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Contact: Amanda Edmunds
I & E Insurance Agency
Tips for Landlords to Increase Their Profit
According to the recent statement by the government, vacant property rates are most likely to upgrade by 0.1% because the ratio of empty units is swiftly increasing from the last quarter.
But the good news for savvy landlords is that there is no damage or decrease in rent payable as they keep rising with the mortgage value and premium facilities. As the economy is expected to take a hit, it’s high time affluent landlords maximize their profit and ROI smartly.
Here are some hacks to cover the backhand loss of vacant properties and late rent payments;
Demand a Competitive Rent
If you don't know how to price your property with the right amount, there are higher chances that you're losing maximum profit. Rental property in a suburban area in great condition demands a competitive rent. Tenants who look for luxurious living, won't mind paying a few extra dollars.
Don’t Let Go of Your Loyal Tenant
Never lose your ideal tenant because you might not find a better one. For your benefit, having a tenant for a longtime saves time and effort to find a new one for filling the vacant property unit. Old tenants are less likely to leave their comfort zone in search of any other vacancies. In return, you might have to provide them with some extravagant facilities.
Develop Safety Assurance
Your tenants should know that they are living under a safe and secure roof. Being a landlord, it is your responsibility to look after your property. If you have an outdoor area, make sure your backyard is harmless by fixing a strong fence and paving stones, cut down any hazardous trees and roots. If there is broken concrete, dented deck ceilings or nails sticking out, remember to fix them all before your new tenant moves in.
Benefits for Landlords from Tax Breaks
This can be a great strategy to make more profit on your property. Being a landlord, you can claim for maintenance and repair from your tax payables. You can even subtract mortgage interest as well as the costs you suffered buying the property. After strategic review, your rental value should increase over time.
Make Laundry Service Available
This might sound a little unnecessary, but you have no idea how much more appealing this sounds to a tenant who’s unable to do their own laundry when they have a tight schedule. You can either have a contract with a laundry service provider or build a laundry room perhaps in the basement of the building where tenants can do their own laundry.
Be Diligent When Asking for Rent
A good bond with your renters can be spoiled if you show curtness in your tone or words. Instead, maintain the connection and be kind and mindful when asking for rent or late fees after the due date. This action makes your renter understand your situation and pay the due amount without arguments. If you stand on a decided agreement and stick to a fixed date and time for rent collection, you will notice several decreases in late fees.