Tips on Saving Money with All-Inclusive Rentals for Landlords and Lease Agents

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Landlords have various techniques for managing their rentals. Some managers prefer to rent short-term, while others want long-term leases. Some allow pets, and some don’t. It boils down to personal preference on how to go about their business. As a leasing agent, you may have heard of landlords offering all-inclusive rentals.

While some property managers separate the rental price from the utility bills, others have an all-in, fixed price. We call them all-inclusive rentals. It means the tenant pays a specific amount every month, and it will cover all the expenses-bills and rent. Most landlords include electricity and water while others add in the price for internet and cable.

Tenants may find all-inclusive rentals better because they won’t have to worry about consumption since there is a flat rate. It would also guarantee they would not have unpaid bills. Renting this type of property is uncomplicated and hassle-free for the tenants.

The landlords can also benefit from this setup because they will attract tenants on a strict budget, such as students and young professionals. Because of the fixed-rate, property managers should know how to manage all the expenses. They should learn how to save money with all-inclusive rentals. But how?

Do not allow appliances requiring high-energy consumption.

Some tenants will bring in their appliances, such as air conditioning units, water heaters, and additional light fixtures. Because the price includes utility bills, tenants won’t worry about minimizing their usage of appliances. However, it becomes a problem for the landlords because they would have to make do with the rent they collect.

The solution for this is for landlords to prohibit bringing in unnecessary appliances. The lease agreement should stipulate this. Your job as a leasing agent is to inform the tenant applicants beforehand. Remind them that the rental already has all the appliances they would need.

Implement a laundry schedule and install coin-operated laundry machines.

Since doing the laundry is a must for everyone, landlords may offer one of the two options: coin-operated machines or a laundry schedule. Setting a strict scheme for doing the laundry will have the tenants avoid overusing the appliance and using too much electricity.

Coin-operated laundry machines are helpful for student tenants because of the set price. Landlords can purchase second-hand machines that still work. The tenants will also appreciate the convenience of doing the laundry inside the rental.

Install cost-efficient items

Sometimes landlords have to spend money to save some. There are gadgets on the market that are energy and cost-efficient. Some examples are:

Programmable thermostats

Tenants may change the temperature of the thermostats constantly, and it will have an impact on the electricity bill. Programmable ones adjust automatically based on the programmed settings at specific times during the day.

LED Lights

If the landlord has not done it yet, he should replace all bulbs with LED ones. They are known to require less energy than fluorescent lights.

Replace the furnace filters

Over time, the furnace filters will become dirty and accumulate dust and debris. Landlords should remember to replace the filters every three months, or else the clogged waste will cause breakage in the HVAC unit. The managers would have to pay for repairs when that happens.

Set utility caps

You might wonder how landlords with all-inclusive rentals deal with the possibility of sky-high bills. They incorporate utility caps in the lease agreement. How does it work? The landlord will set a specific amount limit for a billing period. Once a tenant surpasses that, they would have to pay the excess. It will make the tenant aware of their consumption.

Some landlords should not dismiss all-inclusive rentals easily. They do have their advantages for both the tenants and landlords. And after what you’ve read, there are tips on how to save money.

All-inclusive or not, you must advertise the property effectively. You only have to know your rental and your target market. You also have to know where to put up your ads. With Padleads, you can post and syndicate your property listings. It will allow you to reach all kinds of tenants all over the country.

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