I have been the owner of several properties for many years and I have recently been looking into ways that I can maximize the profit and appeal of the locations that I had. What inspired me to do this was that I had 4 ground floor flats in the same location which I was renting out to private tenants. My cousin is disabled and rightfully told me that I should be converting those into handicap accessible apartments. I listened to me cousin and as soon as I could I decided to change the outlay of the apartments and make them more accessible for those with disabilities or mobility issues. I must mention that I did not do this for profit, just because it made sense.
That idea of tailoring the apartment to the type of client that would suit it however, got me thinking about what I could do with my other properties to ensure that I could make the most amount of money from them and here are some of the things that I have done to maximize profit in my properties.
I had 3 properties which had huge rooms inside them and all three were 2 bedroom apartments, I decided to invest in turning them into 3 bedroom apartments which included a box room, perfect for kids I thought. It turns out that this was a good decision as I currently have 2 pf the properties filled with families, and the third one is being rented out to three roommates. I currently charge more for these three properties and I have almost doubled my rental income from this alone.
Tender Love and Care
I have always been a good landlord and always on hand when my tenants needed me or whenever it was time to fix something. The idea of decorating or sprucing up the properties with I owned and never really dawned on me until recently. This was a tricky thing to do because I needed to know that I was going to make the money back on the investment which I was spending. After careful consideration I renovated three of my properties, paid for my tenants to stay elsewhere in the mean time and then I gradually upped the rent on each place. I was worried about a backlash but my tenants were over the moon with the new layout and more than happy to pay the extra rent.
Discount For Advanced Payments
As any landlord will tell you , having someone in your property long term is the perfect scenario and to encourage this, I gave all of my tenants the chance to save a months rent if they paid 6 months or more up front. This may sound like I lost money but I would lose more if the property was empty for a number of months. The reaction was good and many of my tenants paid the extra and saved the month, time will tell as to whether this really paid off or not but I am quietly confident.