How to Maximize Rental Property Income with a Brentwood Property Investment - Article Banner

Brentwood real estate investors have a number of great opportunities to maximize the income they earn on rental properties in the local market. When you can increase the amount of rent you’re collecting, you can increase the long-term returns you earn on your investments.

In many cases, the real estate market has a mind of its own, and what you earn will depend on the strength of the economy and other market factors. The market largely dictates how much your property is worth on both the rental market and the sales market. In the current economic climate, it’s hard to predict what you can earn on your real estate investment. But, you can take a few strategic steps to ensure you’re maximizing the amount you earn on your investment home.

Well-Maintained Brentwood Homes Rent for More

The condition of your home has a major impact on the amount you can charge in rent. Good residents are willing to pay more for a home that’s clean, functional, and attractive. If it’s in a good neighborhood, that’s even better.

Before you rent out the property, give it a detailed inspection and take care of any repairs or replacements that are needed. Once a tenant is in place, make sure you’re responsive to their repair requests and maintenance needs. Even minor issues should be taken care of right away; this will ensure your property doesn’t fall into disrepair or accumulate deferred maintenance, and it will also increase your tenant retention rate by keeping your residents happy.

When you provide a high-quality home, you can ask for and receive higher rents.

Screen for Better Tenants

It may seem unlikely that tenant placement has an impact on what you earn, but the resident you put in place actually has a lot of influence on your cash flow and your rental income.

Consider what can happen with a bad tenant. You’ll waste a lot of time chasing down late rent payments. You may get to a point when your tenant stops paying rent completely. Then, you’ll have to spend money evicting that tenant, and the process will force you to lose money while your tenant lives in your home for free. Another risk with bad tenants is that they leave property damage that exceeds the security deposit.

A good tenant earns you more by paying rent on time, taking care of your home, and following the terms of your lease. That good tenant is also likely to stay for a longer term, saving you money on vacancy and turnover costs.

Invest in Cost-Effective Improvements and Upgrades

Your preventative maintenance plans mean you probably don’t have to renovate very often or make costly improvements. However, a few minor updates and upgrades will give your home a fresh, modern look and allow you to charge more in rent. If your appliances are aging, for example, there’s no need to continue repairing them. Instead, replace them with energy-efficient, stainless steel models. New showerheads can make a difference and shiny, new faucets and hardware on sinks and drawers will immediately elevate the value of your property without costing you much money.

Brentwood Property Management Earns You More

investmentThe single most important thing you can do to increase your rental income and your investment’s stability is to work with a professional Brentwood property management company. When you have experts taking care of things like marketing, tenant screening, property pricing, and maintenance, you’ll save money on expenses and earn more ROI. It’s much better for your cash flow, and the management fee more than pays for itself.

We’d love to tell you more about how we can help you earn more in rent. Contact us at Parks Property Management.