Who
would ever say no to additional rental income? As a landlord you’ve taken the
first step at securing long-term income, but why stop there when there are
several easy ways that you can add to those funds each and every month? Let’s
take a look at some of the top ways to add more money to your rental property
check each month.
Add a Washer and Dryer to the
Unit
Many
people do not own their own washer and dryer. Equipping your home with a set
will save the renter headache and hassle, and the addition will enable you to
charge extra fees for the appliances already inside the home.
If
there is no washer/dryer connection on the home and you have an apartment
complex or multi-unit property, consider adding a coin-operated unit to the
property. You can lease a couple of sets of washers/dryers if need be, and in
no time they’ll pay for themselves and deliver extra income your way.
Storage Space
Everyone
needs additional storage space than what is provided inside of their home. How
many storage facilities do you pass each day? With an on-site storage facility,
renters have easy access to their belongings, as well as comfort and peace of
mind knowing they are so close to the things that they own. There are many ways
that you can add additional storage space to your property. Consider several
methods, based upon your budget and size of the property.
Furniture Rental
No,
you shouldn’t start a rent-to- own business (unless, of course you want to open
one,) but you can offer homes or property that is outfitted with furniture.
Furnished rentals are appealing to many, including young couples and those who
do not have their own furniture. You can charge an additional amount each month
for the furniture.
Offer Cleaning/ Landscaping
Services
For
many, cleaning is a chore they’d rather not handle. Same rule applies for
landscaping. Offer these two services when a new tenant signs the lease,
informing them of the cost of the service and learning their desire for service
frequency. You can elect to do it yourself, or hire someone for the job,
depending upon your personal preferences.
Special Events
Why not host a few special events each year to help fatten the wallet? Not only do you earn some great cash with special events, it enables you to help build a better community of friends. There are tons of ideas for events. Make the event free, but offer goodies for sale or certain items that must be purchased. Pizza parties, movies, raffles and holiday events are just some of the ideas.
Need more Ideas?
Are you looking for additional opportunities to increase your revenue with your rental property? Put the ideas above to good work, and then call SuttonSelect Property management for additional ideas. One of our experienced property managers will be happy to provide you with exceptional rental managementservices, as well as brilliant ideas and opportunities for exceeding your cash flow like you never imagined possible.
For more information please visit our Burnaby property management services page.
