Five Unusual Things Landlords Should Know About Maximizing ROI

Introduction

As a landlord, following standard procedures is important to ensure smooth operations and efficiency. However, sometimes going beyond the basics can provide a unique edge, improve tenant satisfaction, and increase your return on investment (ROI). This article shares five unconventional ideas that can help you get the most out of your investment property while standing out in the competitive rental market.

1. Conduct Dog Interviews in Pet-Friendly Buildings

If you have a pet-friendly apartment, it’s important to set clear guidelines for what types of pets are acceptable. To ensure that pets won’t damage your property or disturb other tenants, consider conducting “dog interviews” as part of the tenant screening process. This could involve meeting the dog to gauge its behavior and ensure its well-trained.

Why does this matter? Well-behaved pets are less likely to cause damage, such as chewing furniture or scratching doors, which could lead to expensive repairs. By ensuring that pets are well-suited for your property, you create a more peaceful living environment for all tenants.

2. Increase ROI by Adding Microwaves to Each Unit

Incorporating small appliances like microwaves in each rental unit may seem like a small investment, but it can significantly increase tenant satisfaction. Many tenants appreciate the convenience of having a microwave, as it helps them prepare meals quickly without the need to use the stove.

Offering this simple amenity can help your property stand out, potentially justifying slightly higher rent prices and attracting tenants who are looking for additional conveniences in their living spaces. The small upfront cost of adding microwaves will pay off in terms of higher occupancy and retention rates.

3. Offer Free Parking, Not Storage

In highly competitive rental markets, tenants value parking spaces just as much—if not more—than storage. Rather than offering storage units, consider offering free parking. Parking is a major concern in areas where space is limited, and tenants are more likely to appreciate this added benefit.

When tenants are provided with free parking, it can enhance their overall experience, leading to better tenant retention rates. Offering parking as an incentive can also make your property more attractive compared to others that charge extra for parking.

4. Know Your Rights When It Comes to Window Coverings

Window coverings can sometimes cause confusion in rental agreements. Many landlords mistakenly believe that tenants are responsible for providing and maintaining window coverings. However, depending on local laws, it may be the landlord’s responsibility to provide them.

In California, for example, tenants are often entitled to certain types of window coverings, such as blinds or shades. Make sure you know your rights and obligations when it comes to furnishing your units with window coverings. This will help you avoid disputes and ensure that your units are in compliance with local regulations.

5. Turn Off Gas Furnaces During the Summer Months to Save Money

Many landlords overlook the potential savings from turning off gas furnaces during the warmer months. While you may not need to use the heating system in the summer, it can still draw energy and drive-up costs if left on unnecessarily.

By simply turning off the gas furnace, you can reduce utility costs for both you and your tenants. This small change can add up over time, providing savings on monthly energy bills and potentially lowering the overall cost of maintaining your property.

Ready to maximize your rental property’s ROI?

Feel free to schedule a 15-minute consultation call to speak with a Beach Front Property Management professional today.

For additional property investment insight, check out Beach Front’s 8-Step Resident Screening Process.