Increasing your ROI – take your real estate portfolio to the next level
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- Renovations – stainless steel appliances, granite countertops, vinyl flooring, and fresh paint are all upgrades that will add value to your units as well as attract more applications.
- Be dog friendly – Many pet owners struggle to find a home to rent, as so many properties are unavailable to them. These tenants expect to pay premium rent, and tend to stay longer.
- Include an on-time payment discount – if you have planned to rent your property out at $2800 a month, write up the lease at $3000 but offer a $200 on-time payment discount. An on-time discount is an excellent incentive to assure tenants pay on time and makes late payments far less likely.
- Time your lease renewals with the market – the most competitive months for renters are April/May and August/September, which means these are the best months to advertise your property. This will provide quality tenants as you will receive many more applications during this time and can be more selective with tenants.
- Rent your property as a fully furnished unit – furnished properties tend to attract high-quality tenants. The rental premium on furniture that will last you many years can be made up in as little as 12 months.