4 Awesome Ways of Making More Money through Rental Properties

If renting out properties is one of your sources of money, you might be looking for ways to boost your cash inflow through this way. If you think acquiring more and more properties for rent is the only effective way of increasing your income, we would suggest you focus on the rental properties you currently have instead. There are ways you can make more money through your current rental properties. Let’s look at some of these ways.

1. Reduce Vacancy

To reduce vacancies, it’s best to look for long-term tenants so as not to deal with turnovers. However, in case a tenant must move, you can minimize the vacancy by ensuring that turnaround time is minimum. So, the moment you know of the move, post ads about your vacancy. If your property is in a high-demand area, you will receive immediate interests and get a new tenant the moment your old tenant leaves.

If your property is located in a low-demand area, know that the demand of almost all properties in all areas is good at a price. In case your vacancies are high consistently, you may need to give a thought to your price point.

2.  Minimize Turnover

There are several ways turnovers can be expensive for you. There are costs of advertising, replacing the flooring and painting and patching walls, and of course, there is a vacancy. Although a bit counterintuitive, in this context, a relatively lower rent might tend to increase your revenues.

Aim to get quality tenants that pay the rents consistently and keep your property in a good condition. When you get such tenants, do your best to keep them.

3. Increase the Rent Strategically

After discussing how lower rents can drive higher revenues, I’ll suggest that you increase the rents for the tenants of the longer-term. For this, you need to have knowledge of the value of your property relative to that of your competition.

As discussed before, tenants tend to be more loyal when they cannot find properties with lower rents elsewhere. However, this does not imply that rent should never be increased even if there are good reasons to do so.

Tenants have to spend money for moving too. If your property’s value is substantially higher than a new rental property’s value plus the moving costs, your tenants are likely to prefer your property.

Have a good idea of the rents in your property’s area by researching sites like Craigslist, Rentometer, Zillow, and MLS. You may find that it’s possible to heighten your revenue by small amounts (1% – 3%) every year while still remaining competitive.

4. Act Diligently on Late Fees

When it’s about late fees and rent collection, showing respect and kindness to tenants does not imply being a pushover. Although collections are not that pleasant for landlords but are quite important to keep your business running profitably. Ensure that your tenants know that it’s a business; a contract has been signed by them, and completing this transaction is part of your job while following the contract along with all applicable laws.

In case you let tenants get away with late payments that don’t include the appropriate fees, your money is being lost. Additionally, the tenants might try getting away with making the payments late several more times, leading to extra stress and work for you.

In case a tenant makes a payment late without adding the fees, explain politely that you cannot consider the rent until all the fees are paid. Hold firm so that they understand that they cannot take any advantage of you. It’s most likely that they will comply then.

Apply these tips to increase your money inflow from your current rental properties. You will be surprised to find the remarkable raise your revenues get with proper employment of these ways.

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7 Easy Car Renting Tips to Make Money Today

If you have a car that you are not using it regularly, then think of it being an investment that you can use to earn high returns!

That car that is sitting pretty there can bring you a steady flow of quick money if you can rent it out for different occasions to different people. After all, almost everybody is on the move and are looking for convenient ways to reach their destination.

Pleasure, work or vacation there are a number of ways that you can use or rent out your car to earn handsome returns.

Here are 7 easy car renting tips that will help you earn good money today!

1. Let your car work for the regular rental service companies that provide hire a car service. A lot of people are looking to use cars when they are in different cities. You will come across standardized rates for such hires and can be sure of your car’s safety that is taken care of by the rental company.

2. Think of rideshare groups and earning using your vehicle in such groups. You can rent it out to such groups of drivers that will share the cost among themselves and drive it too. You can sit back and earn the returns without having to do much other than renting out your car! The earnings can be well above hundred dollars a month with the exact amount depending on how regularly riders hire it.

3. Surely, you’ve seen those sassy vehicle wraps that make a pretty sight on the otherwise dull and congested roads! It is a great way of making money by letting companies place advertisement wraps on your vehicle. While you can go about doing your daily dose of driving, the company that advertises benefits from the ads on your vehicle. You get paid handsomely at the end of the month for such advertisements.

4. If you have a reasonably large vehicle with a lot of boot space, renting it out to help move people can be a great way of earning. There are plenty of small-sized homes and offices that need quick and reliable transportation. You can be the woman/man with the van that does just the job and earn at least 20 to 50 dollars an hour. So, just get moving!

5. Elder care service often involves driving them around for their daily needs or even for pleasure. You can opt to offer services to individual elders or rent out your vehicle to them on a rideshare basis. This way you can earn depending on the financial status of people either letting them travel around solo or letting them split the costs while you earn well too.

6. Babysitting and taking children for rides, picking them and dropping them is a need in most cities now. You can use your car to do all of this giving their parents the much-needed service and also earn for yourself.

7. Allow delivery of items for e-commerce portals like Amazons for delivering items to customers and earn well for yourself. With more and more people opting to shop online, there is a huge demand for delivering them safely and fast. You will never run out of delivery orders when renting your car for such delivery.

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