10 Ways to Increase Rental Revenue
Posted: Sep 18, 2008
Owning real estate can be a great way to build your wealth. Here are some ideas on how to make owning rental properties a bit easier on your pocket book.
Below are some ideas on how to increase revenue on your rental real estate properties and save money on updates and repairs.
- Always ask/negotiate with vendors for discounts
- Use the same contractors regularly
- Buy “better quality” scratch & dent appliances for the same prices as cheaper models
- Don’t always buy the cheapest, it won’t last very long
- Advertise on the Internet – rentals.com, craigslist and your own web site, and place rental signs in area on weekends
- Advertise in newspapers on Sundays only
- Keep the properties maintained – nicer properties will rent faster and for more money
- Do simple things yourself (light bulbs, cleaning touch up, etc)
- Screen your tenants up front, and check on tenants regularly
- Work with good tenants to keep them in the house. Avoid turnovers if you can
