6 Tips To Maximize Your Rents
If you have an investment property, you’re probably always looking for a way to increase profits and maintain a positive cash flow. Seasoned landlords and Murrietta property management companies have learned some tips and tricks to help landords attract qualified renters and consistently get top dollar for their rental.
Here are the six things you need to be doing to maximize your ROI and increase the rent value of your home:
Focus on Curb Appeal To Increase Rents
The exterior of the house and the yard will be the first thing prospective tenants notice when they see a property for the first time. If they pull up and notice significant work needs to be done to the outside, it needs a new paint job, and the lawn needs work, they will be less likely to pay top rental rates. They see a home that will require their time, resources, and energy to fix and will expect a reduction in the price to make up for this. Before you market your investment property for rent, spend a weekend or two sprucing up the exterior of the home. Clean the roof, paint the front door, plant colorful plants or bushes, update the mailbox, and create a welcoming entranceway. This can go a long way in improving the aesthetics and value of the home.
Invest in Advertising To Maximize Your Rents
Putting a sign in the yard and hoping for the best is not a sound marketing strategy. Settling for minimal advertising also lowers the demand for your home, which usually leads to either extended vacancies or lower rental rates. Take professional photographs and work with a Murrieta property management company (or other property management company in your area) that will take the time to market your property and screen interested tenants. Using a combination of traditional and innovative marketing techniques will increase exposure and increase your chances of finding tenants who are willing to pay the rental price you’re asking for.
Offer Annual Leases Instead of Month To Month
Annual leases are more predictable and manageable and give both the landlord and the tenant a feeling of consistency and security. Tenants who agree to a yearly lease typically take better care of their rental properties because they know they are going to be there for the long term. When you allow month-to-month rentals, you open your property up to a revolving door of tenants. This can lead to more wear and tear on your property, which gets expensive. Traditional leases mean a consistent source of passive income for the landlord and allow both parties to budget accordingly throughout the year.
Allow Pets To Maximize Your Rents
Some landlords are okay with pets and some are not, and this is a personal decision. However, investing in a pet-friendly property creates windows of opportunity to make more money consistently. Allowing pets also increases the number of prospects for your home, which increases demand and, in turn, the price. As a pet-friendly property, you can charge pet-related fees that off-set any damages that a pet may cause to the property. More than half of American families have pets and consider them part of the family. Most aren’t going to move into a rental that doesn’t accept pets, and are ready to pay the fees that come with it.
Stay On Top Of Maintenance Issues
One of the reasons so many California landlords hire a Temecula property management company is to have an extra set of eyes and ears on their property. Preventive maintenance is vital in keeping your property looking its best. Catching small problems before they become big problems helps keep costs down. If tenants notice that the property needs some of the most common rental home repairs, it is unlikely they will agree to pay competitive monthly rental fees. Be proactive and timely about maintenance repairs to keep your property looking its best and maintain it’s value.
Hire A Competent Management Company To Maximize Rents
Another way to ensure you’re getting top dollar for your rental property is to hire a full-service Murrieta property management company to handle all of the details for you. A competent and professional management company will always know the going rent prices in your area and offer their expert opinion about changes you can make to your property to increase the value and increase the rental rates. Just as a CEO would hire an outside recruiter for their business, landlords should consider delegating to an expert in their field.
Get Top Rental Income For Your Investment Property With Benefit National
Benefit National is committed to making sure tenants are happy, safe, and taken care of. We’re also committed to making sure landlords make as much money as possible without having to quit their day jobs to do it. If your rental isn’t making as much as you’d like, maybe it’s time to switch management companies. Contact us today to get started!