8 Tips Every Landlord Needs To Know
by Arina Smith Real Estate 31 August 2018
Few things are more annoying than losing money on what was supposed to be an investment. Unused homes can be a drain on the resources of the landlord owner, and it can be difficult even to get people to look at an unwanted property. But don’t give up yet! There are incentives you can use to bring in more potential renters. Are you looking to sell your unwanted rental in Riverside? Here are a few things that you might not have tried or thought about just yet that will help turn your unwanted or unused property into an asset rather than another expenditure.
Here are 8 Tips Every Landlord Needs To Know:
One of the more modern ways to make money from your unwanted property is to list it on Airbnb for out-of-towners to rent during their stay. Airbnb is an increasingly popular choice among travelers who opt for a more residential scenery in exchange for a hotel stay. Benefits for those who choose to rent on the platform include income from renters and the flexibility to rent the space only when you feel like it.
2. Lease With Option to Buy:
One option for landlords after they find an interested suitor is to propose a lease option with the opportunity for the current tenant to buy the property after a specified amount of time. During the duration of the lease, the present tenant would have to pay an additional amount every month on top of the contract. The extra amount of money spent at the beginning of the month with the rent would then serve as the down payment on the home.
3. Talk to Investors:
One of the most straightforward choices you can make regarding your unwanted rental is to talk it over with local investors. By discussing it with them, they may be able to give you new ideas or take it off of your hands altogether.
Repurposing your property into a brand-new facility could be the choice that makes your property profitable again. If you’re currently offering office space, consider whether or not it would work out as something different. If you have a vacant home, maybe you’d be successful at transforming it into a bed and breakfast. No matter what type of property you have, there are countless possibilities for you to change your home into a space that’ll be rented out in no time.
5. Make Short-Term Rentals an Option:
No matter what type of unit you have, consumers will take note of the fact that you offer short-term rentals. By providing short-term rentals, you’ll open up the number of potential tenants interested in renting your space. Renting your unit out for short-term leases also means that you’ll have the benefit of charging a slightly higher rate than you normally would too. A short-term rental also may not wholly expect the unit will go vacant for a portion of the year. During the short-term lease, you may find that the tenant wants to extend their contract.
6. Reduce the Cost of Renting the Unit:
An obvious way to try to make money from a currently vacant unit is to decrease the amount you charge. By lowering the cost of the unit, you’ll more than likely see an uptick in suitors. Unfortunately, some landlords price themselves out of competition and don’t quite realize it until they’re left wondering why their unit has gone vacant for such a long time. Reducing the cost of renting a flat or space is often the difference between making money from a flat and letting it remain vacant.
7. Renting Storage Space to Non-Tenants:
One unconventional method for making money from a vacant unit is to rent storage space to non-tenants. Storage space is a valuable commodity to most homeowners, especially those going through a transition. If you don’t have any current tenants, renting out space for storage would be an ideal way to make money from the unit without having to do much maintenance. After having just a few tenants for storage purposes, your reputation will grow, and soon you won’t have to worry about finding people to rent space to. In multiple ways, this may be easier than finding tenants to live in the space year-round.
8. Sell it:
If you’re out of options, ideas, and resources, you always have the option to sell the property. Once you sell the property, it’ll no longer be your problem, and you’ll no longer have the burden of vacant property along with your other responsibilities. The downside is the fact that you won’t be able to execute any ideas you may have further down the road that may result in profit. Simply put, selling the property is a permanent choice that may be the most profitable for property owners.