If you’re searching for ways to increase your rental income – without increasing the rent – there are numerous advanced options. In reality, if you’re not checking out these strategies for earning extra income on your rental property each month, you may be losing money. Ingenuity and ascertaining what renters want could help you boost your monthly cash flows and leave a few extra in profits at the end of each month. Here are some guides to get you going.
Partner with an Insurance Company
If you require renter’s insurance—and Destin property managers should certainly require their tenants to get renter’s insurance—you may need to try partnering with a local insurance provider to provide your tenants with a policy. Not only will proactively offering a policy help protect your tenants and their belongings, but it may likewise endow them with peace of mind and add more value to their rental experience.
Offer Storage Space
Numerous renters necessitate affordable storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, think of endowing it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can offer to maintain it for an added fee. This could consist of mowing the lawn, trimming hedges and trees, and planting flowers or seasonal ornaments. Not only will this add value to the property, but in fact, it may likewise save your tenants time and stress in accomplishing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is simply offering to provide air filters and have them delivered directly to the rental property frequently. This adds convenience for your tenants and helps maintain the HVAC system and the entire property’s cleanliness – possibly stopping or preventing large-scale(and higher-priced) repair problems.
Offer a Media Package
Plenty of renters like 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 get a monthly fee for the service. This added convenience will surely be worth it to a lot of renters – and may even help tenant retention after some time.
There are plenty of creative ways to increase your rental income without actually raising the rent! By practicing one or more of these methods, you can endow value-added services that will help boost your monthly cash flows. Remember that your options may vary depending on your location and the type of property you own – so make it a point to do your investigation first. By thinking creatively and considering your renters’ needs, you can begin improving your profits today!
Real Property Management Homebase is ready to help you with getting a passive income and having financial freedom through real estate investments in Destin and the surrounding area. Our experts can endow qualified and practical advice on property management and real estate investment matters. Contact us online or call us at 850-806-2263.
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.
