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Rental Income

7 ways to improve your Rental Income

As a matter of fact, it is well known that all landlords have one common need which is looking for ways to better their rental income. As much as everyone wants to achieve this, the secret lies in developing a long-lasting, healthy and friendly relationship with your tenants. Quality tenants are friendly and responsible enough to take care of the property well. However, retaining good tenants back to back is not easy. If you are looking for ways to better your rental income here are some effective strategies you can adopt to increase your cash flow as well as better your chances of finding the perfect renters.

Some practical ways to consider:

1. Focus on long term tenants

Long term tenants can help in generating higher revenues continuously and hence as a landlord you would want to focus here. Every year the rents are liable to increase and with long term tenants, you can enjoy the hike without the chaos of searching back to back tenants. Also, the secret to long term relationships with renters is all about  developing friendly terms, two way communication with them as well as ensuring amenities that help them have a comfortable stay. This will also help ensure that your present tenants have only positive feedback to provide about you and your property

2. Accurate pricing

For tenants, accurate pricing is one of the most important aspects they seek when looking for a rental property. If you have set accurate pricing for your rental house then you will be able to better your rental income easily. Researching, and checking the market prices, inflation prices and other costs that tenants bear can help you to fix accurate pricing. It’s also important to set pricing based on your rental location, house size, amenities provided, rules and regulations etc. Also leaving some space for negotiations may also help you in making sure your rental house is always rented out

3. Pet-friendly rental houses can help too

This might be difficult or impossible for a renter to leave behind their pets as soon as they shift to a new rental house and to help tenants with this, you can opt to make your house pet friendly by letting them in. This would require setting up an effective set of rules and regulations which the renters with the pets need to follow. However, once executed properly this policy can help you fetch back to back tenants. Tenants, on the other hand, are ready to follow even vigours rules to ensure they can stay with their pets, hence giving this a try wouldn’t prove to be a futile thing for you

4. Market your property well

Whether you are marketing your property online or offline, make sure you are right on the track. Marketing is essential and you can take the help of social media, paid online ads, an offline referral system or even hire a property management company to do it on your behalf. With HD pictures, tenants may feel drawn toward your property or may call to enquire more about it. Mentioning the specifications of the property may also help in developing interest in them. Hence make sure to create a robust marketing plan as this can surely help you to better your revenues

5. Know the house insurance expenses

Setting realistic goals about returns from your property is a great option to know how much you will earn. If you have a property located in an area which is prone to floods, storms or any other natural disaster then a huge part of your rental income would go into insurance. Setting high rates of rent in such areas will only help you to make income in the short term. So, before you decide to rent your property, make sure to consider these factors. If the maintenance or insurance is too high then it’s best to invest your property for any other purpose other than renting out

6. Create a friendly landlord image

If you’re good at handling and managing your tenants chances are high that tenants will feel drawn to your property. Feedbacks and referrals help in spreading the word and if a landlord is known in the neighbourhood as a friendly person then it increases the chances of getting your house rented out frequently. Tenants pitch the landlords themselves and hence the work of searching for the tenants also gets simplified. It’s best to be friendly and thoughtful to your renters as this will help you in reaping the good benefits directly and indirectly as well

7. Renovation helps too

A well kept and maintained house attracts tenants the most. Renovating the house may seem like a cost at first, but in the long run, it will only help you to get more rental income by increasing the footfall of tenants. Whitewashing, fixing any broken areas or repairing water pipes, electric sockets, kitchen appliances etc can help in maintaining the house properly. Regular inspection of the house can help you jot down the areas that need attention and repair. So, don’t forget to give this method a try for higher revenues from your property

These tips can surely help you in bettering your rental income. Give all these points a definite try but don’t forget to customize them according to your needs and preferences.  To simplify the landlording work you should also opt for a property management company as this will help to ease all the tedious work and ensure regular profits. You may also opt for ORO PropTech, one of the best property management companies in Bangalore that manages your rental and tenants at cost-effective prices.