Pexels – CC0 LicenseWhile acting as a landlord can often be seen as a lucky position, if you do it right, it can be a lot of work and you truly do earn your revenue. From curating maintenance tasks to making sure you manage your tenants in the best way, understanding your priorities and managing them in kind is very, very important.
Expanding your revenue as a landlord is essential if you hope to continually meet rising property taxes or if you hope to expand your professional portfolio. More than that, it motivates you to enhance the quality of your properties, which can also be a reward in itself. However, it’s not always clear just what steps are needed to make this happen, as rising rents without any justification is not often met with a happy response.
So – if we hope to be ethical as a landlord and grant our business a solid reputation, it’s important to expand your revenue as appropriate. What does this mean? Let’s consider that below, and from there, understand our options:
Invest In Your Exterior Space
If you have exterior space as part of your property or properties, it’s a good to invest in it. Many landlords simply allow the gardens to remain as they are, expecitng the tenant to make the changes they want and not providing any solutions. It might be that power-washing the patio, making sure the grass is cut, or simply ensuring the garden furniture is replaced with the best Adirondack chair options can help you. This way, you not only ensure your tenant is happier, but you can maximize the value of your rental arrangement.
Curate A Website & Accept Reviews
Landlords are often somewhat hidden entities unless working directly with the tenant, as property against are fast becoming the norm for interfacing with tenants as part of the business arrangement. It can be a good idea to curate your own website and to accept reviews as part of your own business strategy, as this helps you become a more confident presence in the letting scene of your town and city, and with a public profile you can showcase to other tenants just how worthwhile your letting approach is. This leads to competition, which leads to maximizing value. And, provided you’re a caring landlord, those reviews are sure to be more positive than you may expect.
Renovate As Appropriate
It’s good to renovate your properties from time to time, because it ensures that they stay safe, that they need less maintenance, and they appeal to better and perhaps even more affluent professionals. It might be that tearing out a kitchen unit and replacing it, or making sure the bathroom is updated or expanding a current apartment into an adjacent room to give them an en-suite can help you continually increase your value, and potentially aid you in making the best decisions going forward.
With this advice, we hope you can expand your revenue as a landlord and benefit as a result.