Many entrepreneurs have gotten involved with real estate, and for good reason. Renting out property serves as a steady, passive monthly income. With most Americans choosing to rent instead of buy, the rental market is competitive, allowing property owners to charger higher rates and garner more profits than ever before. If you’re looking to maximize your rental property profits.
Get Your Property Professionally Cleaned
If you want to charge higher rates, you’ll need to attract high-quality tenants, and the first thing they’ll notice is the cleanliness of a space. It’s worth it to invest in professional cleaning services to come scrub the place from top to bottom. This is true of any property, whether you’re looking for new tenants after the end of a lease, or you’re renting out a new property for the very first time. This scrubbing should be thorough—that is to say, more than vacuuming and wiping down the kitchen counter. Hire a great cleaning service that’ll clean out the showers, toilets, kitchens, cupboards, and every nook and cranny found in the property.
Always Place the Perfect Tenant
When facing vacancy, it’s understandable to want to place someone as quickly as possible. Jumping the gun, however, can be a death sentence to your rental business, or at least a real profit killer. As mentioned, the rental market is competitive, meaning you’ll have your pick of the litter when it comes to choosing a prospective tenant. Take advantage of this competition and schedule all showings for the same day. You’d be amazed at how applicants react; as humans, when we see someone else wanting something, we seem to have a propensity to want the same thing. It’s human nature, and you can definitely use it to your advantage.
Take your time and make an informed decision. Always screen extensively; these days, checking a credit score simply isn’t enough. Use a company like MySmartMove to get the most comprehensive information on each applicant. You’ll receive access to not only their credit, but also find out if they’ve ever been evicted before and will be notified if they’ve been convicted of a crime. Placing a good tenant means securing more permanent profits.
Up the Ante on Curb Appeal
You can make all the changes you want to the interior of a home, but if the exterior isn’t appealing, you’ll have a hard time drawing in prospective tenants. Take some time to spruce up your rental property’s curb appeal. If you’re renting out a home with a yard, pay for landscaping services to improve the look and increase the value of your real estate. Even the addition of a single mature tree in front of a home can add thousands of dollars to your overall value, so it’s beneficial for both attracting tenants and your investment itself. Check out BigTreesToday to find a great mature tree for your rental property and improve your profits immediately with just one investment.
The Draw of New Appliances
One of the most enticing draws for prospective tenants is new appliances. If you can afford to invest in energy efficient appliances for even just the kitchen alone, you’ll do yourself a great favor when it comes to attracting applicants—and being able to charger higher rent prices. Energy efficient appliances will also save you over the long run, and with landlords and property owners constantly looking for ways to decrease expenditures, this should definitely be at the top of your consideration list.
Be Professional from the Beginning
A lot of how your tenants act is based on how they perceive their landlord. Making a good impression on prospective candidates means treating your rental property as a business. That means showing up in suit and tie, acting respectfully and courteously, and being communicative. You’ll want your tenants to take you seriously, and first impressions can be hard to shake. The more professional you are from the beginning, the less likely your tenants are to attempt to take advantage of the situation, whether that be through late or unpaid rent, or other common landlord-ing catastrophes.