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Rental Income - Six Ways To Protect It Finance Articles | August 20 Jamal Adams Authentic Jersey , 2007
How do you maintain and increase the rental income from your properties? Start by keeping your renters happy. That's what the first two of these tips are about. Happy Tenants Mean More Consistent Inc...


How do you maintain and increase the rental income from your properties? Start by keeping your renters happy. That's what the first two of these tips are about.


Happy Tenants Mean More Consistent Income


1. Find out why tenants leave. Sometimes it is just because of a job transfer or the need for a bigger apartment. But if it is because the neighborhood is becoming dangerous, or because the other tenants are too loud, these are things you need to know and to do something about. More turnover means less rental income, because it takes time to get those empty apartments rented. But to correct problems that lead to vacancies Sam Darnold Authentic Jersey , you need to know what they are - so ask!


2. Talk to your tenants, and resolve any meaningful complaints as quickly as possible. The longer they stay, the less time you spend with empty apartments. If they want cheaper rent, let them know what others charge Le'Veon Bell Authentic Jersey , and that you are competitive. But if they want a new carport and are willing to pay a little more per month for it, run the numbers. You might increase your income and have happier renters.


Rent Quickly


3. Rent that vacant apartment out quicker and you'll have more income for the year. One way to do this is to have a system in place and ready. Have the cleaning crew ready to go in the day the tenant moves out, and have advertisements ready to place in the paper the day before he moves out. Use a property manager if they are faster than you at turning an apartment around.


4. Another way to get those units rented out quickly is to have a ready supply of renters. For this, there are two things you can do. Keep files of recent (and qualified) applicants and call them when a unit becomes vacant. They might still be looking for a place. Keep in touch with other landlords and "trade" tenants. When they are full C.J. Mosley Authentic Jersey , they can refer renters to you, and you can do the same for them.


Other Ways To Protect And Boost Rental Income


5. The obvious way to increase that income is to raise the monthly rent you charge. You can't do this arbitrarily without losing tenants, but it may be worth checking the rents of comparable properties if you haven't done so in a while. If you raise rent to market level, or even a bit higher Curtis Martin Authentic Jersey , tenants may not like it, but there won't be enough incentive for them to move. If you are raising to market or below, include examples of area rents in the letter notifying the tenants.


6. Noticed that four of the ways above are really about reducing vacancies in your rentals, or to look at it from the other perspective Joe Namath Authentic Jersey , they are about improving the occupancy rate. The more time those units are full the better (assuming the renters are paying). One way to accomplish this is to rent to people who stay longer. How do you know who will stay longer? Start by asking, and then rule out any who say, "This will do for now." But more important is their history. Those who have moved every eight months for years will likely continue that pattern, while the family that spent eight years at their last apartment will likely stay with you for a long time. That really helps keep that rental income consistent.

Article Tags: Rental Income


Thanks to the technology of today Trevon Wesco Jersey , consumers today are more connected than ever. Today’s technology allows consumer’s whereabouts to be traced by purchases made with their credit cards, the location of their wireless device and much more. From a professional standpoint, your corporation can profit from mobile location services that trace consumer’s movements in a variety of different ways. Giving a closer look at how Location based companies (LBS), are creating changes in the business world Chuma Edoga Jersey , you might decide that your company can take advantage of these innovative services as well.


Monetary Danger


The most important ways that mobile location services are being used is to minimize financial risk to businesses as well as clients. As an example, credit card risk management may use the location of credit card purchases and compare it to a geographic location of an user’s cell phone. If it’s found that these two locations are not one in the same, then it’s possible that the consumer’s credit card has been stolen and is no longer in their possession. When credit card risk management is in place, the client should receive a courtesy call to ensure that the consumer still has possession of the card.


Marketing


While the services of LBS companies can be used to minimize financial vulnerability Jachai Polite Jersey , they can also be used for marketing purposes. For example consider that if gaming corporations notice that their gamers are largely focused within a certain area. The business may then opt to target marketing for a new release game in that geographic area before others. The gaming company may also choose to focus advertising on an already high preforming game in markets that aren’t preforming well.


Customer Trends


In some cases, mobile location services might also be used in monitoring and tracking consumer trends. As an example, you might be wondering if buyers are still making purchases at local malls. This information can give you insight into whether you should open a shop in a certain mall or if it would be beneficial to purchase advertising space in a specific mall. In any case, consumer trends may be used to help your business make more cost-effective decisions.


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