In recent times, rents have increased significantly, which has led to a reduced number of tenants paying them in a timely manner. Until this happens, the high rents will not benefit you. So how do you ensure that you receive most of the rents within the deadline? Here are some strategies that you should try out this year.
Provide your long-term tenants with discounts
Do you have tenants who have resided in your building for a couple of years? Since they have been so loyal and stayed by your side all this time, why not offer them a discount? Avoid increasing their rents by massive amounts or you could waive off a certain portion of it once in a while. Yes, this may decrease your overall income but at least the flow will be steady, which is good.
Offer lower rents than competitors
Do you know what rents are charged on other housing units that are similar to yours and located in the same area? Find out and make sure you offer a lower rent. Your real estate agent can provide you with this information. In case, you still feel your rents should be higher, make sure you explain to the tenants why it is worth it.
Thoroughly inspect your unit
Before you rent out your property, inspect it thoroughly. Everything should be perfect, and there should be no need for repairs of any sorts. The place should be well-maintained and clean. Do this and your tenants will be happy to pay the amount you ask for on a regular basis.
Include utility costs in the rental amount
You can increase the rents you charge by including utility costs in them. You can calculate the utility amount by utilizing the Ratio Utility Billing System or RUBS. On average, these costs are around $95 per month, but there are many companies which will help you in evaluating the exact bills according to the utility percentage that is actually used by the tenants.
Let new renters move in at the start of every month
There are so many tenants who prefer moving into a unit towards the end of the month so as to minimize their double rents. Ask them to move in at the beginning of a month so that you get the full rent amount.
