Landlords – How to maximise your rental income
Landlords need to run their operations like a business and this means knowing how to maximise rental income. There are a number of steps and strategies a landlord can use to maximise their rental income.Before you even buy a property or make your home available, there are steps that you need to take to maximise your rental income. Research the best area to buy If you are looking to buy in a specific area because of emotional ties or it is close to your current location, fair enough. However, if you are investing in property because you want to maximise your rental income, you need to research different areas and find the area that is best for your needs. This is why understanding the rental yield is vital because it gives you a good understanding of what return you should get on your investment. The higher the rental yield, the more attractive an area is, so if you are looking to maximise rental income, calculate the expected rental yields for your property or area.
Finding the best tenant
You’ll find that some tenants are more willing to pay a higher rental fee than others, some tenants are likely to be more reliable than others and some tenants will maintain the condition of your home to a better standard. While it is impossible to say for definite what a potential tenant will be like, there are ways in which you can minimise your risks when choosing a tenant. Finding a tenant in employment who can provide evidence of their ability to pay the rent each month and who can provide references from previous landlords is a safer choice than someone who cannot provide evidence of their behavior or financial status. There is no need to rush into accepting the first person that applies to be your tenant. Losing a day or two of tenancy to undertake research may save a considerable amount of money and inconvenience in the long run.
Ensure the property is thoroughly cleaned and that fixtures are working
If you want potential tenants to be wowed by your home and be prepared to pay a higher rent, make sure that the property is presented well. If this means investing in cleaning services from a professional cleaner or cleaning firm then so be as this will provide you with a greater return in the long term. A clean home will be in demand while a grubby home will likely see the best tenants move on to something else. The first impression that a potential tenant forms of your property is likely to be a lasting one, and this is why you need to ensure that you make it as positive as possible. This means that your property has to be spotless and all fixtures must be in working order.
Install lino and replace it when it looks cracked or worn
Lino, when it is in good condition, is affordable, easy to clean, simple to install and looks great. This means it is the ideal flooring solution for kitchens and bathrooms in the home. Don’t be fooled into thinking you need to seriously invest in flooring to appeal to tenants, just ensure that the flooring you have in place is clean and in good condition.
Arrange group bookings or open house viewings
When it comes to increasing demand or interest in a property, it makes sense to arrange different viewings at the same time. This is convenient for you, but it also lets potential tenants know that there are other people interested in the property. This can speed up the process and it may encourage people to pay a higher price than they would have preferred.
Be professional in your dealings at all times
If you want to be seen as a successful landlord that people are happy to pay higher fees to, act like it. This means you should be professional in all of your dealings with potential tenants and tenants. For some people, this will mean dressing in a suit but it should at least see you being courteous, helpful and on top of all administrative and legal duties.
Initially charge a higher rate of rental fee
If you have time before you definitely need to let the property, why not initially price the property at a higher rate than you would have planned? If no one is willing to pay the additional rate, you can drop it to the expected rate. This means you can then offer a “saving” to your tenant but you may find someone is willing to pay the higher rate. There are many reasons why tenants decide on a property and there may be some who prefer to pay a higher price to receive a perceived better standard of value or some people may need to find a property in a hurry. If you cannot afford down time, this is a risky strategy that may not be right for you but if you don’t need to fill your property immediately, consider charging a higher rate to maximise rental income
Are you a landlord looking to maximise rental income?
Do you want an agent who will market your property with enthusiasm and work hard to help maximise rental income and find the best tenant in the quickest possible time?
You need to talk to VitalSpace Estate Agents
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