If you’re inquiring about ways to increase your rental income – without drastically raising the rent – there are a lot of innovative and practical options. Indeed, if you’re not proactively using these strategies for earning extra income on your rental property each month, you may be losing money. Inventiveness and assimilating what renters want could help you boost your monthly cash flows and leave a little something extra in profits at the end of each month. Here are various suggestions proven to be helpful to get you easily started.
Partner with an Insurance Company
If you require renter’s insurance—and Columbia property managers should require their tenants to get renter’s insurance—you may opt to try partnering with a local insurance provider to provide your tenants with a policy. Not only will bestowing a policy help protect your tenants and their belongings, but really it may equally grant them peace of mind and attach significant value to their rental experience.
Offer Storage Space
A lot of renters very much need storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, take into account lending it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can easily offer to maintain it for an added fee. This could comprise mowing the lawn, trimming hedges and trees, and planting flowers or seasonal trimmings. Not only will this greatly add value to the property, but in fact it may likewise save your tenants time and stress from doing it themselves.
Air Filters Direct Delivery
Another effective value-added option for your tenants is offering to provide air filters and have them delivered directly to the rental property on a regular basis. This adds convenience for your tenants and helps easily maintain the HVAC system and general property cleanliness – effectively eliminating large-scale (and more pricey) repair problems.
Offer a Media Package
Numerous renters desire to avoid the hassle or cost of setting up cable or internet. Offer to bundle these options for your tenants at a discounted rate and easily pick up a monthly fee for the service. This added convenience will definitely be worth it to most renters – and may even help tenant retention over time.
There are numerous creative ways to increase your rental income without increasing the rent! By implementing one or more of these ways, you can extend value-added services that will help significantly boost your monthly cash flows. Bear in mind that your options may vary according to your location and the type of property you own – so make sure to do your research first. By thinking out of the box and considering your renters’ needs, you can kick off increasing your profits today!
Real Property Management Seasons is ready to work with you in creating a passive income and getting financial freedom through real estate investments in Columbia and the surrounding area. Our experts can bestow profitable and beneficial advice on property management and real estate investment matters. Contact us online or call us at 615-333-6858.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
