HOW TO MAXIMIZE RENT REVENUE

Keep the Property in Good Condition

Preventative maintenance is essential to keep your property in good condition

Top Three Tips:

+ Change air filters frequently to extend the life of HVAC, lower energy bills & have fewer repairs

+ Replace old flooring and appliances to make property more valuable & increase rent price

+ Fix repairs immediately (especially leaks) so problem doesn't spread & increase cost of repair

Research Rent Price and Update as Needed

Updating your rent price is your opportunity to make the most of your rental income. Your price should make sense in your rental market. When you increase the value of your property, you should also update your rent price.

Use a Written Rental Agreement

A written rental agreement is the best way to legally establish each party's rights and obligations This will help you avoid expensive legal battles by having it in writing

Enforce Rules

Late fees motivate tenants to pay rent on time! You need your tenants to pay in a timely manner since you are most likely using those payments to cover your mortgage.

Screen Your Tenants

Make sure you're requiring a proper rental application and credit reports with background checks. Verify income with employer and contact prior landlords for reference.

Make Rent Payments Easy for Your Tenants

Allow online payments to maximize ease for both your tenant, and yourself!

Have Landlord Insurance

You will need landlord insurance to protect your property. Homeowner's insurance is not sufficient if you are consistently renting out your property. You are a landlord and need proper coverage.

Keep Your Good Tenants

It's smart business to hold onto good tenants that care about your property and pay on time It could be costly to risk bad tenants: legal trouble, eviction, damage to your property and late or no payments Find a good tenant and renew your lease