More Income Streams from Your Properties

More Income Streams From Your Properties

Do you know that aside from your monthly rental income, there are more ways to make money from your managed properties? Making more revenue streams from your properties makes your properties receives more money. It is just reasonable that you create lots of rental income especially when you are just starting out to help you reinvest for additional income streams to collect more money that will help you in your business. Here are some common income streams:

1. Application charges

Some landlord doesn't charge application charges, this one doesn't seem like making more money but it does cover your screening cost.

2. Late Fees

It is also known as the overdue fine which landlord charges tenant when payment is not received on or before the due date. Late fees are strictly imposed by some landlords so that the tenant will not think that going overdue is okay. 

3. Service Notice Charges

Any tenant causes work, violates the lease, doesn't go after their pet or doesn't take care of the lawn, you may write a clause on the lease agreement that every time you have to serve them a notice they get charged for it.

4. Lease violation charges

Unauthorized pets, occupants, and stuff like smoking in a non-smoking area of the rental property are just a few of the violations that tenants are prohibited to do. These should be outlined in the lease and there's a corresponding charge for violating them.

5. A month-to-month lease agreement

The lease contract can be on a month-to-month basis which is the most common type of month-to-month rental agreement. It doesn't have an end date and can be terminated at will by either by landlord or tenant, as long as proper notice is given if the tenant wants month to month you can charge them an extra for that.

6. Bounced checks or returned check fees

NSF (Non-Sufficient Fund), these fees are regulated by state and if you wanna charge them you may opt to charge the max that your state allows.

7. Utility processing service

You should have your tenant take care of their utility bills, if you have multiplex with only one meter, you may want to average them so that they take extra care or watch on their bill well.

You take care of the utilities and make sure they're paid but you're not the one paying for them.

8. Pet fees

Good people with good pets will pay to have them, it helps screen out bad pets. Pet fees are usually charged as additional rent per month per pet.

9. Pet inspection service

This is for allowing pet and the convenience that you have a pet, you make additional inspections say twice-thrice a year and you charge them for inspection and you can do that inspection when you are there doing the other inspections of your property.

10. Pet application charges

When they apply for application and they got a pet with them, they also sign an application for their pets.

11. Pet violation charges

These should be outlined in the lease and should be imposed if the tenant is not following agreed pet rules such as not taking care or cleaning after their pets

12. Move-in/ move out inspection services

When tenants want you to be there when they move in or move out, some tenants demand this, say there's a charge for that. They want you to be there, they want you to arrange time from your calendar, so you charge them for that.

13. Weekend move-in service

When people want to move in on a Saturday or Sunday, you can charge them for the time you gave from your weekend.

14 Missed appointment charges

When you send a professional to take care of an issue and the tenant missed their appointment, you charge them for that. Professionals don't show up for free.

15 Appliance rental charge

Most common is for you to get a washer and dryer, you charge your tenants a monthly fee, that appliance can pay for themselves after a few months and you make money from them thereafter.

16 Parking charges

You can charge this fee if you have an available area or space where they can park their cars, motors or other vehicles they own.

17 Garage/storage space

Similar with parking if you have extra space for other miscellaneous items they have. They pay for additional space.

18 Amenities

Clubhouse, pool, recreational areas, you can charge them if they want additional amenities to be available for them.

19 Move out charges

You charge them for cleaning fees after they move out and if they didn't comply with the move out checklist outlined in the lease agreement.

20 Expedited security deposit

People want their deposit back fast, so you charge them say 5-10% so they will not have to wait for the usual 30days processing.

To wrap things up, there are many ways to earn more than the rental income itself, explore more legitimate charges to make more money from your property.