Do you own a property business? Compared to other types of business, the property business is considered one of the easiest types of business. You see, when you have a property for rent, then you don’t have to be there all the time. In fact, you can get additional income from tenants. Not surprisingly, this one business is also often referred to as a type of passive income.

 

Even though it includes passive income, you have to try to make your property business run effectively. Don’t let the lack of contribution you make cause you difficulties and face unexpected problems. Let’s find out what are the 8 ways you can apply to maximize property rentals!

 

1. Improve payment services

 

For property business owners, paying attention to building maintenance is indeed very important. However, apart from focusing on property, you also need to provide services that make transactions easier and guarantee security. In the Cashlez Application, businesses can provide various cashless payment options, including Virtual Accounts, credit/debit cards, QR Payments, and online card payments.

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2. Communicate effectively

 

For property business owners who live near their business buildings, interacting with customers is not difficult. You can directly visit tenants and discuss directly. However, for business owners who live far away, a special strategy is needed to reach customers. One of them through communication through instant messaging.

 

3. Manage tenants effectively

 

Without good tenant management, you will find it difficult to achieve the business goals you have planned. Conversely, when you can maintain good relations with tenants, you can reduce the number of vacant properties while ensuring your business income. For this reason, you are advised to be selective when accepting prospective tenants.

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4. Presenting added value

 

Perhaps, there are still many property business people who think that the building they are renting doesn’t need to be renovated. You see, they do not occupy the building. In fact, when you renovate a building, your efforts will be a plus that can attract potential tenants.

 

5. Provide response as soon as possible

 

Every property business owner certainly hopes that the rental payment process will run smoothly. Well, so do the tenants who want help when they face problems. Therefore, give a response as soon as possible when a tenant needs you.

 

6. Adjust to the rules that apply

 

Keep in mind that the property business does not only cover you and your tenants. You also have to know, what kind of rules are applied by the local government. Don’t let the building you build actually violate government regulations.

 

7. Optimizing the billing process

 

It is undeniable, billing can be a challenge in itself. When you have not received payment according to the specified deadline, cash flow can be hampered. To avoid this, you can implement an online billing system so tenants can see when the payment deadline is.

 

8. Adjust to market prices

 

Besides ensuring building maintenance, you also need to monitor property rental prices based on market trends. If, for example, demand increases, then you can consider increasing the rental price. However, make sure that the price you offer is still reasonable in the market.

 

The property that you own can be a great opportunity to increase your income. Of course, an effective property business plan is needed so that the results obtained can be satisfactory. Make your property business grow through the tips given above!

 

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