7 tips to maximize your rental returns
Category Adrienne Hersch News
Maximizing the returns on your property should be the primary goal of any savvy landlord. Here are 7 tips on how you can achieve the best returns on your investment.
- Make your property as appealing as possible
The best way to maximize your rental return and attract reliable tenants is to ensure your property is as appealing as possible. There are several ways landlords can make simple changes to the property to help improve its rental value and it doesn't have to cost a fortune. A fresh coat of paint, new floors and light fittings are an affordable way to transform outdated features.
- Be realistic about pricing
Setting your rental price is a fine balance between ensuring the rental price remains both realistic and competitive. If you set your rental price too high, you run the risk of sitting with a vacant property for an extended period of time. Make sure you constantly keep up-to-date with the latest market trends and conditions. Do some research and check how much renters in your area are paying for similar properties.
- Consider the value-adds
Today's tenants are all about convenience. Step into the shoes of a prospective tenant and come up with a list of all the basic features and fixtures that you'd expect from a rental property. Value-adds such as WiFi, aircon, security and parking are huge value-adds and luxuries for which many tenants are happy to pay a slight premium.
- If its broken, fix it
Make sure you repair any broken or damaged fixtures in the property and attend to any issues that may become bigger problems in future. It is extremely off-putting for tenants to walk into a place that is in a state of disrepair. A small amount of money spent at this stage may save you thousands in repairs down the line.
- Spick and span
When seeking new tenants, you need to make sure your property is spotless. We highly recommend you invest in a professional cleaning service so your property looks as fresh and welcoming as possible.
Quality, pet-friendly properties are hard to come by. With such a limited selection available on the market, many pet owners are willing to pay a slight premium for a pet friendly property offering space for your furry friend.
- Consider using a property manager
An experienced property manager can prove invaluable when renting out your property/properties. A property manager will manage all day-to-day aspects of your property as well as deal directly with the tenant on any issues they may have, ensuring your relationship with the tenant remains professional at all times, a key consideration when trying to retain quality tenants.
Get in touch with a member of our rental team today to find out about our Property Management services. Contact Email: firstname.lastname@example.org or Tel: 011 728 7013
Author: Adrienne Hersch Media Team