We can’t deny the fact that people invest in properties for renting to earn money. Some do it full-time, while some venture into the business for extra income. Whichever the case, they do it to profit. The process is straightforward once they learn the steps in property management. First, acquire a property, then make it habitable. Once they gain tenants, landlord duties will follow.
Most landlords already know all of that. New landlords will get the hang of it eventually. Little by little, they will start to reap from their investments and receive a steady flow of income. However, some landlords fail to realize is they can earn even more. They do not see the other potential money-making ways in their rentals. Fortunately, they will now.
Here are some of the ways landlords can increase their rental income:
Doing the laundry
People may not do it every day, but washing clothes is a chore done at least once a week. Some landlords do not see the possible business in doing the laundry. If they put up a laundry area with machines, they can charge an additional amount to the rent. Having that in the same building will offer convenience as tenants won’t have to go far to have their clothes washed. They would be more than willing to pay extra for it.
Tenant duties
Why not give the tenants responsibilities? In return, the landlord can award them special discounts on their rent. For instance, the renters would have to maintain their yard, take out the trash, or shovel snow. But remember, the lease agreement should include these terms.
If the tenant fails to follow through with the deal, they should pay the original price for rent. The landlord can save money instead of hiring people to do the chores. Aside from that, the tenants will have an active role in taking care of the rental.
Rent out other things
There are areas in a property that people can rent for a price. For instance, tenants can pay additional for parking spaces. Anyone who owns a car knows how difficult it is to look for a parking spot. Having one where they live would ease their burden. It would also guarantee a safe place because they are inside the premises.
Some landlords rent out their gardens to tenants who wish to grow their plants but do not have room in their units. At the same time, they are responsible for taking care of the green space. The renters won’t mind the added expense because it will benefit them.
Split utilities
Most of the time, the rent includes payment for the utility bills. However, having a fixed price might prove inconvenient if the amounts are high. The landlord may not have a lot after paying all of them. One thing they can do is to split them. Tenants can have separate electric meters to determine how much they’re utilizing. With that, they can also pay for their costs.
Pet fees
About 70% of United States households have pets. Do not be surprised if a tenant applicant asks if they are allowed or not. If the landlord agrees to allow animals in the rental, he can ask for a pet fee. The amount will cover any pet-related damages. It’s a win-win for both parties because the property will have protection, and the tenant can have their pet with them.
As a leasing agent, you should get to know about these things too. Who knows? Property managers might learn a thing or two from you. And your job involves being acquainted with the rental you will advertise. Once you post your property listing in Padleads, the people who will see it will immediately assume you know all the details. After posting, syndicate it to other websites to gain more attention.