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Property investors are always looking for more ways to make more money from their investment properties. But there are more ways to profit than by just increasing the rent.

Property investors are always looking for more ways to make more money from their investment properties. But there are more ways to profit than by just increasing the rent. 

Listed below are just a few simple ways you can cut down on costs around the property to help increase your rental income and keep more money in your pocket. 

Offer additional services   

As you probably know, tenants will not always take care of a rental property as much as they would for their own home, so by offering additional maintenance services, it can not only put more money in your pocket, but it is ensuring the property stays well maintained during the tenancy. 

For example, you may be able to increase your rent for regular lawn mowing and garden maintenance. You may charge the tenant an extra $50 a month, but it will only cost you $30, giving you an extra $20 a month. You could even mow the lawn yourself if you live close by, saving even more money. 

Be an involved landlord

If you have a property manager, being more involved in the processes could help save you some money. Some property management companies have a limit (often $2,000 - $3,000) where a property manager is able to go ahead with repairs if they fall under that amount without having to disturb the landlord. 

If you want to have more control over the money being spent by the property manager, consider having this limit lowered to $500 or even $1000 so that you will have better insight into how the money is being spent. 

DIY

If you live close to your rental property, it might be a good idea to give your tenants your contact details as the first point of contact for problems. If there are minor repairs or maintenance work that needs to be done, it will cost you a call out fee every time the property manager and/or a tradesperson goes out.

If it’s possible, make the repairs yourself as these call out fees can add up over time. But, if it is a bigger problem, it might be worth calling in the professional.

Insurance

Even though insurance is an upfront cost, it is vital to protect your income and savings. It can protect you for everything from natural disasters to tenant issues. You may not think that you need landlord insurance, but these problems usually arise unexpectedly and at the worst possible time. 

Be thrifty

Although it is important not to be too thrifty when it comes to your investment property, there are simple things you can do to help avoid budget blowouts. Some tips include:

• Fix any maintenance issues or repairs straightaway. Small problems that aren’t fixed often become big, expensive problems.

• Get multiple quotes for any repair work. Analyse and consider what each quote is offering to provide.

• Create good relationships with tradespeople. If you can develop a good friendship, it may give you advantages down the track.