2020 is here and if you’re like most owners, you’re looking for ways to get more ROI from your investment property.
The good news is that it’s possible to get a better return on your investment especially if you follow these tips.
Tip #1 – Add Revenue Streams
One of the best ways to get more ROI from your rental property is to add more revenue streams. This is the easiest thing to do because there are a wide variety of things that you may not be currently offering that your tenants would be interested in having.
Some of the top revenue streams that you could add include:
- Coin-operated laundry
- Vending machines
- Cleaning service
Add more than one revenue stream that will keep your tenants happy and also increase your property’s return on asset value as well.
Besides adding revenue streams, you should also be more diligent about collecting late fees as well since they can have a significant impact on the profitability of your business.
Tip #2 – Keep Your Word Regarding Repairs and Improvements
Another way that you can increase the ROI from your investment property is to keep your word regarding repairs and improvements. This tip is really important because tenants want to know that their landlord is going to fulfill their promises regarding when they will be improving their rental properties and you will keep loyal tenants if you keep your word by making repairs or improvements when you say you’re going to.
Tip #3 – Get Proactive About Marketing Your Properties
From the moment that your tenant submits their 30-day notice, you should begin placing ads to market that unit, or rental property online. Don’t wait 30 days until they have moved out to start marketing the property, get started with marketing it immediately and you will be able to reduce turnover by having a new tenant lined up as soon as your old tenant moves out.
Contact RPM Central Valley
For more property management tips, or to learn more about the services that we can offer you, contact us today by calling (209) 572-2222 or click here to connect with us online.