7 Incredible Tips to Increase Your Rental Income
Image Source: Free Stock Photos
You’re planning to rent out your property and you want to get the most out of it. While you may quote your desired amount as rent, you could be chasing away prospective tenants if the rent doesn’t match the quality of the property. You need to make sure to give a good first impression and really highlight the value of the property before arranging a viewing. Here are a few incredible tips to help you increase your rental income:
- Invest in Professional Cleaning – When presenting your property to prospective tenants, you need to make sure everything is sparkling clean. Dirty walls and floors can easily look much older and worn than they actually are. To bring up the value of the property, you need to make it look like no one has ever lived there before. This is why you should opt to invest in professional cleaning services before you arrange a viewing.Professional cleaners should be able to carry out the cleaning of every surface in the house or apartment. Make sure they clean the walls, floors, and toilets as well as showers, kitchens, and cupboards. They should be able to ensure that every nook and cranny of the property is sparkling clean and sterile so that it looks more appealing to prospective tenants.
- Replace Worn Linoleum – Some rental properties have linoleum floors in the bathrooms and kitchens. If these floors are worn and stained, or if there’s any damage to them, invest some money in replacing them. Linoleum isn’t expensive, so it would be a good idea to put forward a few bucks on a replacement if you want to get top dollar for the property. If the floors look too shoddy, it could negatively impact the rent and also prevent you from getting good tenants.
- Invest in a New Paint Job – As mentioned earlier, you need to make your rental property appear brand new if you want to earn a competitive rental income from it. So it would do you well to invest in a new paint job. If you can’t spend money on repainting the entire property, look for certain areas that could use fresh paint.Image Source: Pixabay
Maybe the cupboards are looking worn or the paint is peeling from the window frame. Try touching up these sections so that they look brand new. And whatever you do, make sure the door gets a fresh coat of paint. This will make the entrance look more welcoming and help you give a good first impression.
- Polish Up Appliances – If your rental property is furnished with appliances, make them look brand new by polishing them up. Make sure the washer, dryer, fridge, stove, etc. are sparkling and ready to be used.
- Time Your Viewings Wisely – Another excellent way to increase your rental income is by giving off the idea that there’s a huge demand for the property. Just like consumer goods, people tend to desire what others want. So make sure you time the viewings in such a way that more than one prospective tenant will be there at the same time. After you place your ad, try waiting 3-4 days before you set a date and time, so you can tell every prospective tenant to show up at the same time on the same day.
- Invest Wisely – If you’re willing to spend some money on renovating or refurnishing the property, make sure you consider your options carefully. First of all, prioritize on updating the bathrooms, because that’s one of the most important rooms for tenants. You want to make sure everything is sparkling clean, so replace the tiles, showers, and toilets if you have to.
Image Source: Pixabay
This doesn’t mean you have to spend all your money on expensive fixtures. Just focus on making the room more modern and sterile. After this, you could try investing in new appliances and light fixtures if the old ones are too worn. Even just a new washer and dryer could have a positive impact on your rental income, so make sure you consider all your options carefully.
- List a Higher Price Than You Expect – Fix the rent in such a way that there’s room for price adjustments. If you’re expecting to get $1500 a month, try listing it for $1800. You can lower the price or make adjustments depending on the number of inquiries you get for the property.
These are some of the best ways to ensure that you will increase your rental income. As you can tell from the tips given here, it’s all about making a good first impression and giving off the idea that your property is worth the price you’re asking. Have you tried using any of these techniques before? Share your thoughts in the comments below.
Nitish Sharma is an Inbound Consultant at Great Richmond Rentals, a Richmond-based property management company, with great passion for writing about small business, real estate, branding, and traveling. He loves traveling and exploring new things in life. You can find him on Twitter and Facebook.