Renting out properties is a great way to make money, but it can also be a lot of work. Some landlords have found ways to increase their income and decrease the amount of time they spend on managing their property by renting more properties. This blog post will share with you some tips that you can use to rent more properties and boost your budget.
Research the market to find properties that are in demand
One of the primary things to consider when trying to find more properties is whether or not there are any other homes in the area that you could rent out. This will even allow you to
Learn how much square footage is needed for each property
Another thing that you need to consider when it comes to renting more properties is the amount of space required. While one apartment may only require a bedroom, bathroom, and kitchenette, some homes will need a larger space.
For example, if you’re living in the suburbs of Atlanta and want to rent an apartment for $1500/month, then that’s going to be more than enough room for one person or maybe even two people (depending on their needs). However, if you live in downtown Manhattan and want to rent out a three-bedroom home for the same price, then you’re going to need a larger space. If you can’t provide more square footage for your renters’ needs, they may not want to rent from you, and it will be difficult for them to find somewhere else that fits their budget.
Develop a plan for renting more properties
The best way to rent more properties is to have a plan. If you’re just going into this without any sort of strategy, then you may not even be able to
Build an environment that is inviting to renters
Just like with any business, you need to create an advertising campaign for the properties that you want to rent out. You should post a sign outside of the property and make a flyer that can be given to people as they’re walking by. You should also consider writing an ad for Craigslist or another classified ads website because this is where many
Create incentives for tenants
If possible, try creating some sort of incentive for potential renters. For example, some landlords offer a free month’s rent as an incentive to new tenants or those that refer friends and family. You can also do something like offering $50 off of the first five months’ rent for referrals and current tenants. You can also try to offer flexible terms for tenants, like paying rent monthly or yearly rather than quarterly or weekly. This can be especially helpful if it’s your first time renting out a property, and you’re not sure how many months of rent will come in each year.
Build rapport with your renters
Another strategy you want to consider is building rapport with your existing renters. You can do this by constantly communicating with them and making sure that they are getting the most out of their rental experience. If you’re constantly in contact with your renters, then it will be easier for them to recommend friends or family members when they are ready to rent additional properties.
The market for rentals is competitive. To stand out, consider investing in good quality materials and furnishings that will show your property off well to potential renters. Consider hiring a professional cleaning company to keep up on maintenance if you are too busy with other responsibilities. Offer flexible terms for tenants, so they have more freedom when renting from you. If pets are allowed, allow them, so prospective tenants don’t feel like their furry friends would be left alone all day without someone home to care for them. All these are geared towards ensuring that you garner more revenue from your rental properties.