Home and Interior Design

Maximise Your Rental Property Income: A Landlord’s Guide

Owning rental properties can bring in steady money. With some upgrades, you can charge higher rents and earn more as a landlord. New floors or appliances let you market units as premium and luxury. Outdoor spaces or gaming areas attract tenants who will pay a premium.

But big upgrades require funds upfront. If savings are short, specialised loans like short-term bridging loans provide capital for renovations. The loans get repaid once upgraded units start renting at higher prices.

Even small touches like fresh paint and decor updates make units more rentable at higher rates. Try low cost DIY projects first to raise rents. 

Tips for Landlords to Earn More from Rentals

The kitchen and bathrooms are the most important rooms to fix up in a rental. Updated kitchens and baths let you charge more for rent.

New appliances, cabinets, sinks, and floors make the space look fresh. Tenants like seeing nice finishes when they tour the property.

Curb appeal matters, too! Plant flowers out front. Paint the front door a happy colour. Put up new house numbers that are easy to see. Little touches like these look nice and inviting.

When you can, try to make upgrades yourself to save cash. Watch YouTube tutorials to learn basic skills for painting, flooring, plumbing, etc. Simple changes done affordably keep your costs low.

Effectively Market Your Rental

Getting the word out about your awesome rental quickly helps you find available tenants. You want to keep it filled and make money!

  1. Write good descriptions of your property and take nice photos.
  2. Show off any upgrades you did. Make sure rooms look clean and bright.
  3. List your rental on popular websites.
  4. More listings mean more people see it. Promote it on your own social media, too.

Choose Good Tenants

You need to check out applicants carefully to avoid issues later on. And make sure they have the income to pay rent on time each month. Require a minimum credit score.

Call their past landlords and see if they paid on time, followed the rules, and cared for the property. Good tenants pay on time and renew leases.

Taking time upfront to upgrade, market well, and screen tenants really pays off. Your hard work gets you great renters who pay top dollar!

Screen Tenants Carefully

Finding renters who will pay on time and take care of the place. It helps avoid losing cash from unpaid rent or paying for many repairs down the line.

You need to have potential tenants fill out a rental application first. That way, you can learn about their job, income, credit score and past rental history.

Then, you’ll want to call their previous landlords to double-check things. Ask them questions like did the tenant pay on time? Did they follow rental rules or get complaints? Did they take decent care of the property when living there?

 

Requiring a minimum credit score, maybe around 650, is a good idea, too. Solid credit means they manage money well and can likely pay their rent each month without issues.

 

Taking the time upfront to select reliable, responsible tenants really saves you hassles later on!

Keep Great Tenants Happy

When you’ve got awesome tenants who pay on time, treat your property well, and are friendly and easy to work with, you definitely want to keep them!

One tip is to be really responsive when they need repairs or have maintenance requests or issues come up. Address any problems super quickly to keep them happy. For example, if the AC breaks during summer, fixing it fast shows tenants you care and keep them cool!

Send a friendly text every few months to check in and show you care. Wish them a happy birthday or congratulate them on a life milestone. Getting to know your tenants as people goes a long way.

Consider small annual rent increases to keep up with the market, but give tenants plenty of notice so it doesn’t come as a surprise. More often than not, they’ll understand and happily renew their lease.

Rewarding good tenants motivates them to renew instead of moving elsewhere. Steady tenants allow you to price rents confidently at the market rate and maximise your rental income. 

Regular Maintenance

Regular maintenance is so key for rental properties, you know? It really helps avoid huge repair bills down the road.

Look at things like the water heater, pipes, faucets, and shower heads for any drips or leaks. Fixing little drips right away keeps water damage from getting worse.

While you’re doing walkthroughs, check the appliances too. Make sure the stove, refrigerator and AC are all running smoothly. Replace their filters on schedule. Preventative care saves money.

Also, watch for early signs of wear, like cracks in walls, peeling paint or new carpet stains. Go ahead and patch, paint or clean those up fast. Dealing with stuff when it’s still minor keeps problems small.

Sometimes rentals need major upgrades like roof replacements, electrical, plumbing overhauls or remodels. That work improves the property but can be really expensive to pay for all at once.

Funding

If you don’t have enough savings set aside for big projects, specialised loans like short term bridging loans can provide the funds needed to make those important capital improvements. You’d just repay the loan over time as the increased rental income starts coming in.

The big takeaway is staying on top of regular maintenance and not putting it off. Catching issues early before they get huge really pays off by avoiding massive repair costs.

Be Responsive and Available

Great landlords respond quickly when issues arise. Being available for maintenance requests prevents little problems from growing into major headaches.

Provide tenants with different ways to reach you like phone, email and text. Respond promptly to fix broken appliances, leaky pipes, or faulty electrical within 24 hours when possible.

Making tenants feel heard and cared for improves retention and referrals for new renters. This steady occupancy enables pricing units competitively.

Conclusion

Getting to know tenants as individuals shows them you care. Send a quick check-in text every few months.

Also, you should share community events that may interest them. And wish them a happy birthday or congratulate milestones like a promotion at work.

Showing tenants you value them keeps units full. You need to combine upgrades with great service to command top rental rates over the long term.

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