Blog Post

Top 3 Ways To Improve Your Rental Income

Dustin Edwards • Feb 09, 2024

For most real estate investors, improving their rental income is their main priority. However, there are more ways to improve earning than increasing rent. You indeed need to spend money to earn money. This is also true in real estate, as there are many avenues in which you can invest that can improve revenue.


Today, we'll review three great ways to improve your rental income without necessarily increasing your tenant’s rent.


Carefully Screen Applicants

One of the best ways to improve your rental income is to ensure you’re welcoming the best-suited tenant. The better the tenant, the longer they live in your rental. The longer they live in your rental, the lower your vacancy rates are and the more consistent your income is. This can be tricky as every time you fill a vacancy, you’re taking a chance with whoever is moving in. You can help mitigate the risk by carefully screening the potential tenant.


Typical items on an application you should watch include if the applicant is a smoker, if they own pets and their renting history. This can take time to get right, as only some have the resources to look into applicants.


If you choose to manage your property, you’ll want to check the applicant’s credit score to understand better an applicant's ability to pay rent on time. Checking their residential history can help you understand what to expect from them as tenants. Past behavior may hint as to their future interactions. Proof of monthly gross income proves whether or not they can afford to rent your property. Typically, you want them to be able to provide evidence of at least three times the monthly rent amount. This can feel overwhelming to do on your own, especially if you’re new to the real estate industry. However, a full-service
property management company will have the resources to screen potential tenants better.


Inspect Your Properties Regularly

Many improvements can be made to your Long Beach rental property, like upgrading the home's core systems, such as electrical, plumbing, and HVAC. These upgrades can yield a higher asking price for rent, though maintaining the property can mitigate losses and ultimately improve your bottom line. 


Typically, you’ll want to do yearly inspections of the core elements of the home—especially plumbing and electricity, as these are oftentimes incredibly costly if left unchecked. Water damage is one of the most common insurance claims in rentals. This can be avoided by regular maintenance,
yearly inspections, and rapid response whenever a tenant calls about leaks. On the other hand, faulty wiring can result in electrical fires, which can completely destroy your rental.


Choosing the Right Property Management Company

Property management companies are often seen as a cost of the real estate industry. However, it should be seen as an investment. While a fee is associated with hiring a property management company, they often have far more resources than an owner. 


Property management companies aren’t one size fits all, and as you expand your portfolio, you should consider reevaluating your property management company regularly. Be sure to find a company that specializes in your type of rental, is local to your area, and is knowledgeable about your neighborhood and local laws. This can go a long way in improving your rental income over time.


Improving your rental income is ultimately the goal of every investor. However, there is more to improving your bottom line than just increasing the rent or cutting back on spending. Knowing how and when to invest your money can significantly affect your passive income. If you want to improve your monthly earnings or
collect rent online, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online.

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By Dustin Edwards 01 May, 2024
Everyone wants to feel safe in their homes. As an investment property owner, it's up to you to decide whether or not to include security measures in your property. Many of the costs associated with the security measures can be included in the rent, meaning not only can you keep your property safe, but you can earn more income in the long run. However, you would still want your tenants to have renters insurance to protect their assets. Today, we’ll discuss the top five security measures you can add to your property and why they're beneficial to you and your tenant. Security Cameras Cameras are probably one of the first security measures people think about when asked about security. Cameras provide more benefits than just surveillance. They provide an extra level of security for the safety of the tenants and their belongings. Additionally, security cameras can be useful when repairs are required. Cameras can aid in supervising repairs and maintenance to ensure you’re receiving the agreed-upon work. During vacancies when the property is empty, security cameras can help keep the property safe from potential intruders. Doorbell cameras are incredibly popular now. They provide the aforementioned safety of a camera that can be accessed remotely, as well as the ability to communicate with visitors. Although one must be careful never to say you're not home, just say you're unavailable to strangers. Security Lights Security lights with motion detectors are another effective tool when adding security measures to your property. These lights brightly if a potential intruder attempts to get near your home. They can provide enough illumination to see the intruder or, at the very least, scare them off. Nowadays, you can find a combination of security cameras and motion-activated security lights, such as the floodlight cam wired plus from Ring . Additionally, because these lights only turn on when motion is detected, they’re more cost-effective than traditional lights with a switch. Illuminate the Property Light generally deters intruders as it's more difficult to hide. Adding lighting to the landscaping can increase the security of the property while creating a relaxing atmosphere. Lights can also be used in other areas of the property to accent features such as trees, benches, or artwork. This can help your property stand out while giving your tenants an additional feeling of safety. Keyless Entry Keyless entry is seen as both a convenience feature and a security feature. They usually use an electronic passcode, biometric data, or grant access through a smartphone app. Physical keys can be lost, stolen, or duplicated. You reduce the risk of unauthorized entry by eliminating the need for a physical key to enter the property. Many keyless entry systems include several features, such as remote locking and monitoring. Although keyless entry is a great new technology for keeping your tenants and properties safe, they’re best used with other security systems. Security Company Nothing beats having an extra pair of eyes on your property for security. This is where security companies like ADT and SimpliSafe come in. While companies may deal with security in varying ways, they aim to protect your investment. While safety is the primary role of a security company, remember that many tenants may be willing to pay more for a premium amenity like a home security company. Keeping your property and tenants safe is incredibly important to the longevity of an investment property. If you’re looking to improve the security of your Long Beach rental property or need help managing your beach city rental property, we invite you to call us today at (562) 888-0247 or fill out our Owner Application online .
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