Three Ways to Increase Your Rental Income Without Raising the Rent

In a tough economy, everyone is looking for ways to pocket a little extra money. If you own property in the Barnsley, you may be tempted to start raising the rent to garner more short-term profits. But did you know there are other ways to boost profits? Raising rent in an economic recession is risky because you may force tenants to search for a less expensive apartment or flat to rent. You may benefit in the short term only to lose in the long run. Instead of taking that chance, let’s first look at three other steps you can take to noticeably increase your rental income in Barnsley:

Step #1: Give a Little to Get a Little

A huge mistake that many property owners make is to stop investing money in a property during hard times. Although it would seem logical that saving investment money means more profits, the opposite is often the case. To generate profits, you must first generate interest. In a tough market, many home owners are losing their homes to foreclosure. This means you may have more (instead of less) potential tenants looking to settle down somewhere affordable. To capitalize on the situation, you need your property to stand out against the competition.

Step #2: Create Customer Loyalty through Special Services

You don’t need to build extra space or completely renovate the property to create traffic. You can also focus on making sure you don’t lose any tenants by offering simple services. Have you considered offering laundry or dry cleaning services to tenants? What are some other special amenities you can think of? People enjoy convenience. The easier you make life for your tenants, the more they will want to stay-and tell their friends about the great place they live!

Step #3: Partner Up With Someone and Share Profits

Rather than worry about the upkeep and maintenance, you can also lease the building to a company who can sublease the space for business or as residential space. By leasing the home to a company, you can let them handle the day-to-day affairs of the property and focus on other money-saving tips.

Just because times are hard doesn’t mean the market is totally dried up. If you follow some of the tips in this article, you can not only weather the financial storm, you can noticeably increase your rental income in Barnsley.