If you are a Buy & Hold investor, you probably want to know how to increase the rent and the return from your rentals.
Leasing faster, and to higher quality tenants will definitely increase your return. Renting for a higher price and increasing the rent upon renewal will as well. And so will preventing maintenance problems before they come up, as well as increasing tenant retention. But the question I usually get is how do we achieve all of these ends?
Here are 13 of the best ways you could increase the rent and value of your rental property:
1. Improve the appearance of the front of the property for curb appeal
2. Quality Advertising with high quality pictures
3. Make sure the unit is well lit and smells good for showings
4. Don't just show the property and let the tenant walk through....sell it to them
5. Don't start your rent too low
6. Screen, screen, screen and then screen more. Bad tenants always eat your cashflow
7. Always raise rent upon lease renewal
8. Charge more for month to month rentals
9. Allow for pets and charge pet rent
10. Be on top of regular and preventative maintenance
11. Maintain contact with tenants in other ways like newsletters and social media
12. Charge for amenities and perks
13. Increase renewals with a resident program
The more you can raise the rents, lower costs, and increase retention, the better your bottom line will be. Good management can save bad investments, and bad management can kill good ones.
Be proactive in increasing your rental returns and Happy Investing!
*reposted from David Monteith Newsletter