In Kansas City, savvy investors like you are discovering ingenious ways to maximize profits from their investment properties.
From renovating historic homes to capitalizing on the booming short-term rental market, the possibilities are as vast as the prairie sky. So, how do you ensure you're making as much money as possible? We can help.
Read on to learn how to make more money from your Kansas City investment property.
1. Use Marketing
Marketing is vital for maximizing the income potential of your investment property in Kansas City. It'll help you ensure that your properties stay full.
Pay for top-notch photography to showcase your property in the best light. High-quality images and virtual tours can attract more attention from potential tenants or vacationers.
Build an email list of potential tenants or guests and send out regular newsletters or updates about your property. Offer exclusive deals, promotions, or seasonal discounts to encourage bookings.
2. Boost Property Amenities
The better your property, the more tenants you'll attract. Install modern, energy-efficient kitchen appliances such as stainless steel refrigerators, dishwashers, and ovens.
Upgraded appliances add value and attract tenants looking for convenience and functionality.
Consider adding a fitness center or workout area with exercise machines, free weights, and yoga mats. Fitness-conscious tenants will appreciate having access to on-site exercise facilities.
3. Hire Property Management Services
Strongly consider bringing in professional help. Property management services have robust screening processes in place to find reliable tenants.
By placing quality tenants who pay rent when they're supposed to and take care of the property, you reduce the risk of costly vacancies and property damage.
Property managers focus on tenant satisfaction and retention by addressing tenant concerns, maintaining a positive landlord-tenant relationship, and offering excellent customer service.
Happy Kansas City tenants are more likely to renew their current leases, which helps you reduce your turnover costs.
4. Offer Furnished Short-Term Rentals
Offering furnished short-term rentals can be a lucrative strategy. Furnish your rental property with high-quality furniture, appliances, and amenities that cater to short-term guests.
This may include comfortable beds and sofas, fully equipped kitchens, smart home technology, entertainment systems, and essential household items.
Offer additional services or upgrades to generate extra revenue. This could include airport transfers, grocery delivery, housekeeping, pet accommodations, laundry services, or discounted access to nearby attractions.
5. Look at Rental Trends
With any Kansas City real estate investment, it's essential to do your research. Research the current demand for rental properties in Kansas City.
Look at factors such as population growth, job opportunities, economic indicators, and migration patterns to gauge the overall demand for housing in the area.
Conduct a competitive analysis of other rental properties in Kansas City. Identify strengths, weaknesses, pricing strategies, marketing tactics, and unique selling points of competing properties.
Differentiate your property by offering value-added services, exceptional customer experiences, and competitive pricing.
Boost Your Investment Property Income Today
There's a ton you can do to start making more money from your Kansas City investment property.
Are you ready to hire Kansas City property management services? PMI Station is part of an organization that has been helping property owners like you succeed for 20 years.
Contact us today.
