Owning luxury investment property in Volusia County can be lucrative, especially for smart investors who trust the experts. If you’re hoping to maximize your rental property income and earn more ROI, we can help. Whether you’re thinking about buying your first luxury rental home or you’re hoping to increase what you earn on an existing portfolio, we’re talking about how to increase your short term and long term rental income.
Increasing Revenue on Your Volusia County Investment Home
Even new investors know that cash flow depends on the money you earn and the money you spend.
When you’re trying to increase the amount you’re bringing in every month, you need to know where the market currently rests so you can price your property accordingly. You don’t want to leave any money on the table. Luxury rental properties command top dollar, and you don’t want to hurt your cash flow now and in the future by not charging enough rent. Make sure you’re at the top of what the market demands.
Increase revenue by pricing your property correctly and attracting and retaining excellent tenants. When you have a renter who pays on time and takes good care of your home, you’ll have an easier time driving up cash flow.
Make some smart improvements and updates to your property as well. The best tenants will pay the highest prices for well-maintained homes. When you make improvements to drive up your rental price, you’re also setting yourself up to increase your sales price when you’re ready to sell. Luxury rentals should have granite counters, stainless appliances, and hardwood or tile flooring. Paint should be fresh and landscaping should be attractive and low-maintenance.
Decreasing Expenses on Your Volusia County Investment Home
Once you have more rent coming in, you can continue to increase your cash flow and your ROI by decreasing your expenses.
Some fixed expenses will be difficult to negotiate. However, with preventative maintenance strategies, consistent lease enforcement and routine rent collections, you can save money on your rental home every month. If you’re automating many of your systems and taking advantage of technology, you can save yourself both time and money.
Tenant retention will save you money on vacancy and turnover. Regular heating and cooling service calls will save you money on emergency maintenance and system replacements. Having relationships with fantastic, cost-effective vendors will ensure you’re not paying more than you should on repairs and maintenance.
How Volusia County Property Management Helps Your Home Earn More
Consider what you pay vendors and contractors for maintenance. Your price is likely a lot higher than what a good property management company will pay. Why? We can provide a lot more business to that vendor, so the economy of scale works in our favor. We get the best prices and most competitive rates. That saves our owners on routine and emergency maintenance all the time.
We also invest heavily in technology, giving us the tools and resources that self-managing landlords simply cannot access. We can do all of our marketing, screening, bookkeeping, and documentation electronically. Tenants pay us rent online and we pay our owners through direct bank deposits. Everything is more efficient, and that keeps costs down and profits up.
There’s a lot more available to professional property managers, and when you’re renting out a luxury property, you need high quality service from professionals who understand the dynamics of a tenant relationship.
We’d love to help you earn more on your investment properties. Contact us at Oceans Luxury Realty for help with your rental homes.