2020 is here and if you’re like most landlords, you’re mapping out your goals for the New Year and are also thinking about ways to get more ROI from your investment property.
In this article, we will share with you several ways that you can increase the value of your investment property in 2020.
#1 – Add More Revenue Streams
As a landlord, one of the easiest things that you can do to get more ROI from your investment property is to add more revenue streams.
Some of the most common revenue streams that you should consider adding include coin-operated laundry and other services like WiFi and cleaning services.
Adding more revenue streams can add thousands of dollars per year to your bottom line and ultimately make your life as a landlord a lot easier.
#2 – Enforce Late Fees
Besides adding more revenue streams to your investment property, another important thing that you can do is enforce your late fees.
Your investment property is a business, and you shouldn’t hesitate to enforce late fees because enforcing those late fees will help your tenants to know that they cannot expect to pay late without facing the financial consequences of their decision.
Enforcing late fees will also add more revenue to your bottom line as well so if you feel bad about having to enforce them you may want to consider hiring a property manager like 36 North Property Management to professionally manage those properties for you.
#3 – Keep Your Word About Making Repairs
Last of all, but most important, another thing that you can do to get more ROI from your investment property in 2020 is to keep your word regarding repairs that you promise to make to your property.
This step is important because keeping your word will also keep your tenants happy and make them less inclined to search for another property once their leases have expired.
Contact 36 North Property Management
To learn more about the property management services we can offer you contact us today by calling (831) 484-4604 or connect with us online.