In the fixer upper and rental house business there are many perfectly legal ways to maximize your rental profits, which don’t require drawing a gun or subtly displaying the threatening DVD cover of The Clan of the Cave Bear.
Keeping tenants satisfied = more $ for your
Putting the comfort of your tenants first can result in you making more money. Three things happen when you increase the value (or usefulness) of a property:
1.) You attract more and better tenants;
2.) Tenants stay longer; and,
3.) You make more money.
Things to do make a property more valuable
1.) Provide a clothes washer and dryer;
2.) Have a refrigerator;
3.) Add a carport to protect tenant cars from the sun;
4.) Install security doors;
5.) Put a storage shed in the back yard;
6.) Allow pets. Many people consider their pet a member of their family, and in some cases, make their decision on which home to rent based on the likely comfort of their pet.
Maybe pet owners cross the line when they refer to themselves as “mommy” and “daddy,” and maybe pets cross the line when they start marking their territory before you even get a chance to go through the checklist.
But in general, allowing pets is a win-win situation.
These types of things increase the value of a property for tenants, and may set our property apart from other rental properties. They also allow us to charge a higher monthly rent.
The more satisfied a tenant is, the more they are willing to pay a little extra rent.
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