As a landlord, you’re likely looking to get as much back from your real estate investment as possible. But simply raising the rent each year isn’t a tactic that will work long term. In order to get more income from your rental property, you need to do these things:
1. Improve and Maintain Your Rental
Rentals that are in excellent condition will attract higher quality tenants and give you the option of charging more for your rental. High income tenants are less likely to rent places that are in disrepair or that look unsightly. Spend the time and money to take care of all necessary repairs before you rent. Be detail oriented, just like your potential high quality tenants will be. From making sure the doorknobs are screwed on tightly to ensuring that the HVAC system works, when you improve and maintain your rental, you’ll be able to get more income.
2. Add Value to Your Rental
Tenants are willing to pay more for rent when there is added value to the rental.
Adding value to your rental is easier than you think. Simple upgrades like new countertops, fresh paint and updated carpet / flooring are easy starts. You typically get the most bang for your buck with upgrades to your kitchen and bathrooms. This is where it can really pay off and help you get higher monthly rental prices. Another good tactic is to hire a property manager to care for the rental. The property management company adds value for you, as well as to the tenant. When you hire a property management company such as AZ Residential Management, your tenant is equipped with a direct hotline to maintenance services 24/7. Other simple and inexpensive ways to add value to your rental include lawn maintenance services, complimentary newspaper delivery, free Internet access, and such. These are small things for you to offer, yet represent extra value for which potential renters are willing to pay more.
3. Deduct All Your Expenses
There are significant tax benefits to owning a rental property, yet many landlords don’t know enough to take full advantage of their legal entitlements. A property management company such as AZ Residential Management provides landlords accounting statements that include a detailed breakdown of all your landlord and rental expenses. Remember, even the cost of the property management company services is a tax deduction! When you successfully include all your deductions on your yearly tax return, you’ll find that you get to keep more of the income from your rental property.
AZ Residential Management is here to help landlords navigate the sometimes tricky world of rental property. Make being a landlord easy on yourself. Contact AZ Residential Management today for free, no obligation information about everything we offer for landlords in and around Mesa, Arizona.