2020 is here and if you’re like most owners nationwide, you’re mapping out your goals and thinking about ways that you can get more ROI from your rentals in the new year.
The good news is that getting more ROI from your rentals is easy to do. In this article, we will provide you with a breakdown of some of the ways that you can increase the revenue from your rentals in the coming year.
Add More Revenue Streams
You’ve made the right choice by investing in real estate but did you know that you can get more ROI from your investment properties by adding more revenue streams?
Some of the revenue streams that you can add include the following:
Coin-Operated Laundry – Your tenants will have to do their laundry somewhere, why not at your rental property? Regardless if it’s a single-family home or multifamily property, you should add coin-operated laundry because this can easily increase the revenue from your property by at least $1,200 per year or more.
Tech Services – From Wi-Fi, to technology upgrades like whole-house monitoring, Alexa, Wi-Fi lighting and a doorbell camera, you can make more ROI from your property by upgrading it with the latest technology and charging your tenants more for those updates.
Professional Services – Do your tenants hate taking care of the lawn, doing their laundry or cleaning the rental property? If so, you can make their life as easy as possible by offering them professional services because if they are going to need those services, why shouldn’t you offer them?
Avoid an empty property
An empty rental costs money. Find good tenants and aim for long-term lets to keep void periods down. If it’s a short let, reduce turnaround time by getting ready to re-market your rental as quickly as possible.
Review your rent
You can review your rent by booking a valuation with a letting agent. Also, check websites like Rightmove and Zoopla to see how much similar properties in the area let for. This allows you to set a competitive price.
Charging too much rent — or too little — can be a problem. Potential tenants pass by properties that are too expensive, but if you undercharge you miss out on a fair rental income. Once the contract’s signed, it’s hard to increase rent. It’s best to have a rent review clause in your agreement, which lets you increase rent in line with inflation once a year.
Hire A Property Management Company
One of the best decisions that you can make by far when it comes to getting more ROI from your investment property is hiring a property management company.
Our team will work diligently to successfully market your Portland area home, fill it with the most qualified tenants, and negotiate a comprehensive lease.
Besides marketing your property online, we also screen all prospective tenants for credit, eviction/rental history, and criminal background.
If you’re concerned about maintenance, we also provide qualified/licensed vendors, personally oversee maintenance, ensure the timely payment of all bills, as well as to conduct periodic inspections of your property.
Our company also complies with all state and federal statutes with respect to tenant selection and landlord/tenant laws. With our level of service, you can have confidence that your investment real estate experience is a good one.
We Specialize In Online Marketing
When you hire our team, you can also have confidence that we will professionally advertise your properties on our Web sites, Craigslist, and over 100 other Web sites. Through our Property Management System. You can also have confidence that we will promote your Portland home to Thousands of local Real Estate Brokers and Professionals in the Portland area.
We Have An Advanced Technology Advantage
Rent Portland Homes offers advanced technology systems so we can provide you with cutting edge service and manage your properties efficiently and effectively.
Fast Service – We respond faster and provide better service to both owners and tenants. We can securely access information about all properties at any time and from anywhere. Sensitive data is securely housed in a state-of-art data center and backed up regularly and automatically.
Accounting – Monthly statements can be delivered to your email inbox, saving time and paper. The statements are easy to read and provide you with a quick snapshot of your Portland property details for the past month.
Maintenance Issues – Our team will also address property maintenance issues faster. We can create electronic work orders and communicate with vendors so we quickly solve issues.
Payments – You will be paid faster and more securely. We are able to use electronic payments (ACH) to deposit funds directly into your bank account.
Contact Rent Portland Homes
To learn more about the property management services that we can offer you contact us today by clicking here to connect with us through our website.