We’d all like to do more to maximize the profits of our rental properties. But the best way to do so? Take your business seriously, and follow these tips.
Increase Your Rent a Bit
Yes, we all want to fill our properties quickly, which is why many of us prefer to go with a lower rent in order to ensure that the vacancy is always filled. However, you could be missing out on money when you do this, so you may want to increase your rent ever so slightly. You don’t want to out-price yourself either, which is why you need to know how much others around you are charging.
Know Your Tax Breaks
Hiring someone to help you find any and every tax break available to you is going to be extremely important to your ability to maximize your profits. These individuals will know what you can and can’t claim—like repair and maintenance costs for instance—and will be able to make sure you get everything you can out of your rentals. Also, if you choose to install solar panels, you’ll get more tax incentives for going green.
Sell Ads to Businesses
Local businesses may be willing to pay extra if you hang a banner ad on one of your property’s walls or on a fence. These ads can actually bring in hundreds of extra dollars, especially if you’re willing to cater to the needs of the business.
Rent Out Storage Space
People are always looking for safe, easy storage space, and if you have extra, you may want to consider renting it out. You can also do this with non-tenants and make a little more. This is an example of how you can make money on the things you’ve never even thought about.
Use Renter Tools
Many online tools make renting a property a much easier job, allowing you to become more efficient with your time. For example, why ask your residents to come into the office and pay their rent when there are plenty of online tools that will allow them to do it efficiently and without needing to take up your time?
Minimize Your Turnover
The longer your residents stay in your property, the less expensive it will be for you. Therefore, it is in your best interest to minimize the turnover of your existing tenants by making sure they enjoy where they live. Keep your tenants, and your bank account will thank you.
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