16 Clever Ways to Make More Money From Your Rental Property

October 14, 2019

Landlords Want to Make Money

What’s the top question most landlords ask today? It has to be, “how do I make more money?”

If you’re asking revenue type questions, then perhaps you’re not meeting earnings expectations. If your owners and landlords are putting the heat on, you need to take the quest more seriously. We’ve got 16 good revenue growth hacks to keep your owners and landlords happier.

Combining rent increases, property management strategies, and other clever growth hacks, you can grow your rental property income and keep your investments safe.

You’re In It To Make Money

Isn’t it real estate where people get rich? If you just landed here wondering about rental property investing, becoming a landlord, while thinking that flat capex rates and rent controls kill the idea, well, there’s always ways to make money in rental ownership.

There’s many different routes to better ROI. It could come through better operating income and new services. It could come through selling and buying better rental properties in the best cities. It could come through managing tax strategies better.

Rents are rising so we know some landlords are taking that route too. If you’re not into property management and rental as a public service, you need to rethink your investment property business model on a concept of perpetual improvement. And if you use property management software solutions, you’re able to optimize continuous profit improvement.

Before you begin profit building hacks, look into which might create the most profit.

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More Property Income Growth Hacks

Here’s some other clever income growth hacks you might want consider to grow your income:

1. charge pet rent
2. charge extra tenant rent
3. rent out an extra parking space
4. do some short term or Airbnb bookings if you have a vacancy during a month
5. consider furnished apartment if you’re in the right district
6. lease out a billboard on your property
7. add the amenities tenants demand today such as digital upgrades
8. go green and add solar panels
9. seriously improve the back yard
10. do property management yourself on a few or all of your properties
11. improve the kitchen, bathroom, and add/fix the deck
12. improve how you write your ads and advertise a vacancy
13. screen tenants better so you avoid vacancies
14. institute a late payment fee
15. work out a referal arrangement with landscapers, painters, and house cleaners
16. use a property management software subscription to manage your properties and tenants more efficiently

When you begin to research income growth strategies, you’ll come up with more ways to increase earnings. With each, you’ll be more likely to use a simple property management software solution to make it all efficient. Part of this income growth strategy involves communicating well to prospective tenants and current tenants that the house, condo or apartment is worth it.

Don’t passively wait for the housing market to create opportunities or for rent conrols to ruin them. Build a value proposition for tenants like a pro would and you’ll soon find your rental property income without friction.

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