As a landlord, you are probably already aware of many of the ways in which you can expect to increase your profit from your properties. However, you might not have considered everything you could do on this front, and it is a good idea to take a look at some examples of the kinds of things you can do if you want your portfolio to bring you as much wealth as you like. The truth is that there are no ends to the things you can do to improve the financial strength of your rental properties. In this article, we are going to look at just a few of the best examples.
Increase Tenant Interest
It should go without saying that you need to be able to draw enough attention in order to boost your yield. You need to get interests from many tenants so that you can be perfectly positioned to increase the rent as much as possible. There are many ways to actually go about increasing the tenant interest in your local area. One is to use a letting service who already have a good backlog of interested and respectable tenants. Click here for rental properties which might be able to make use of that kind of service. You can also consider drafting up a perfect ‘target tenant’ – in other words, the ideal candidate for your home. That alone can ensure that you are doing everything in your power to increase the interest you receive from tenants, and so give yourself the ability to keep rents high.
For any landlord, the worst nightmare situation is when you have a number of subsequent tenants, rather than one who is keen to be there long-term. Increasing the tenant interest will help, as we have discussed above, but it is also a good idea to do what you can to try and find those who are happy to stay for along time. Having this decreased vacancy is one of the simplest and yet most powerful ways of ensuring that you earn as much as possible from your rental properties. It also means that administrative costs are lowered, making it possible to lower the costs for the tenant – and thereby making your property even more desirable in the marketplace. It all helps.
Interest & Fees
Most tenancy contracts will have written unto them that if rent is late there will be interest added, with the possibility of late fees too. You should have these written into your contract – but not just as a deterrent. You should also make sure that you do actually follow through with this, and that you don’t allow your tenants to not pay rent on time. This will help in the long run, as you might be surprised how often your tenants will pay rent late – and in the end these fees and interest will make a huge difference to your final income. It’s worth following through whenever there is this possibility, as it will help you to make serious money.