Why didn’t anyone tell me? It’s frustrating to learn that you could have been making more profit from your investment dollar by taking a few simple steps to improve your property.
With a focus on the more home-based lifestyle of the day, you may want to consider updating to the most current technology as an attractive feature that adds value to your rental property. While planning for tenant safety in lighting, landscaping and parking areas, you should also consider the value of adding aesthetically pleasing features. The curb appeal of a property can go far to add value in the eyes of tenants and recreational spaces such as pools. Read on as we explore three simple ways to maximize the income from your Long Island investment property.
One way to maximize the income from your Long Island investment property is to remain vigilant in your property management. When you review a property’s records, rental and vacancy history, the income produced is a direct reflection of the level of property management. From tenant screening and placement to maintenance and repairs on the property, you’ll earn the most returns and have the happiest tenants, which saves you money in the long run when you keep property management at the forefront of your business plan. Professional buyers like those at Prestige Home Buyers work with a top-notch team of property management professionals who can handle as much or as little of the management duties as you like, making it easy for you to succeed.
Another way to maximize the income from your Long Island investment property is to work towards building your team by networking and finding like-minded investors with the same work ethic so that your relationship is on an even keel. Also gathered at these events, you’ll find some of the most highly sought-after construction industry pros who understand the mindset of an investor; these are excellent connections to have, especially when you’re a landlord. Your team must be relied upon to move swiftly into action when you’ve found a potential property to help you be the informed early bird that got the worm. You also need a great team to repair the properties you hold. Professional buyers like those at Prestige Home Buyers have spent years building teams that quickly respond when something goes wrong, sending your tenants the message that you care for your property and will do what it takes to keep your tenants happy. Working with professional buyers at Prestige Home Buyers means you will have happy tenants, which saves you money by leading to lower turnover costs from vacancies and damage, maximizing your income stream and the value of your holdings.
Additional Income Streams
Another way to maximize the income from your Long Island investment property is to add coin-operated amenities which create convenience for your tenants and add value to your property. These may be vending machines with snacks or drinks, or you may wish to install an onsite coin laundry for your tenants. Once you’ve considered all the associated costs, including your local water company, and you see the additional funds, you could add to your income, you’ll see it is well worth the effort. Service providers for the machines, maintenance and repairs offer affordable plans for landlords, making it easy to add additional income streams. Professional buyers like those at Prestige Home Buyers are seasoned local investors who know many ways to help you further maximize the income from your Long Island investment property.
Talk to one of our professional buyers at Prestige Home Buyers today about any questions or concerns you have about increasing your monthly cash flow without any obligation. Call Prestige Home Buyers at (631) 336-9166.