Maximising the money your property makes should be the goal of any landlord, but this can be pretty difficult. If you own multiple letting properties, one method is to improve your management efficiency. If you’re just letting out one property at the moment, your options are a lot more limited; all you can really do is increase your rates, but you can’t really do this.

So why can’t you just increase rent rates? The answer is pretty straight forward; your tenants will be pretty unhappy with the deal, and they may begin to look for opportunities elsewhere. The only way to prevent this from happening is to ensure that the tenants understand that what you’re offering is a fair deal, which means that you need to offer them something else, or make them understand that the new price is what the demand requires.

To make your tenants believe what you’re offering is a fair deal, developing the property more is one of the best options. There are a large number of things you can do; you can extend the property; you can extend the driveway; you can turn bedrooms into en suites. All of these are great options to give your tenants better benefits from renting your property, which will certainly go a long way towards justifying higher rent rates.