It is so important to explore every avenue when trying to generate more income from your properties. This requires creativity and outside of the box thinking. Today’s guest, Ben Suttles, of Disrupt Equity, is here to share some of the top strategies he and his team use to increase their property returns. In this episode, Ben sheds light on why implementing RUBS is a huge boost to property revenue. He walks us through the time frame and other specifications of rolling RUBS out. Ben also shares other tactics for increasing returns, like pet rent and trash and pest fees. When introducing these fees, it is crucial to understand whether your tenant base can support them. This is why it’s important to draw on your property management team’s knowledge of the area and the fees other properties are charging. We also discuss how to get on the same page as your property management team, why you should stagger the introduction of additional fees, and how tighter management itself produces more income. This was a great show, so be sure to tune in today!
Key Points From This Episode:
- Learn about Ben’s background and what he’s currently involved with.
- Find out why billing back utilities is Ben’s number one incoming-boosting strategy.
- Implementing RUBS, how long it takes and important things to keep in mind.
- Two lesser-known strategies Ben uses to increase income: Pet rent and pests and trash.
- How tight management goes a long way in boosting overall income as well.
- The importance of aligning your underwriting the property management’s budget.
- Why it’s not possible to have a fixed percentage expectation of other income for properties.
- Ben’s superpower and final takeaways from the show.
Tweetables:
“Look at doing the water and sewer reimbursements with your tenants, and I think you'll see it as a big boost for your property.” — Ben Suttles [0:04:26]
“It's very important that you work with your property management company prior to takeover in aligning your internal underwriting budget with what they can actually do on the property.” — Ben Suttles [0:14:43]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate Facebook Group
