There are a number of ways you can maximize profit from your investment property. Sometimes this involves spending money to make money. Below are some suggestions that we believe will add value to your property and in turn achieve higher rent.
- Don’t initially set rent too low- rent can always be lowered but it can’t be increased for at least 6 months after signing up a new tenancy. Aim high initially and if there is little interest then there is the option to reduce the rent.
- Improve the appearance of the property- the way your property looks cosmetically will play a big role in tenanting and achieving top rent. A fresh coat of paint, new carpet and new kitchen or bathroom are popular features for prospective tenants. Modern, renovated properties always tenant faster than dated homes.
- Good quality advertising- good quality advertising is essential in the tenanting process. Clearer pictures help to show prospective tenants exactly what the condition of the property is. Angles and lighting are also very important in making rooms appear larger and brighter.
- Make sure the house is appealing for viewings– if a property is dirty or cluttered it is hard for prospective tenants to imagine it otherwise. A clean and organised home is always more appealing for viewings.
- Sell the property not just show– during viewings make sure to boast the property and sell all of it’s best features. Features that aren’t noticeable to viewers such as how warm the property is or how sunny the rooms are.
- Screen tenants– tenanting houses with suitable tenants is important when it comes to generating return. Tenants that pay rent on time, maintain the property to a reasonable standard and cause minimal to no damage and have done so in the past are key. It is crucial to screen tenants and do the appropriate checks to ensure your investment is being let to reliable and trustworthy people.
- Take advantage of rent increases at the end of tenancies and every 6 months- market rent is always changing therefore, staying on top of these changes is a good way to get the most out of your rental. When a new tenancy begins or every 90 days the rent for rentals can be evaluated and increased.
- Allow pets– allowing pets may be a daunting thought, but for rentals these properties usually generate the most interest. Animals can also be reference checked to ensure they will cause no damage to the property.