too. Someone renting a luxury apartment in Los Angeles is quite likely to have different needs, expectations and tastes from someone renting a modest family home in Philadelphia.
Be realistic about how attractive your apartment is to potential tenants. Unless the neighborhood is rapidly improving, a rental property in a low-income area is unlikely to attract affluent tenants, no matter how well it’s decorated.
Get Central Valley Property Management Here
For professional property management in the Central Valley contact RPM Central Valley at (800) 535-7381 or CLICK HERE to connect with us online.