HOW TO MAXIMIZE YOUR RENTAL EARNINGS | Marvin Germo

HOW TO MAXIMIZE YOUR RENTAL EARNINGS

By: Marvin Germo | July 16, 2019

Real Property Is A Good Investment

If you are looking for a good investment portfolio, you might want to consider real property as a great option if you are not into trading stocks. The market for real properties today is drastically growing and the demand for spaces and accommodation is increasing. And apart from capital appreciation, you can actually do many things with your property to earn more. For instance, you can have your own condo unit rented so you will have rental earnings every month. Let me share with you the 4 effective ways to maximize your rental earnings today.

Catch me in my live training events! (quick plug)

The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing.  I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.

Stock Smarts Cagayan De Oro – July 20 & 21, 2019
Stock Smarts Hong Kong – August 11, 2019

ICON Iloilo – August 17, 2019
Stock Smarts UAE – August 30 – September 3, 2019
Stock Smarts Qatar —  October 3 – 6, 2019
Stock Smarts Taiwan – November 2, 2019

Minimize Vacancies

The first thing you have to do is to decrease the vacancies. Find a long-term tenant who can stay for years so you would not have to experience a vacancy every now and then. The gap between the date of the move out of your last tenant and the move in date of your next is significant, regardless of how many days it is. Since you are earning from renting your property, you want each day to be paid but how will you maximize your rental income if there is frequent vacancy? You may be challenged to look for a long-term occupant first, yet, the success feels good when you find one.

Strategically Increase Your Rent

Lower priced rental properties can attract tenants but that doesn’t mean you will price your property lower than its value. Another way you can increase your rental earnings is through strategically increasing your rent. Increasing the rent on your long-term tenants is not a bad thing. As a matter of fact, this is a way to balance everything about your condo unit knowing its value and the rate of competition outside. Again, it’s okay to tell your tenants that you are increasing your rent but give them notice so they won’t be shocked.

Look For Quality Tenants

Attached to minimizing vacancy is looking for quality tenants who can take care of your property. With quality tenants, you will be able to reduce the cost of repairing your unit. You will avoid repainting the walls, replacing the floorings, repairing the doors and windows and many more. This just means that when you have occupants who take care of your property like it’s their own, your turnover cost will be lower when the new tenants come forward.

Implement Late Fees Accordingly

When you are a landlord, you make the rules, especially on the payment system. Do not let your tenants decide whether they are going to pay you or not. Business doesn’t work that way. Give them the exact amount of the rent and the date they need to deposit the money to your bank account. Implement late fees accordingly and discuss it with your tenants before they start moving in. Put this all in writing so to give evidence that the occupants agree with your rules and they need to abide no matter what.

I’m excited to share my 5th book overall and the 4th book in the Stock Smarts series, Stock Smarts: Breaking the Resistance – How to time your traders perfectly. The heart of this book is to teach you strategic ways on how to come in and buy and sell stocks in a way where you come as the market is headed up and come out as the market is headed down. The book is now out and exclusive via Marvin Germo Book Orders.
For more details and to order my other books: Marvin Germo Book Orders
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