When you have a rental property, ideally you want to be able to maximize your revenue. In fact, saving money while making money is the optimal goal. Therefore, understanding the clever ways that you can generate the most income from your rental property is ideal. Generating more revenue will provide you with extra money in your pocket without much effort.
Be Your Own Manager
One of the best ways to cut costs and save money is to be the manager of your property. Hiring a property manager can be costly. Ideally, you are looking for someone who has extensive experience which costs more money than some who lacks experience . Instead, opt to be your own manager. In fact, you are probably the best person for the job.
Try To Do As Much Maintenance As You Can
Instead of hiring a maintenance company for every little situation, fix things yourselves. In fact, most of the maintenance problems that occur are easy to fix. In addition, there are a bunch of tutorials available to help you with unfamiliar problems like a clogged toilet or drain. You can significantly save money by avoiding hiring a maintenance company and choosing to fix problems yourself instead.
Vacancies Should Be Avoided
Ideally, you want to make sure that all the units within your property are filled. In fact, marketing your property ends up costing you a fortune. This becomes very expensive when there is just one unit that needs to be filled. Instead, choose to market your property locally. If you are still concerned about finding quality renters for your property you can opt to increase the demand by lowering your price slightly to attract more renters.
Incorporate A Coin-Operated Laundry Center
Adding a coin-operated laundry service is a great source of added income. In fact, even if each unit has it’s own laundry machines, providing tenants with larger machine options can be very useful.
Trust the Professionals at Clagett Enterprises for Your Real Estate Needs
If you’re looking for the perfect realtor for your property or to assist during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.