There are a lot of innovative ways to increase your rental income that don’t involve increasing rent. Truly, if you’re not contemplating these strategies for earning extra income on your rental property each month, you might be missing out on potential profits. Inventiveness and knowing what renters want could help you boost your monthly cash flows and leave a little extra in profits at the end of each month. Here are some suggestions to get you started.
Partner with an Insurance Company
If you require renter’s insurance—and Williamstown property managers should definitely require their tenants to get renter’s insurance—you may need to think about partnering with a local insurance provider to provide your tenants with a policy. Not only will providing a strategy help protect your tenants and their belongings, but it may also give them calmness and improve their rental experience.
Offer Storage Space
Several renters prefer affordable storage options for a bike, extra furniture, or seasonal things. If you have an unused shed, garage, or other property, think about proposing it to your tenants for an additional monthly fee.
Provide Yard Care
If your rental property has a yard, you can offer to maintain it for an added fee. This could entail mowing the lawn, trimming hedges and trees, and planting flowers or seasonal decorations. Not only will this add value to the property, but it may also save your tenants time and stress in doing it themselves.
Air Filters Direct Delivery
Another value-added option for your tenants is to provide air filters and have them delivered directly to the rental property on a regular basis. This adds convenience for your tenants and helps maintain the HVAC system and entire property cleanliness, which in turn can reduce the likelihood of costly and time-consuming repairs.
Offer a Media Package
A lot of renters choose to avoid the hassle or cost of setting up cable or internet. Offer to bundle these options for your tenants at a discounted rate and gather a monthly payment for the service. Many renters will find the extra convenience to be worthwhile, and it could even aid in tenant retention down the road.
There are lots of creative ways to increase your rental income without boosting the rent! By employing one or more of these procedures, you can deliver value-added services that will help boost your monthly cash flows. Do your homework first since your choices could change based on your location and the type of property you own. By being innovative and considering your renters’ needs, you can start increasing your earnings today!
Real Property Management Shire Team is willing to help you generate a passive income and attain financial freedom through real estate investments in Williamstown and the neighboring areas. When it comes to real estate investment and property management, our experts can provide comprehensive and approachable guidelines. Contact us online or call us at 413-418-9600.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
