Are you looking to make a pot of gold off of your rental property? You don’t need luck to make more green off of your rental. Follow these tips for increasing your rental income.
1. Avoid Vacancies
Keeping your place rented out will provide you with a steady flow of income. Market your vacancy online to reach more applicants. There are a handful of websites that allow you to get extra exposure for your listing:
You can use a free software like Turbo Tenant to easily send your vacancy listing automatically out to dozens of the top online rental marketing websites.
2. Don’t Overpay For A Tenant Check
We recommend that you conduct a thorough screening of potential tenants. Most landlords and property managers charge a fee for rental applications to help cover the cost of paying for credit and background checks. You may think about skipping screening altogether to avoid the costs, but the benefits of a credit and criminal check far outweigh the costs. A good screening can point out patterns that could lead to an early eviction.
Protect your business by screening. Besides, there are low-cost and free options available. Going with a company that offers free tenant screening could save you quite a bit of money in the long run.
3. Be Energy-Efficient
Your energy bills may be higher than they need to be. You may be able to reduce your costs by checking the efficiency of your unit’s energy use. Conduct an energy efficiency audit on your property to see where improvements can be made. Energy.gov provides some tips on DIY assessments. There are also tips on reducing costs with landscaping and your cooling system.
4. Manage Your Own Property
Many landlords hire a property manager to oversee their rental properties. Landlords with few rentals may do this because the idea of marketing and managing properties is daunting. Don’t be discouraged: there are many tools out there designed to help landlords run their own properties.
If you’re looking for more landlord resources, joeTenant.com provides some helpful forms. Most landlord associations also have forms available to their members or you can use an easy online form builder (like this one from Law Depot) to create your own rental agreement.
5. Do Your Own Maintenance When Possible
There are times to call a professional, and there are times when a little know-how will save you money. There are a few repair tasks that are guaranteed to come up when you’re a landlord. Lowe’s offers an extensive collection of how-to articles on DIY projects. You can even sign up for a free DIY class at The Home Depot.
Get the most out of your investment by not overpaying for the daily and monthly expenses that all homes incur. Using these tips will allow you to make more green off of your properties in the long run.