If you are a landlord, as soon as you look at the title you will be thinking of increasing the monthly rent. But this is not the only way of increasing the income from your properties. And of course, raising the rent of the property has its own consequences. Maybe the tenants will consider it too high and may want to move out. And that’ll bring you back to square one.
What I’m going to talk about here is what most of us don’t realize at first glance. The turnover costs. Every time a turnover happens, there is a set of expenses that need to be covered for. These expenses need to happen every time your old tenant moves out and before the new one arrives. Painting, repairs and your property manager’s fee all come into this. There is a chance of your property ending up on the market for months straight unable to find a tenant.
That is all the more reason for you to do everything in your power to reduce the rate of turnover. If you cut down this rate to half of its current value, you’ll see why. You’ll see that this works better than increasing the rent. Now you don’t have to handle turnover expenses as often as you did before. And therefore you end up saving more. Retain your tenants and reduce turnover to gain more from your rental properties.
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