Landlords often use the word “rent” to stand in for their income. But what they really should be saying is “revenue,” because, while rent is typically the primary revenue stream for landlords, there are many other great ways to increase your take home. Your goal should never be to charge tenants unfair fees, but still, there are …
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Implement High-Tech Features to Increase Rent Price
There are a number of ways to increase rent price for your rental properties. Before you begin, it’s critical, however, to understand your market. Basic cosmetic improvements may be the most you can move the rental needle, but that’s not always the case. Particularly if you’re in an area with a high number of Millennial and Generation Z renters, …
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8 Ways Landlords Can Lower Utility Costs
One of the greatest expenses that landlords face is the cost of utilities. Even with tenants paying for heat, water, and electricity, common area utilities are likely still a considerable drain on your monthly income, especially if you have vacancies. The good news is that landlords have a myriad of options when it comes to reducing their …
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Best Rental Listing Sites For Commercial Properties
With the rise of rental listing sites, creating competitive rental listings is a must. Renters scroll right past listings that blend in with the crowd. But sometimes writing the perfect rental listing isn’t enough to lock down applicants for your vacancies. In order to efficiently and effectively reach renters for your commercial properties, your listings …
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10 Ways to Make Your Rental Listings More Competitive
Today, rental listing sites are the primary hunting ground for renters searching for their next home. But as more renters move their hunt to the web, the market continues to become more competitive for landlords. In order to lock down applicants and fill vacancies, landlords must create listings that stand out amongst the crowd. Even …
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10 Ways Signing Leases Online Will Benefit Your Rental Business
It’s no secret that leases are important. In order to keep all of your ducks in a row, you must create a detailed lease, get signatures from your tenant, provide them with a copy, and store the document in a safe place. If you aren’t sure what your lease should include, review our article on 10 essential lease …
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How to Minimize Vacancy Time on Rental Properties
Vacancy is a landlord’s greatest fear. Whether your rental business is your primary source of income or just a side hustle, the health of your cash flow is dependent on rent payments from tenants. The average cost of tenant turnover today amounts to $2,500 per unit. Even one unit sitting vacant is an expense you can’t …
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How to Reduce Expenses on Your Rental Properties
There are a handful of practical ways to modify your business practices to minimize spending wherever you can. Each of these opportunities is tied to becoming more involved in your properties, so they offer auxiliary benefits beyond reducing spending that will increase the overall health of your business. The overarching advice: start getting your hands …
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Self-Managing Your Properties to Reduce Costs
Property managers are becoming more popular, but they’re also becoming more expensive. Typical fees range from 8 to 10% of rent collected. If you own and manage 10 units each that bring in $1,000 per month in rent, that’s $800 to $1,000 a month in property management charges. Sure, that includes handling minor maintenance, filling …
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How to Create a Tenant Scoring System
There’s no doubt that tenant screening is a crucial part of any property manager’s application process. Screening allows you to find higher quality tenants, avoid bad tenants, reduce turnover, and minimize or even eliminate evictions. Choosing the best applicant can be hard when you’re reviewing all of their information on an application. To help you break …
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