As more people build equity in their homes, many are turning to for rent by owner strategies to make income off of their original properties. Whether you're an accidental landlord or you find yourself with your first rental property, it can be confusing to learn the ropes.
Have you ever wondered how you can make even more money as a DIY landlord? Here are some strategies to follow to maximize your profit.
Keep Your Tenants
Tenant retention is by far the best way to make consistent rental income. You may be convinced that the best way to earn more income is to get your tenants out. However, this couldn't be further from the truth.
Tenant retention means you save money in the long run. You will not have to waste time and money with marketing when you have a vacancy. You also won't have to worry about bad tenants that could destroy the property.
Make Thoughtful Upgrades
Upgrade your house for rent to stay in competition with the rest of the rental market and make your tenants happy. Some of the best upgrades can put more money in your pocket.
For instance, a new, more energy-efficient HVAC system means you won't have to worry about higher electric bills. If it works properly, you also won't have to call an HVAC contractor as often to diagnose problems.
Take Care of Maintenance
The key to effective maintenance is to catch the issues early. This way, you can spend the least amount of money on a repair.
If your tenants notice some roofing tiles out of place or a small amount of water damage, fix it right away. The cost will be nothing compared to an entire roof replacement down the road.
Do a regular maintenance inspection to ensure everything works properly. You can create your own checklist to make sure you don't miss anything and use it every time you inspect the property.
Perfect Your Marketing Strategy
When you get into real estate investing, you need a good marketing strategy. This will shorten the vacancy time of your units and allow you to charge more for rent.
You need to stand out amongst hundreds of homes in your local rental market. Take good, professional-quality pictures, and include a three-dimensional tour of the property if you can.
In your listing, make sure to highlight the amenities of your property that make it unique. You should also provide details like entertainment, shopping, and school district information for parents with younger children.
Automate Processes
Increase Profit With Your For Rent by Owner Home
If you're a for rent by owner landlord, you can still make extra money every month. Use this guide to maximize your profit margin so you can have more cash in your pocket.
Ready to make more money on your house for rent in Burlingame, CA? Five Star Property Management is here to assist you.
Our team of licensed professionals can help you with any real estate issue you may have. Reach out to us today to get started.