Property managers are not only responsible for the day-to-day operations of their residential and commercial rental properties, but also for ensuring they remain profitable. One of the most effective means of keeping track of bookkeeping and managing expenses is by calculating your property’s NOI — otherwise known as the net operating income. In short, this number is the result of your rental property’s entire revenue and then subtracting your operating expenses. At MyPropertyBilling.com LLC, we not only understand how important it is to partner with high-quality property management services but also to do whatever possible to increase your NOI. Below we go over a few key ways you can increase your overall income with the help of our online property management solution!
Focus On Increasing Your Revenue
Since NOI is heavily dependent on a property manager’s revenue and operating costs, one of the best ways to increase it is by increasing the monthly or yearly revenue of the property itself. Professionals can go about this by either increasing the monthly rent for their tenants or by attracting more individuals to utilize their rental property — whether they be commercial businesses or individual residential renters. It’s also possible for property managers to incorporate several smaller means of generating more revenue into their daily or monthly operations, such as charging application fees, pet fees, washer and dryer rentals, or vending machines. All of these financials can then be tracked within our MyPropertyBilling.com LLC property management services software.
Decrease Your Overall Operating Expenses
Looking at the other side of the equation, another common way to drive your property's NOI is by doing some analysis and seeing if you can decrease your overall operating costs. While certain aspects of managing a rental property shouldn’t be sacrificed — such as routine maintenance or critical repairs — it’s also possible to implement various cost-saving measures that don’t affect the daily lives of tenants. For example, investing in LED lighting and solar panels can help reduce your energy and water bills, while investing in window film treatments can help save money on heating bills. Our MyPropertyBilling.com LLC virtual property management services can also help cut down on administrative costs by allowing you to take care of bookkeeping, finances, and everything else online.
Increase Resident Or Tenant Retention
As we briefly touched on above, a key aspect of increasing your revenue is by ensuring your property’s residents enjoy being tenants and continue to renew their leases. Facilitating move-outs can be expensive for your maintenance staff and for you as a property manager, as it requires the unit to be cleaned and a new resident to be found, which translates to many months without rent payments. One of the best ways you can make the most out of property management services and entice residents to stay is by providing incentives and making the living or working environment more comfortable. With the help of our MyPropertyBilling.com LLC property management services software, you can know for sure which areas you can afford to upgrade for your residents; this can include upgrading the units themselves or adding more entertainment or leisure facilities on-site.
Stay Organized With MyPropertyBilling.com LLC’s Property Management Services
A combination of all these tactics can help property managers across the United States increase their NOI and keep their businesses profitable. In order to help, MyPropertyBilling.com LLC provides an affordable virtual property management solution — online software designed to handle financial management, bookkeeping, and other facets of running a business. Request a quote today!
