Tip 1 ? Meet your tenant
Even though the property was bought as an investment property, you are still in the people business and going out of your way to meet up with potential leasers can lead to longer, more meaningful relationships between you and your tenant which long term could mean lower vacancy rates and more money in your pocket.
Tip 2 ? Give tenants additional benefits
Penalties are really not effective as they punish bad behaviour, another way to get what you want and achieving your goal as a landlord is to reward behaviour you require from your tenant. For example when you sign the lease contract with your new tenant, you clearly want to get them to agree to your terms like having the rental paid on or before the last day of the month or bi monthly inspections. If they agree to your terms you will reimburse a certain amount of their rental back onto their key deposit. They may not reduce their rental payment but over the length of their rental agreement they can build up an extra sum of money that they will get when they vacate your property on your conditions. Another action that could be used to receive a bonus for the tenant is if their rental is paid via debit order. Debit orders are a bit of a bother to set up at the bank but once done they are well worth the effort as you are pretty sure of when your rental will be in your account. Another idea is to give your tenant a small gift when they first move in, for example a dvd player. It may be small but it is a gesture that will cost you a little bit of money at the outset but they will soon realise you are not an ordinary landlord. After they have rented from you for a year you may decide to give them a small television, on the second anniversary something else. This way your tenant remains loyal to you and you get to keep a tenant for a longer period which once again means a lower vacancy rate and cash on your bottom line. The best part of doing this is when they do decide to leave there is an above average chance that they will source the next tenant for you!
Tip 3 ? Furnish your unit
In today's day and age you can purchase just about anything on the internet and used furniture can be bought for next to nothing. By offering your rental unit as furnished or semi furnished you can ask for a higher rental and it is one of the cleverest ways to make more money with your investment property.
Tip 4 ? Upgrade your property
Another great way to increase your rental is to speak to your tenant and find out what would make the environment better to live in. Many times it may be something really small that could make the world of difference, it might for instance be a heater that would not cost the earth but would improve the tenants living conditions. If the item is bigger it may be beneficial to split the cost with the tenant and tenants you have in the future will also benefit from the purchase.
Tip 5 ? Cleaning service
One more way to keep tenants is to offer a weekly cleaning service. There are many advantages of offering this service. Firstly and obviously the benefit to the tenant, secondly and probably the most important benefit, it gives you direct access into your rental property. You are able to keep an eye on your tenant so to speak and are able to pick up if there is any maintenance that needs to be carried out so that it can be done in good time before it turns into a big problem.
Try these 5 tips out in your investment units and you are bound to have happier tenants that are paying more rent over a longer period.
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