If you’re in search of ways to increase your rental income – without increasing the rent – there are lots of innovative options. If you’re not capably using these strategies for earning extra income on your rental property each month, you may be losing money. Creative thinking and learning what renters want could help you greatly boost your monthly cash flows and leave a bit of extra in profits at the end of each month. Here are some useful pointers to get you properly started.
Partner with an Insurance Company
If you require renter’s insurance—and Alpharetta property managers should undoubtedly require their tenants to get renter’s insurance—you may choose to start partnering with a local insurance provider to provide your tenants with a policy. Not only will offering a policy help protect your tenants and their belongings, but certainly it may indeed impart them peace of mind and contribute greater value to their rental experience.
Offer Storage Space
Majority of renters are actually looking for storage options for a bike, extra furniture, or seasonal items. If you have an unused shed, garage, or other property, take into consideration granting 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 incorporate mowing the lawn, trimming hedges and trees, and planting flowers or seasonal adornments. Not only will this add value to the property, but, on top of that, it may furthermore save your tenants time and stress in fulfilling it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is endowing to provide air filters and have them delivered directly to the rental property consistently. This adds convenience for your tenants and helps maintain the HVAC system and whole property cleanliness – successfully keeping away from considerable (and more uneconomical) repair cases.
Offer a Media Package
Most renters wish 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 acquire a monthly fee for the service. This added convenience will actually be worth it to plenty of renters – and may even help tenant retention in the long turn.
There are multiple creative ways to increase your rental income without increasing the rent drastically! By doing one or more of these approaches, you can grant value-added services that will help positively boost your monthly cash flows. Always remember that your options may vary based on your location and the type of property you own – so make sure to do your due diligence first. By thinking out of the norm and considering your renters’ needs, you can begin maximizing your profits today!
Real Property Management Vitality is ready to work with you to bring about a passive income and achieve financial freedom through real estate investments in Alpharetta and the surrounding area. Our experts can extend brilliant and profitable advice on property management and real estate investment matters. Contact us online or call us at 470-870-6652.
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.
