The Top 5 Ways to Make More Money on Your Rental Properties
- Decrease Vacancy. The best way to minimize vacancies is to find a long-term tenant so that you don’t have to deal...
- Minimize Turnover. Turnover costs money in multiple ways. There are advertising costs, the cost of patching and...
- Increase Rent Strategically. Now, after telling you that lower rents can...
Full Answer
How can I get help paying my rent?
The program will provide one-time payments of up to $4,000 per qualifying household to help pay past-due and/or upcoming rent. Read more. Subsidized Apartments - HUD helps apartment owners offer reduced rents to low-income tenants. To apply, contact or visit the management office of each apartment building that interests you.
How can I increase my rental property sales?
Make sure you know the rents in the area, researching sites such as Zillow, Rentometer, Craigslist, and the MLS if you have access. You may find there is plenty of room to increase your revenue a small amount each year (1%-3%) while remaining competitive.
How can you make your rental property more energy efficient?
You can effectively become the power utility for your renters, producing electricity for them and charging them for usage. Increasingly, utility companies also now let you sell excess power back to the grid – a perfect complement to smart thermostats and appliances, and among the many ways that smart homes and green homes are merging.
How can I save money on my rental property?
Invest your down payment in conservatively managed (HOM) in attempt to offset real estate inflation. The best speakers. The best attendees. The best networking. The best ever event to help you grow your network and your wealth. Enjoy simple, transparent insurance for your rental property. See what you could be saving with Obie. Get your free quote!
How do you attract tenants in a tough market?
Ways To Attract Commercial TenantsOffer Building-Wide Fiber-Optic Internet Connectivity. ... Perform Energy-Efficient Improvements. ... Consider Offering Shared Amenities. ... Ease Parking Access. ... Facilitate Cost-Savings. ... Perform Tenant Satisfaction Surveying. ... Engage Tenants in Conservation Efforts. ... Understand Your Market.More items...•
How do you beat other rental applicants?
4 Expert Ways to Beat the Competition and Get the Rental of Your...Anticipate and organize.It's not a job, but it is your job to make yourself look better than anyone else.Show them the money.A longer lease helps you take the lead.
How can a potential tenant stand out?
8 Helpful Rental Application TipsPreparation is key. ... Submit a great cover letter. ... Provide proof you can afford to pay. ... Furnish solid references. ... Obtain a financial guarantor. ... Be honest in your rental application. ... Review your social media. ... Create a good first impression.
How do I impress a potential landlord?
Bring the following information to your meeting with the landlord or property manager so you can fill out your application on the spot:References. Have a written list of at least three references. ... Past rental or residence information. ... Proof of ability to pay. ... Financial information. ... Pet data. ... Liquid funds.
How do I compete with other tenants?
Winning the tenancy competitionHave good references. Passing a reference check might seem like a formality but it's one of those things that doesn't seem important – until you don't have it. ... Be flexible. ... Your deposit. ... Bypass the agent. ... Move quickly.
What qualities are appealing to a landlord?
Is easy to communicate with and respectful- they are responsive, respond within reasonable time to your calls and messages; are understanding, empathetic and friendly to deal with. 4. They always pay rent on time- they never default on the rent and will let you know if they may be late for some reason.
What makes a great tenant letter?
Much like the cover letter you'd send to a potential employer, a renter cover letter should showcase your best attributes for the landlord or property management company and let the decision makers know you're the best choice among those presented, showcasing your professionalism and responsibility, two qualities ...
How do I text a potential landlord?
State who you are and why you need a rental. Mention where you found their ad and how you can afford the rental. Offer to provide references (work/volunteer/housing office) Include some highlighting feature from the original ad so that when you receive a response you can remember which rental you are talking about (ex.
What are the best renters insurance companies?
Forbes Advisor’s analysis of the best renters insurance company showed that American Family is “best overall.” Other top renters insurance companie...
Does renters insurance cover flood damage?
Flood damage from problems like hurricanes or torrential rains is excluded from renters insurance policies. You can buy flood insurance for renters...
Does renters insurance cover earthquake damage?
Renters insurance typically doesn’t cover earthquake damage. But you can find earthquake insurance to cover your personal property. In California,...
Does renters insurance cover car theft?
Renters insurance doesn’t cover car theft. Instead, your car insurance coverage will cover a stolen car if you have comprehensive coverage.
1. Post Apartment Pictures to Pinterest & Instagram
If you want to get more leases signed, then you need to reach your audience and show the value of your property. There is no better way to do this than to post high-quality images of your apartment complex on Instagram and Pinterest.
2. Run Facebook Ads
Organic socials strategies work wonders for creative apartment marketing, and if you have the budget, you can see beautiful results by running Facebook ads. Just like organic posts, paid Facebook ads will appear in the Feed of your audience.
3. Utilize Facebook Events for Open Houses
Walking prospective renters through your apartment community is a great way to show the value of your property while also building a relationship with your ideal audience. However, scheduling these walkthroughs can be time-consuming.
4. Local Twitter Search
While most apartment managers overlook Twitter when thinking about social media strategies for your business, you can use Twitter as part of your creative apartment marketing plan. On average Tweets have a much shorter lifespan than content on other marketing channels, but you can harness the power of Twitter with advanced Twitter Search.
5. Make Your Apartment Listings Entertaining
When people search for an apartment, they are looking for a place to call home and enjoy the lifestyle that your community has to offer. Your prospective renters likely have many options to choose from, and if you want your apartment listings to stand out, then you will need apartment listings that are entertaining and capture their attention.
6. Search Engine Optimization
You want to make sure that you do everything you can to make your apartment complex appear online so you can keep the top of mind. You should use SEO marketing for your apartment to improve your online visibility so you can drive more qualified traffic to your site.
7. Start a Blog
Blogging is a proven strategy for any marketing plan, and your apartment can really show your value and knowledge by maintaining a quality apartment blog. Studios have seen a 67% increase of traffic and signed leases once they build a great blog.
Step No. 2: Determine Coverage Amounts
The next step is to determine how much renters insurance you need. The best way to start this is by creating a home inventory.
Step No. 3: Compare Renters Insurance Quotes
The easiest way to shop for renters insurance is to compare quotes from multiple insurance companies. You can get free quotes online or by calling an independent insurance agent.
Frequently Asked Questions (FAQs)
If you want coverage to repair or replace your personal belongings, then you’ll want renters insurance. Your landlord’s insurance won’t help you out. And renters insurance covers much more than your furniture and vintage stamp collection.
1. Furnished (or Semi-Furnished) Rental Units
Katie and I lease our home semi-furnished, while we’re traveling overseas. We keep whatever the renters don’t want to use in the basement.
2. Offer Property-Related Services
Have you considered offering housekeeping/maid services to you renters? What about landscaping or lawnmowing services?
3. Offer Convenience Services
Property-related services might be a simple cognitive leap from offering, well, properties. But that doesn’t mean you need to stop there.
4. Rent Storage Space
Have lots of storage space in the basement of your property? Or attic, or garage, or wherever?
5. Rent Out Parking
Matt Nagy, wholesaler extraordinaire and owner of Homes4Income.com, doubles his annual income from a rental property in Plant City, Florida. How? By offering extra parking for ten days a year, on the lawn of his property.
7. Life on the Farm
Owners of farmland have been making money this way for millennia: offering farms for rent, with the understanding that tenants work the farm and split the profits with the landlord.
8. Advertise Like Don Draper
Okay not really. But if you own a building with a large blank wall, and some traffic/exposure, why not rent the space out to advertisers?
