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It's time to get creative with your property. You can start your business right at home by making your place a steady source of income. There are many ways to maximize the profitability of a residential unit or property by making it a multi-purpose rental, accommodation or a simple space of relaxation.
Some property owners are inclined to market their homes as a bed and breakfast or Airbnb available for short-term leases. However, long-term marketability also matters and having value-added services or qualities to your properties can give you the edge in a rather competitive market.
Here are a few ways to add value to your property:
- Avoid vacancies
This might sound like a given but it is the prime concern for any property. Make your property good enough for people or tenants to stay in a long-term setting. It is also more cost-effective to prioritize long-term leases and lessen turnaround time between tenants.
- Maintain it like a pro
The overall comfort and ambiance of the place always matter. Make home repairs and improvements available to prospective tenants. Simple services such as troubleshooting appliances, installation assistance, and professional cleaning can set your property apart in the market.
- Accessibility matters
Responding to a tenant's basic needs is vital to making a premium property. Providing laundry, cable, internet installation and other concierge-like services to the tenants will make them feel right home. For most prospective clients, convenience is always of utmost importance.
- Implement flexible leasing
For some properties, tenants might come and go. Therefore, for seasonal periods of the year, one must consider a more flexible arrangement. You can turn your residential property to a bed and breakfast during peak months or register it as an Airbnb platform during the summer and rainy season. This will minimize vacancy time and give you an ample source of income during the absence of a long time tenant.
- Apply fees smartly
Raising profits can be rationalized by delivering quality fixtures or services to renters. Evaluate the features of your property and the other value-added services to see where fees can be applied to properly offset the extra cost. It can be in the form of holding, application, and other extra fees that may be deemed necessary.
- Increase rent judiciously
It is also less than ideal to let you rate plateau over time. Given the inflation over the years, it is also right to raise the rent every once in a while. Consider also the accessibility of the location and your general investments in the place in making prices match.
- Monitor the market
It is important to ensure that your property remains competitive. Market reports and briefings are available online to make sure that your rental rates remain competitive or at par with other similar listings. Property owners can also do well in keeping up with the trends to ensure that they carry or deliver what the current market demands.
- Get an asset manager
Get your time back and remove the hassle in managing your property. It is important to seek the guidance of an expert to professionally handle your properties. Save yourself from the worries and the extra load by letting an asset manager handle tenant sourcing, leasing concerns and documentation and strategically planning for value-added service. They can also give advisory on the latest market trends and keep track of your financial portfolio.