Killer Tips for a Profitable Rental Property
It is easy to make the highest possible return on your rental investment. All it takes is some time and effort to exploit your property’s potential! Going that extra mile will ensure that your property is rented out back to back, with positive reviews from your tenants.
If you are still looking to buy rental property, you should keep in mind that certain locations are more in demand than others. Naturally, the properties in these locations tends to be more expensive but the rental income is higher so it is worth looking into these locations in order to benefit in the long run.
If you already own a property which you would like to put up for rent, then its just a matter of maximising its appeal, by providing the tenants with all amenities and going above and beyond their expectations. The idea is to stand out from the crowd by providing certain features that are considered essential to the majority of tenants, such as free Wi-Fi, or a microwave.
There are other things you can do to your rental property in order to capture your potential tenant’s attention that require minimal effort and money.
Make it Sparkle
Having a good property to let in a coveted location is advantageous, but this alone will not secure your tenant’s interest. When a tenant enters a property, they inadvertently picture themselves living in the property and this will be hard to do if the property is covered in dirt and stains from the previous tenants. The property should not look lived in or ‘owned’. This means that is should be clean, including cleaned windows and furniture, cleared from anything left behind from previous tenants and the rental property should not be decorated according to your own taste but left neutral in order to appeal to the taste of as large an audience as possible. Finally, make sure that any outdoor space such as front patio or garden is cleaned and well maintained.
Make the Property Look Good.
Once the property is cleaned, focus on making the property look good. This could simply be done by adding cushions on the sofa and a warm throw, fix anything that needs to be repaired, dress the bed with fresh sheets and make it feel like a home. Furthermore, when expecting viewers to come see your property for the first time, make sure to air the property by opening windows and turn on lights to give it a bright feel. You may also add small, welcoming features such as scented candles or flowers to make it look and smell good.
Make Sure the Property is Well-Equipped
If a family are intending to live in a property for a long period of time, they expect certain necessities which should be made readily available in the property. These necessities include sufficient kitchen appliances and cutlery, air-conditioning particularly for the summer months and sufficient lighting throughout the property.
Consider Accepting Pets
The demand for rental property that accept pets is quite high but the availability of such properties is rare due to concerns of damages and sanitation. Therefore, if you decide to make your property pet friendly, then you have made your property available to an even wider audience.
Be an Ideal Landlord
Once everything is settled and your property is ready to be rented out, the next step is finding the ideal tenant, and the ideal tenant will only be found if you, in turn, are an ideal landlord. You should maintain a relationship with your tenant and they should not hesitate to approach their landlord if the necessity arises.
Owning a rental property means that you will need to be able to manage and maintain the property, including handling of any complaints from your tenants, keeping track of your inventory, fixing the terms and conditions and collecting rent from your tenants. These could seem tedious or time-consuming but they are worth the monthly rental income. If your schedule is tight and you require assistance with managing your rental property, our Property Management experts can brings their know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands.
We also have a handyman service on call to carry out routine and emergency repairs. For more information regarding our services contact our property management department and we will handle everything for you in an efficient and professional manner, whilst handling any complaints or complications that may arise along the way.