Once you purchase a property with the intention that it will give you good returns, you need to make sure it pays you to the fullest.
In case of rental properties, you want to earn more but don’t want to be the rude landlord that increases rent every few months.
Below are some of the ethical and effective ways to improve the returned income on your rental property:
Hire a Good Property Manager:
Managing a property, especially multiple properties at the same time can be very time consuming and confusing if you don’t have experience.
It may be hard to find a competitive and experienced property manager but it isn’t impossible. Paying someone to deal with your headaches can release a lot of stress from your life.
An experienced individual in this field will guide you better about how you can make improvement in your relationships with the tenant.
If you are owning one or two rental properties, managing them might not be a tedious task. You don’t have to spend extra money on a property manager because that would only complicate your relationship with the tenant.
Keep your communication direct and simple with the tenant if you have ample time on your hands. However, only aim for self-management if you have experience in real estate dealings.
Increase/Decrease the Rent:
Increasing rent after a certain period becomes a necessity. Because if you don’t, the tenant might think of you as someone who is very lenient in that aspect.
There are landlords that haven’t increased the rent on their properties for years. You must always keep your rent at the market rate if not above.
Research for market rates and keep the rent increases affordable for the tenant. Refrain from mentioning unrealistic figures when you advertise for your rental property.
Upgrade your property:
Renting out a property does not mean that its affiliation with you has ended. You still have to keep the emotional attachment alive and keep upgrading it after intervals.
Keeping a check on the flooring, paint and ceiling condition are some of the common observations you can do before applying necessary fixes and improvements.
An up to date and well-furnished property will attract more tenants.