7 Ways to Improve Your Rental Property Portfolio's Value Right Now

At the halfway point into the year, how’s your rental property’s portfolio doing? If you’re not seeing the ROI you expected, it’s a good time to make some changes. And today, we’re sharing a few ways to improve your portfolio’s overall value right now. Approach these strategies from two positions - shaving expenses and boosting revenue. 

1. Rent More Than Just Living Space

Explore how you might rent out more than just your property’s living space. Many rental property owners find revenue and cash flow with storage rentals, parking rentals, and offering paid maintenance services. Identify where you might be able to generate additional recurring cash flow and then promote additional storage or household services within your community of renters.

2. Increase Your Monthly Rent

Another way to boost monthly rental revenue is with a rent payment increase. Be mindful of your local market so as not to overprice yourself. And be strategic about rolling out rent increases with existing tenants, providing a few months’ notice. Communicate with your renters about the increase and be prepared to be flexible with them about incremental increases and options.

3. Reduce Unnecessary Expenses

Take a closer look at all of your recurring expenses. If you’re paying for memberships or digital services you’re no longer using for your business, cancel them. Identify if you have other recurring expenses that aren’t producing results and look to reduce them altogether or attempt to renegotiate them for more affordable rates.

4. Evict Terrible Tenants

Make a significant change to your portfolio’s performance by immediately evicting any damaging or non-paying tenants. Rental property owners often make the mistake of keeping renters beyond the lease term violations. And it’s only going to cost you more to keep them. Take the steps to remove terrible tenants now and then appeal to new, higher-quality tenants at your new higher rent rate.

5. Invest in Your Property with Updates and Upgrades

Boost your rental property’s portfolio value by investing in your property’s condition. Consider incorporating updates and upgrades to each space, whether it’s a new roof, a new patio, or updated appliances. These updates can boost your property value and impact the ROI in your overall portfolio.

6. Sign More (Better) Leases

For many rental property owners, the most challenging aspect of investing is cultivating a roster of high-quality applicants. And dealing with turnover, often leaving several months of vacancies, can tank your portfolio’s value. To address these challenges, consider implementing a more robust marketing strategy that you can enact year-round. Build a waiting list of eager applicants who can’t wait for the opportunity to be considered for your openings. Within a matter of months, you can have a go-to list to turn to whenever you have a vacancy, ensuring continued rent payments ongoing.

7. Hire PMI JCM Realty Group Today

If you’re looking for serious rental property portfolio improvements - right now - the best solution is to bring in the pros at PMI JCM Realty Group. We help our clients find all kinds of ROI-boosting solutions. And when you partner with our team of professional property managers, you can step away from the day-to-day hassles and headaches of property management, allowing us to manage every detail for you.

It’s halfway through the year, meaning you have another five months to make changes for a more profitable rental property investment business. Let us help you and start seeing real-life results in no time!

We Can Help Improve Your Portfolio

For insights to improve all aspects of your vendor relationships, portfolio performance, or bottom-line ROI, consider signing up for our free webinar: How to Streamline Your Rental Portfolio for Maximum Growth! Rental property investors will always find something innovative worth applying.

Also, you can find answers when you connect with us on social media as well! Share your concerns and participate in our Facebook Group discussions, which are great for discovering answers to the most pressing rental management investment questions. Join the insightful conversations and collaborate with top property managers! 

Reach out to other property owners interested in achieving similar rental property portfolio ROI goals and learn about more effective management strategies. And should you require a more detailed or tailored solution, hop online and schedule a meeting on my calendar!