Tips for Getting More ROI from Your Investment Properties In 2020
2020 is here and if you’re like most owners you’re thinking about your goals for the new year and looking for ways to get more ROI from your investment properties.
Here are some tips for getting more ROI from your investment properties.
Tip #1 – Add More Revenue Streams
One of the great things about owning investment properties is that there is literally a wide variety of things that you can do to add more revenue streams to your portfolio.
- Coin-Operated Laundry – By adding coin-operated laundry to your investment property you can literally add hundreds of dollars in additional revenue to your portfolio each year.
- Additional Services – Another way to get more ROI from your investment properties is to add more professional services like cleaning or laundry. This is a smart move to make because you’re going to have some tenants who are busy and won’t want to do those things themselves and if you’re at the right place, right time, you can add more money to your bottom line by adding services that your tenants need.
- Technology Amenities – From offering WiFi to technology updates like a Nest Thermostat, Amazon Echo Dot or a doorbell camera, you can also add more money to your bottom line by offering your tenant more technology services.
Tip #2 – Don’t Neglect Late Fees
Although you may not like being the “bad guy” when your tenants are late paying their rent, the reality is that you have to enforce those late fees because they are a key part of how your business can earn revenue.
Late fees are also important because they serve as a reminder to tenants that they cannot continue paying their rent late without facing the consequences of their actions by paying a late fee.
Tip #3 – Hire A Property Manager
One of the most important things that you can do to add more ROI to your bottom line is to hire a property management company.
With a property manager managing your portfolio of investment properties, you can count on every aspect of your property is professionally managed on a monthly basis.
Some of the services that we can offer you include:
- Rent collection
- Custom Service
- And more!
Contact Miami Property Management, LLC
To learn more about the property management services that we can offer you contact us today by calling 305-428-3904 or click here to connect with us online.
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