A rental property is an ideal investment to help you supplement your income or create a full-time living. However, property managers and landlords may struggle to find how to increase their revenue. Luckily, there are many ways to improve your return on investment. We’ve summarised five ways below.
The way in which you furnish and decorate a property can have a huge impact on its rental value. Ensuring that paint is refreshed, floors are updated, and the space is modern may be all you need to maximise profits.
You can maximise your profits by creating additional revenue streams through offering extra services to tenants. This could include a cleaning services or item replenishment. This will provide you with new revenue opportunities, whilst also servicing the needs of your tenants.
An effective and environmentally friendly way to increase the ROI of your rental property is to implement a strategy that will reduce electricity and water bills. Switching to an eco-friendly strategy may include switching to LED light bulbs or installing energy efficient appliances. Not only are you helping to save money, but you are also showing that you are an eco-conscious business.
The pandemic has changed the way in which many people work, with more companies offering remote, or hybrid modes of working. This means more people are seeking home offices or rooms that can be used as office space. If you have a spare room that could also function as a home office make sure to include this in your listing.
Hiring a property management firm/property manager can be one of the best decisions you make to maximise your returns on your property. A property manager’s job is to increase your rental property ROI, and will handle operational tasks, repairs, landscaping, perform tenants’ screenings and more. This allows you to reap the benefits of your investment without the stress of managing and maintaining everything yourself.
At Phillips Harrod, we are one of prime London’s leading residential experts who offer property management services. We appreciate that as an investor you want to maximise the profits of your investment, and we work hard to nurture high returns using a team of highly qualified experts.