Owning an apartment property is fulfilling but comes with its own set of challenges. For example, you must keep units filled and the property well-groomed. And that’s only a few aspects of owning a complex.
You’ve put a lot of your time and money into investing in the property. So, it’d be nice to make as much money as possible to make your investment worth it.
If you’re looking to boost profitability for your apartment, try these tricks!
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1. Manage Your Own Property
Hiring a property manager to be in charge of your complex costs a lot of money. That’s why you should cut back on your expenses by managing your own property!
It’d be best if you lived close to the property to manage it. But even if you’re located in a different state, you could do most things over the phone and online.
If you rent all the units, then it should be easy to manage things from afar. But, of course, you could always hire a maintenance person to come out and do some quick fixes if you’re not around.
A virtual leasing assistant is also effective. If you still need help but don’t want to pay someone full time to tend to the complex, a virtual assistant can help.
2. Hire a Marketing Company
If you’re eager to snag more leads, you can take it upon yourself to market your property. Or, better yet, you can allow the professionals to do it for you.
I know what you’re thinking. This article is about boosting your apartment’s profitability, right? The last thing you may want is to spend more money.
But by hiring a well-qualified marketing company, you’ll likely rent more apartments. And, you’ll keep your existing tenants happy too.
A marketing company can help set up ads for your complex on sites like Facebook and Instagram. In time, the money you’re pouring into marketing will pay off in dividends!
Check out this apartment marketing guide for some marketing ideas. It details how having a solid marketing plan can help you reach your goals!
3. Keep Tenants Around
You’ll save a lot of money if you don’t have to deal with getting new tenants every few months. To avoid high tenant turnover, carefully screen prospective tenants.
Get people who will pay on time and who will take good care of their apartment. Ideally, you want to find people who will stick around. Of course, making money is essential, but so is keeping your tenants happy.
You can also keep good tenants around by offering them perks, such as not increasing their rent that much. Turning an apartment takes a lot of time and money. Since you won’t have to turn as many apartments, you’ll save a lot of money. So it shouldn’t affect your bottom line if you discount your tenants’ rent sometimes.
4. Offer Laundry
Most tenants like having the option to do their laundry on-site, which is why having a laundry service is ideal. Not only is it convenient for your residents, but it can increase your profits.
Signing with a laundry service company means you’ll get to share the revenue. Of course, you’ll have to do your homework to find out all the details. But if you find a reputable company to work with and don’t mind collecting coins, having laundry will be worth it.
5. Require Pet Rent
If your complex is pet-friendly, then consider charging your tenant pet rent. Most pet owners have a hard enough time finding apartments that allow pets. But, since they adore their furry pal, they won’t balk at the pet rent they’ll have to pay.
Some owners require a move-in pet deposit as well as charge tenants monthly pet rent. You can do either or both depending on what the best move is for your area and complex.
Increasing your apartment profitability is vital. After all, you want your property investment to be a success! Without enough revenue, you may have to sell the complex or develop another solution that isn’t ideal. Therefore, you want to do everything in your power to prevent a situation like this from happening.
As I discussed, there are many ways to increase your income. From adding laundry to the property to being the property manager yourself, stick with a well-thought-out plan.
Be smart with your money-making decisions as you work hard to achieve your goals. Then, you’ll have no problem retaining tenants and increasing your revenue.