So, you’ve put in the hard work of locating and investing in the right . That’s a huge step, and you should be proud of this accomplishment.
The next step is to capitalize on this investment and turn it into a cash cow. From one month (or year) to the next, you want to make sure that you’re getting more out than you put in.
While this is far from straightforward, some key principles do exist for how to make the most money from your rental property in San Antonio. Follow these guidelines, and you’ll be raking in the money every single month for years and years to come.
#1 Keep. It. Rented.
This might sound like a no-brainer, but in order to make money on your rental property, you need to keep the vacancy to an absolute minimum. Every month that it goes unrented, there are fewer dollars going into your pocket and bank account.
Of course, the best way to keep an apartment, condo, or house rented is to find great tenants that intend to stay put long-term. These people are diamonds in the rough, but they do exist, and they are worth their weight in gold.
In the somewhat inevitable event of a move out situation (these things do happen), to keep the cash flow running smoothly, you should always, always, always have someone else lined up to rent it next. This requires a certain amount of diligence, but it pays off in dividends.
Advertise and run quality background checks. Do these things upfront so that there are no unfortunate surprises — while you do want someone in the property, an especially bad tenant can truly be a nightmare.
Further, the more tenant turnover you have, the more money you spend to redo the paint or carpeting or other aspects of the unit. The less turnover, the greater your return on investment.
Whether you do it yourself or to do the heavy lifting for you, there is no greater key to investment property success than simply keeping the property rented at all times.
#2 Smart Rent Raises
Another great way to maximize your income from rental properties comes by way of smart rent increases. Ultimately, you want to get as much money as you can without driving away tenants at the same time.
It’s a difficult balance to strike, but it absolutely can be done. In order to walk this fine line, you need to know a few things about the rental property scene in your neck of the woods.
For starters, get a sense of the rental costs next door and down the street — literally and figuratively. You want to know how much other properties run in the same area to have a general idea of what you’ll reasonably be able to charge for your own.
Along the same lines, once you do have consistent tenants in a rental property, it makes good financial sense to increase the rent from time to time — with inflation, at the very least, or you’ll end up with less money annually than you had the prior year.
Again, seeing how much other properties sustainably raise their respective rents can provide a reliable indicator of success in this department. But trust your gut and your tenants too: a bird (ahem, tenant) in the hand is worth far more than two potential ones in the bush.
#3 Increase Value and Revenue
Once you have good tenants and you’re shrewdly calculating rents and raises, you are well on the way to making great and consistent money from your San Antonio rental property.
That being said, another option exists. You can add further value to the property by building in more amenities and services of which your current tenants can take advantage, as well as attracting new tenants in the future.
At first blush, this might just sound like more money coming out, while nothing extra comes back in to replace it. Quite the contrary!
Adding options like coin laundry machines, a rental party room, or even a paid cleaning service can result in continual income that wouldn’t have existed otherwise. If you’re renting out a home, offer to take care of the landscaping for an additional fee or include it in a small rent raise.
All of these value-added options provide incredibly simple tweaks to get the most out of your property without paying for costly renovations.
Keep Your Property Profitable
If you want to make the most money from your rental property in San Antonio, the three guidelines above can go a very long way in making that happen.
In short: always keep it occupied, regularly raise the rents, and continually add new, timesaving features for which your tenants are willing to pay a little more each month.
This is all much easier said than done, of course. If you want someone to shoulder the burden for you, look no further than .
We continually earn a top spot as one of the best property management companies in San Antonio, and with good reason. We have in-depth knowledge of the rental landscape, years of invaluable experience in renting properties of all kinds, and we care deeply about making our clients happy.
Call or email us today to get started. We can’t wait to help you make more money than ever before from you San Antonio rental property.