You can potentially earn a lot of money from an investment property, but if you don't go about things the right way, you could actually end up making a loss.
Many people generate recurring real estate income by renting out properties. There are various things you can do that will maximize the value of your property, and working with a professional property management company will make this significantly easier.
Let's take a look at some of the best strategies you can use to get more out of any investment properties you own.
Rent Out Fully Furnished Apartments and Rooms
Various factors can affect rental pricing, and the furnishing of a home is one of them. If you rent out a property that's fully furnished, it makes things much easier for potential tenants.
Not only will this allow you to ask for a higher rental price, but you'll also get more applicants than you would if it was unfurnished. You'll then have an easier time finding tenants that you're happy with.
Offer Additional Storage Space
Storage space is incredibly useful, and it's something that all renters will look for. If your property doesn't have enough storage space, a lot of people won't even consider it. The more storage space you can provide, the better.
Minimize Resident Turnover
Property inspections are vital and will highlight any issues a home has. If you already have tenants, you'll want them to stick around.
If you ignore issues, they'll become dissatisfied and be more likely to move on. Regular property maintenance will keep it in good shape, ensuring your tenants are happy and want to stay. Communicating with tenants will also help you to resolve any issues as they arise so they'll be happier.
Offer Additional Services and Amenities
There are plenty of tenant services that you can offer even though they aren't essential. This is more commonly done in high-value neighborhoods and may consist of things like laundry, housecleaning, and grocery shopping. If you own a complex, you could even provide things like a fitness center, community garden, or dog park which will benefit all residents.
Reinvest Your Rental Income Into More Rental Properties
The Hammond real estate market has a lot of potential, and the more properties you own, the more money you can make. You may start off with just one rental property, but you should establish an investment strategy early on.
For example, you may want to focus on one type of property such as single-family homes. Alternatively, you may want to diversify your portfolio with different property types.
It's best to speak to a local property management company about your investment plan. They'll be able to help you form a suitable strategy based on your current situation and investment goals.
Your Investment Property
An investment property is a great way to increase your income, and growing your portfolio will only improve things further. The above tips will help you maximize your ROI, and a property manager can guide you so that you get everything right.
PMI NWI offers a full range of property management services throughout Hammond, Indiana. Contact us today and we can start helping you optimize your investments.