Owning rental properties in Phenix City, AL can be highly lucrative. If you play your cards right, you can build your wealth and create a long-term retirement plan.
However, real estate investing isn't a foolproof strategy. Buying a rental property without doing your homework and lacking landlord skills are major pitfalls.
Fortunately, you're not alone. If you want to get the most out of your properties and become a successful property owner, we can help. Keep reading for our top tips on how to increase your cash flow.
Raise Your Rent
As a property owner, you have direct control over how much you charge your tenants for rent. Make sure you're not short-changing yourself to secure tenants. Of course, if you charge too much for your rentals, you'll have a hard time locking down renters.
If you want to increase your rent, you can do so justifiably by investing in updates for your property. This includes new appliances, new flooring, updated kitchens and bathrooms, in-unit laundry machines, etc.
While these overhead costs will cut into your earnings, they'll help you make more money over time. This is a type of long-term investment property management.
Find Ways to Create More Revenue
Increasing rent isn't the only way to increase your cash flow as a property owner. We recommend investing in on-site amenities that will add additional sources of revenue.
For example, an on-site laundry facility with coin-operated machines is a huge luxury for your tenants. They'll gladly dump quarters into your machines every week to save a trip to a laundromat that's located somewhere else.
In common areas, place vending machines loaded with snacks, candy, and soda. Tenants passing by won't be able to resist these easily accessible treats.
If you own single-family rentals, consider adding cleaning services to your rental property management services. You can hire a maid or do the work yourself to drastically increase your monthly earnings.
Lastly, look into additional storage options. Almost 10% of households have too much stuff and pay a lot of money for storage units. If you could provide on-site storage, it will make your tenants' lives easier and help you earn more money.
Hire a Property Management Company
Investing in rental property management may seem counter-intuitive to increase your cash flow, but bear with us. An experienced property manager can help you improve your property, which will make it more valuable over time. This will allow you to charge more rent.
Just as importantly, property managers will help you list your vacant rentals and select the most qualified tenants, which equates to consistent rent checks and long-term renters. Our property maintenance and repair services will also save you money compared to hiring private contractors.
Want to Become a More Successful Property Owner in Phenix City, AL?
Becoming a property owner isn't easy. However, once you get everything figured out and streamline your rental property management, you can make a lot of money with very little effort.
If you want to get a leg up, we can help. Contact us today to talk to a specialist about our property management services in Phenix City, AL. We can help you market your rentals, screen tenants, collect rent, give eviction notices, maintain your property, and more.