We know that most revenue from a rental property comes from rents, but that's not the whole story. How many rental revenue growth strategies are you deploying presently on your property right now? Just know that as much as we always want to focus on rental revenue growth, our real objective should be higher; to maximize the value of the asset.
There are five areas to focus your efforts for rental revenue growth: Lease Renewals are always at the top of the list. And resident screening is a cornerstone for ensuring that you bring quality people into the property.
Other income categories are an important driver of added revenue. Including resident referrals built on a CRM system and consistent use of email to build relationships with residents and communicate important information.
There is always going to be one additional service or potential revenue stream that you can implement if you think through the process based on your property and what you know will work for that asset in that market.