5 Easy Ways to Get More Rent for Your Regina Home
Chances are, your reason for investing in Regina real estate was to get a passive source of income.
With financial goals and property expenses to meet, rental owners of today are always looking for ways to increase the rent, and therefore their profit, from their rentals.
Our property experts at Leenan Property Management specialize in helping landlords make informed decisions about their rental investments. With our experience and expertise, we have the knowledge you need to take your investment to the next level.
Here are five tried-and-true methods that have worked wonders for our clients in and around Regina.
Consider Fully-Furnished Rooms and Apartments
This segment of the property market has grown significantly over the years. Its growth can be attributed to the development of vacation rental sites such as Airbnb, Expedia, and Booking.com.
Furnished properties are ideal for students and contract workers who might relocate to an area for a short assignment. It can be a worthwhile endeavor if you can get a contract with a company that sends its employees regularly to your area.
And since the trip is work-related, you can be normally be assured of having responsible tenants in your rental.
Vacationers nowadays are no longer looking to stay in hotels. Vacation homes are cheaper, more homely, and have fewer regulations.
With such a rental mode, you can charge significantly higher than the market rate since you offer already furnished spaces.
Provide Extra Storage Space…At a Cost
There are times where you’ll want a new appliance or household item, but once you think about where you’ll store it, you think twice.
Is there such a thing as enough storage space? People are always getting new stuff. Seasonal decorations, clothes, and other props must be well stored for the holiday season. Every tenant needs ample storage space for their items.
Landlords can maximize their tenant’s need for storage space. If you have attics, crawlspaces, unused basements, and common area closets, take a day or two to clear up any junk and convert it into usable space. Take a paintbrush to them and add a few shelves or two.
You can offer the storage space as part of the rental unit and increase the monthly rent for the apartment unit. It is possible to offer the storage space separately. A tenant can choose to rent for a short duration, say a month or two.
Reduce Tenant Turnover
What could be eating into your rental income is the rate at which tenants move out of your space. Marketing your space, narrowing down applicants, and finding quality renters will cost you both money and time.
Once you’ve identified potential renters, you will have to carry out a comprehensive tenant screening solution, checking their creditworthiness, employment, and rental history. Don’t forget the cost of showcasing your property and the payment of utilities!
Tenant turnover (and its related costs) can be reduced by putting in place the following measures:
Improve the quality of your services. A tenant thinks twice about moving if they’re offered quality service. Be responsive to your tenants’ needs, maintenance requests, and offer a well-maintained space.
Appreciate your tenant. From time to time, go out of your way to show your gratitude to your tenant. This could be in the form of a gift card, an appreciation hamper, or a deep cleaning of the space.
Offer a sense of community. A good relationship with your renter means doing more than just following the landlord-tenant laws. Offer your tenants more and make sure you’re always available if they need something, and you’ll improve the odds of them renewing their lease upon expiry.
Hire a property manager. A good property management company in Regina will be able to find tenants that are reliable and renew their lease often. If there’s turnover, a property manager will end the vacancy by quickly finding a replacement tenant.
Get More Income from Amenities and Services
For the duration of the lease, your property is the tenant’s home. A home is a place of safety, security, and comfort. There are additional facilities and amenities that can be added to guarantee comfort and security. Tenants are willing to pay for these additional services, and so you may be able to charge a higher rent.
From our experience, tenants who are some kind of professional are more willing to pay for additional services. This is because of the stressful work experience; they want common errands like house cleaning and laundry to be dealt with.
In addition, you can boost your monthly income if you install a fitness center in your multi-rental property.
Other options don’t have to be as expensive; you can choose to accept pet owners in your rental, then charge tenants with pets a pet deposit.
Be Strict on Late Fees
Most landlords have policies that guide late rental payments. Every late payment incurs either a fine or other consequences. However, few landlords are diligent in enforcing this part of their rent collection clause.
If you’re looking to run a potential rental business in Regina, enforce late payment fines. Be strict and ensure your tenants understand that they’ve signed a contract. Adhering to the terms of the contract ensures that each party treats the other with respect and fairness moving forward.
Furthermore, if your tenants get away without paying late fees, you’ll be setting a bad precedent for other tenants. What might have started innocently will grow to be a pain in your side.
As the leading property management company in Regina, we have a solid reputation for offering exceptional services that meet the demands of our clients. We prioritize offering customized solutions that maintain or increase the standards and value of your Regina, SK rental home.
From conducting property inspections to collecting rent to responding to tenant requests, you can rely on the reputable property management team from Leenan Property Management to keep your property investment profitable.
Call or email us today. We’re eager to discuss our property management services with you!