If you own a rental property, daily management can be tough at times. To reap the benefits of your investment, you must take steps to minimize loss. The following are a few ways you can increase your rental property income by making smart decisions as a landlord.

Increase Your Rental Property Income With These 3 Tips

1. Choose Tenants Carefully

Problematic tenants can cost a landlord excess money and added stress. Even if you pursue eviction, you’ll still need to go through a long and costly process before the tenant is obligated to leave. Check tenants’ financial background, criminal history, and their reputation with former landlords. Any red flags will allow you to eliminate unsuitable tenants from consideration.

2. Update the Space

Making minor updates to a rental property can increase its value significantly. If décor is out of date, consider upgrading bathroom or kitchen fixtures, or even replace carpets with bare floors. If budget is a concern, a fresh coat of paint can intrigue tenant interest. With this one-time investment, you could potentially increase rental income by thousands of dollars.

3. Inspect the Property Regularly

Personally inspecting your property is the only way to make sure it’s in good condition. This will allow you to address any repair issues before they get out of control. Some issues may go unnoticed by tenants or they might fail to alert you, including water leaks, a leaky roof, and cracked walls. Any moisture increases the risk of mold and can cause damage to the structure, so make sure to inspect every inch of the property. 

If you’re in need of property management service in Elk Grove, CA, Realty Roundup can help. With a staff made up of licensed real estate agents, you can trust your rental property in their capable hands. Services include screening applicants, performing inspections and maintenance, helping with move-ins, and advertising vacancies. Call (916) 685-6601 to secure help with your rental property. You can also visit their website to read more about the company.