How Do Smart Landlords Maximize Their Cash flow?
Rent comes in and bills get paid and you want money left over for taxes, unexpected expenses and some profit. Maximizing cash flow properly equates to always having money on hand to do all you need to do and to make some new moves to improve conditions too. You raise cash flow by lowering your operating expenses. If you can raise the rents on your tenants, cash flow will also improve.
How to Maximize Cash Flow
Ask your tenants? What do they want or need? Are you hosting at least one tenant meeting a year (preferably 2 a year) to give your tenants a chance to sound off, voice their problems and concerns? Or are you too scared to hear about their issues, especially the ones that they might have with you or the renting situation you are providing. You should not hide from your tenants. Meeting with your tenants helps you understand their viewpoint so you can serve them better and make better decisions that will make them happier. That of course makes your day easier and you much happier too!
When was the last time that you visited nearby competing rental properties? You need to keep tabs on the other options available to your renters. If the property just a mile down the road adds a swimming pool or an on property gym for their tenants, you can be sure that your renters will find out about it. What's happening in your area? Ask a local realtor for a CMA on your rental property. They will be happy to help and the service is free!
Apartment complexes, condos, townhouses and small homes, located in the same area, are all in competition with one another. You want to offer the best living situation and conditions for your price range and be tops for the life style you are delivering. That requires driving around town and stopping in to look over your competitors properties, regularly.
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IMPORTANT: We are planning our next comprehensive Landlord Profit Course with FindNJHouse in the very near future. Based on the attendance and success of our last Landlord Class the seats will surely be sold out fast. Do not miss out, reserve your spot now.