Making money as a landlord in Ogden is about more than merely collecting rent checks. For many rental property owners, the key to long-term success is utilizing lesser but effective strategies designed to increase rental property income without raising your tenants’ rent. There are a few surprising opportunities that you can use for your Ogden rental property, not all of which require asking your current tenants for more money. By using any of these strategies, it is achievable to maximize your cash flows on every rental property you own.
Reduce Monthly Expenses
One of the ideal approaches to increase rental property income is to analyze your monthly rental expenses for stuff where you could reduce costs. If you haven’t shopped landlord insurance rates in the last year, it’s important to take a peek and check if you can get a good policy for a reasonable price. Another selection to significantly reduce your monthly expenses is to engage with a good property management company. It might seem like a paradox, but hiring a property management company can support you to reduce your maintenance and repair costs. This is because regular, comprehensive property maintenance often significantly reduces the cost and number of emergency repairs. Plus, well-connected brands such as Real Property Management Northern Utah have beneficial relationships with home service providers that also help keep costs down.
Charge Pet Rent
If you don’t already allow your tenants to keep a pet on the property, you should update your policy to allow for a “pet rent.” Although this will increase the total amount your tenant pays every month, pet lovers are also eager to do so if it means being able to keep their beloved animal on the property. Various property owners also require an extra cleaning fee to cover supplementary costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an unused garage, RV space, or shed, consider renting them out one by one. Tons of consumers are finding secure storage space close to home. But huge storage unit complexes always cost much higher than numerous individuals want to pay and may even require long-term contracts, too. If you can rent your unused storage areas for slightly less than the going rate, that implies extra income in your pocket once a month.
Offer Upgrades
Numerous property owners have started offering additional services and upgrades to busy tenants. Since a lot of people are working more than ever, whatever you offer to them to make their life comfortable –of course at an added charge – is welcome. You can supply some services to your tenants, including internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more individuals begin outsourcing these services, they may jump at the chance to use the services they need through their landlord or property manager.
Furnish Your Rental
If you have the assets, you can also deliver selected furnishings to your Ogden rental homes for an added cost. Furnished rentals frequently rent rather than unfurnished ones. It also allows you to rent to corporate and cross-country tenants, who pay well for a good quality rental home. If you’re attempting to discover a method to achieve a new renter demographic and increase rental property income, simply furnishing your rental property may be the best place to go.
Are you looking for more ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 801-546-1770. Our property management professionals can help ensure that you maximize your property’s potential for the highest possible monthly income.
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