Ways to Make Your Rental Property More Profitable

Investing in rental properties is one of the best ways to make some passive income and even, potentially, primary income. Of course, there’s always a catch. You have to be willing to put in some work to maintain the property and make the home attractive. Additionally, you’ll work with your tenants, which sometimes can be harder than the physical work of bringing the property back to life. We understand the challenges, but we also know you’re in this for profit. If you’d like to learn some ways to make your rental property more profitable, we encourage you to read our guide below.

Maintain a professional relationship with your tenants

Put yourself in your tenant’s shoes and try to relate to their concerns. If you’re difficult to work with, or a tenant has to wait weeks to get something fixed on their home, they’re never going to stay. A profitable rental property is all about retention; after all, having the same tenant for five years is better than having a different tenant each year. To retain good tenants, be someone you’d want to work with. Fix problems in a timely manner and relate to your tenants. They’ll be more inclined to stay and pay more down the road if they have a great landlord.

Work out deals with other services

Many renters choose to rent because they don’t want to maintain the home or yard. If you’re new to being a landlord, you’re probably doing a lot of the work yourself. On the other hand, if you’ve been a landlord for a while, it may be in your best interest to make a deal with a local landscaper. For instance, if your landscaper charges $50 per month, you could charge the tenant $60 per month; that way you’re making something out of the deal.

Consider offering unique amenities

With rent prices being so competitive, you really need something––or some things––to make your property stand out. Each location is different, so it's important to consider what people in your city want. For instance, someone in Colorado might want a community-shared garden, while someone in New York City would love to have a parking spot. Use your location to your advantage and offer something unique that people in your area want.

Install quality items that last

When maintaining or developing a rental property, far too many landlords make the mistake of using whatever is cheapest. By doing that, you’re not only devaluing your property, but you’re asking for future repairs that will only cost you more. Instead, you should focus on making your rental durable and low-maintenance by installing quality items. That includes quality floors, paint, light fixtures, and more. You’re only costing yourself more by using cheap items; plus, your tenants will feel like their landlord doesn’t value the property. Prove them wrong.

Investing in rental properties and being a landlord is no easy feat. On top of your own home, you’re responsible for someone else's and answering calls at pretty much all hours. However, with these ways to make your rental property more profitable, you could earn some serious income.

Ultimate House Moving Checklist

Moving is an exciting—albeit scary—time for many people. For better or worse, moving requires devotion, attention, and, sometimes, professional help. There are plenty of reasons why people decide to move. Maybe they are starting a family and need to have a lot more space, or perhaps downsizing is on their mind due to the fact that their kids are all grown up and with homes of their own. No matter what the situation is, moving seems to be a part of everyone's lives at one time or another, and nothing can make it worse than not knowing where to turn first in a sea of boxes. Whenever you decide to move, read this ultimate house moving checklist to see what you must do for a smooth transition. You will thank us later!

2 Months Out

When you’re two months or eight weeks out, you’ll want to prepare every room for the big day. Inspect each room of the new home for structural, plumbing, electrical, or any other issues. You may need a professional to help with this inspection. Also, use this time to order new furniture or appliances for the house. Couches, chairs, light and water fixtures, and heavy appliances take time to order, deliver, and install, so prep for these ahead of time. Additionally, consider hiring a Family-owned removal company in Oxford (if you happen to reside here) in order to assist with the move. Such companies tend to provide personalized service, potentially ensuring a smooth and stress-free relocation. This is especially helpful when separating your items into piles to save, donate, or sell, as a professional team can efficiently handle the heavy lifting.

1 Month Out

As the big day draws near, start the packing process. Always start with the items you rarely use since you can store these until necessary. Seasonal items may fall into this category. Remember, save more frequently used items for right before move-in day to have them ready throughout the process. Do not forget to label. This is a crucial step to ensure each box reaches its destination, especially if you use professional movers. However, keep valuables on hand to make sure they're not misplaced or stolen. You may also need this time to change your primary healthcare physician, veterinarian, mail, auto services, utility companies, and so on.

With the right professional assistance, relocating can be a far more organized and stress-free experience. People starting their new lives should always find reliable moving companies that offer packing, transportation, and even storage solutions to simplify the process. Choosing an experienced team ensures that your belongings are handled carefully and delivered to your new home on time. Taking these extra steps allows you to focus on settling in and making your new space feel like home.

The Day Of

Finally, with the last part of the ultimate house moving checklist, the big day is here and you’re ready to live in your new home. Say goodbye to your current living situation and say hello to your new house! If you’re using furniture movers in Toronto, supervise the load-in so that furniture and important items aren’t damaged.. Also, you may need to clean up a bit if you’re moving into an older or previously owned house. Make a final walk-through to assure everything works well. You may find something unbeknownst to you before, like poor water quality or faulty electrical currents. Either way, now’s the time to call a professional to take care of those issues.