Maximizing Rental Property Profitability: Tips for Landlords | Arcadia Property Management

Are you looking for ways to increase the profitability of your Arcadia rental property? 

You should be. 

We have three important tips on how to increase what you’re earning in both the short and long term. Take a look at these suggestions, and then let’s talk about some ideas that are specific to your unique rental property, which might benefit from other types of strategies. 

Earning Higher Rents 

Rents are climbing in Arcadia and throughout the state of California, where they’ve always been high. If you want to earn more on your rental property, however, you have to look for ways to raise your rents without chasing off good tenants. 

Trying to price your property accurately can be challenging. You want to earn as much as possible, especially because qualified tenants are willing to pay top dollar for a well-maintained rental home. But, you don’t want to risk a price that’s too high. Overpricing your rental property can lead to a longer vacancy time, and that’s a difficult loss to recover.

Some quick and easy ways to earn more rent include: 

• Allowing pets. When you welcome pets into your property, you can charge a pet fee and/or pet rent. That’s extra revenue. You’ll also have fewer vacancy days and less turnover.
• Making improvements. Upgrade and update in ways that are cost-effective but meaningful enough to tenants that you can charge more in rent. Smart home technology is a good way to improve your property. Tenants today are also looking for green upgrades and sustainable living.
• Offer additional services. If you include landscaping in your rental amount, you can charge more. Or, consider a parking fee when you offer covered parking.

Increasing what you earn is one of the most basic ways to make your property more profitable. Just make sure you’re providing value in exchange for higher rent prices. 

Cost-Effective Maintenance 

Maintenance and repair costs have risen dramatically, and you have to look for ways to minimize what you spend if you want to make money on your investment property. 

Prioritize preventative maintenance. This ensures that those expensive emergency repairs are less frequently. You won’t waste money on deferred and unreported maintenance. Make sure you have an excellent relationship in place with vendors, contractors, and service providers. This will lead to more affordable pricing and high-quality maintenance work.

You also want to partner with your tenants. Make sure they understand that you want to hear about repair needs right away, and hold them accountable when they’re responsible for damage. 

Reduce Vacancy and Turnover 

Good tenant relationships make you more money. When your tenant is enjoying a positive rental experience, they’re less likely to leave when the lease ends. They’ll renew the lease agreement, agree to a higher rent, and save you from having to spend money on turnover costs. 

When you can increase your tenant retention rate, you’ll find it’s easier to make more money. Turnover costs are always more expensive than you anticipate, and every day that your home is vacant while you look for a new tenant is money lost. 

Working with an Arcadia property management partner is always going to help you have a more profitable rental experience. Let’s talk about what that entails. Contact us at ZenPro Property Management.