Improving Rental Property Income

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5 Tips For Boosting Rental Property Income

Feb. 14, 2019

Innovative Property Solutions plays a large role in helping rental home owners achieve successful returns on their rentals. For example, IPS specializes in supplying high caliber tenants, leasing properties quickly and maintaining tenant retention. The list of services provided by IPS is endless, however there are five simple tips

Innovative Property Solutions suggests to rental home owners in order to increase income:

Spruce Up Curb Appeal

Everyone is familiar with the cliche "you never get a second chance to make a first impression." This is especially true of your rental property. Don't be afraid to spruce up the front door with a fresh coat of paint. Consider freshening up the landscaping, trimming the hedges or fertilizing the lawn. Perhaps the flower beds need a fresh layer of mulch. These simple, inexpensive improvements can make a big difference in the monthly fee you may charge to a tenant. Obvious exterior maintenance will make tenants feel confident that the interior of your property has and will continue to be just as well tended.

Update the Lighting

Take the time to update lighting. Rooms can look small, dark and dingy when lights are dim or outdated. Also, ensure that window coverings and blinds are updated and fresh in order to allow ample amounts of light into your home. Try to keep window coverings light and simple; nothing dark or heavy. You want to achieve a look of quality and freshness throughout the home. In addition, make sure every room smells fresh.

Raise Renewal Rent

Most seasoned tenants expect a raise in rent with each successive renewal. As a rental property owner, you need to plan to increase rent as lease renewals are generated. Talk with IPS in order to learn the appropriate process for increases per each lease renewal as well as annually for new tenants.

Charge for Perks

You might be amazed at what tenants are willing to pay for special amenities. If you provide lawn service, if there is a clubhouse of pool available for tenant use or if you are willing to provide simple improvements to the property, talk to IPS about how you might build these perk fees into your lease agreement. You might be missing out on an entire stream of income without knowing.

Charge the Pooch

Many dog owners would argue that pets are people, too. Naturally, it stands to reason that the furry "people" should pay up if they plan to live in your home. Talk to IPS about monthly versus annual pet fees. In addition, IPS offers a special Pet Damage Protection plan which covers damages totaling up to $1,000 beyond a tenant's security deposit. Carpet is the most common victim of pet damage and security deposits rarely cover replacement fees. The Pet Damage Protection offers added security and peace of mind.

For more information, contact Innovative Property Solutions today!

Innovative Property Solutions

8833 Perimeter Park Blvd Suite 301, Jacksonville, FL 32216

(904) 321-9020

Office hours:

Mon - Fri: 9:30am - 5:00pm

Sat - Sun: Closed