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5 Top Tips To Increase Your Profits And Keeping Your Tenants Happy At The Same Time
Tip 1 – Meet your tenant Even though the property was bought as an investment property, you are still in the people business and going out of your way to meet up with potential leasers can lead to longer, more meaningful dealings between yourself and your tenant which long term could mean lower vacancy rates and more profit on your bottom line. Tip 2 – Give Tenants an additional benefit Penalties are really not effective as they punish terrible conduct, another way to get what you want achieving your goal as an investment property owner is to reward behaviour you require from your tenant. For example when you sign the rental agreement with your new tenant, you obviously want them to be in agreement with your terms like having the rental paid on or before the last day of the month or bi monthly inspections. If they agree to your terms you will pay a certain amount of their rental back onto their key deposit. They may not reduce their rental payment but over the course of their lease they can accumulate some additional cash that they will get when they leave your property on your conditions. Paying rent via a bank debit order can also qualify for a bonus. Debit orders are a bit of a bother to set up at the bank but once done is well worth the effort as you are pretty sure of when your rental will be in your account. Another idea is to give your tenant a small gift, like a dvd player for example, when they first move into your investment unit. It is small but it is a gesture that may cost you a little bit of money but they will realise you are not an ordinary landlord. On the first anniversary of their occupancy you may decide to give them a small television, on the second anniversary something else. This way your tenant remains dependable and you get to keep a tenant for a longer period which once again means a lower vacancy rate and more money in your pocket. The best part of doing this is when they do decide to terminate their lease there is an above average that they will find the next tenant for you! Tip 3 – Furnish your unit In today’s day and age you can purchase just about anything on the internet and second hand furniture can be picked up pretty cheaply. By offering your rental unit as furnished or semi furnished you can expect a higher rental and is one of the smartest ways to make more money with your investment property. Tip 4 – Upgrade your property By speaking to your tenant and enquiring as to what would make their environment better to live in is another great way to increase your rental. Many times it may be something really small that could make the world of difference, for example it might be a heater that would not break the bank but would improve the tenants living conditions. If it is a bigger item it may be advantageous to divide the cost with the tenant and tenants you have in the future will also benefit from the purchase. Tip 5 – Cleaning service Another great way to retain tenants is to offer a weekly cleaning service. There are many advantages of offering this service. Firstly and obviously the benefit to the tenant, secondly and probably the most important it gives you direct access to your investment unit. You are able to keep an eye on your tenant so to speak and are able to pick up if there is any maintenance that needs to be carried out so that it can be done in good time before it turns into a big problem Article Directory: http://www.articledashboard.com Twistinside is a residential real estate investor and webeneur. He teaches people how to consolidate their debt and has a bond finance company. |
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