Take it or leave it, the first priority of every Burbank property manager or landlord is to make money. You are in this business to make a profit. As a Los Angeles property manager, if you are unable to make profit consistently, your landlord or the property owner will probably fire you.
As a landlord, you need to exploit different avenues and channels to help you make more money from your rental property. The truth is that when you look well, you will see that there are more ways you can make money from your rental property. One of the smart ways property owners are making money is through smart lease clauses.
In this article, you will learn of these lease clauses and how you can leverage them to increase your monthly earning.
- Rent Storage Space
You can rent a portable storage shed on your property to your tenant if you don’t want to sell it. It is a good option for making extra cash. You can be able to get extra $30/month if it is a large shed. Make sure you negotiate with your tenant. In some cases, your tenant may assume his rent covers the shed. Explain to him and try to see if you can get him to pay more. After all, typical storage facilities cost more than just $30 per month.
- Charge Monthly Pet Fees
This is one of the smart strategies top Los Angeles property managers and landlords are using to make extra money from their tenants. Most landlords don’t allow pets in their property; this gives you a competitive advantage in the marketplace.
You can make extra $25-50 every month per pet. You can let two pets stay for a single pet fee if you are already getting premium rent. The fact is that rental properties that allow pets are in high demand. This is your opportunity to make extra cash every month.
- Streamline Subleasing
It is no longer news that your tenants will sublease your rental property if they think you won’t know. Moreover, you cannot penalize them when you don’t have a clause in your lease. Experienced landlords give their tenants an option to sublease but at a price. They will have to pay a one-time fee. Let them know that the sublessee will need to submit his application and application fee for screening process and subsequent approval.
- Landscaping Fee
As a Los Angeles property manager in-charge of single family homes, you can make money by charging tenants to maintain the lawns and landscaping. Before a tenant sign the lease, make sure you describe his landscaping duties to him. If they are not interested in doing the landscaping, you can charge them a monthly fee for that. You can charge them $50/month and get someone to do it for just $40/per month.
- Early Termination Fee
In some cases, your tenants may be willing to terminate their lease early. Most of these tenants won’t be willing to be held responsible for the remaining balance. Thus, paying an early termination fee is the most attractive option for them. Take a look at your current lease and decide if you should include a fee to terminate the lease.