By Property Management Department
Maximising income is every property investors goal, so we have made a list of things that can be done to achieve the best return on your investment.
Longer Leases – Securing longer leases means a guaranteed income for an extended period (rent increases can occur during fixed term leases or written into tenancy agreement). Longer leases mean fewer letting/renewal fees and less vacancy periods.
Pets – An increasing portion of the tenant market are pert owners and should not be looked at negatively. Pet lease are common practice and provide protection for owners. Furthermore, pet owners are also willing to offer a higher weekly rent in some instances.
Keeping a good tenant – Holding onto a good tenant is a good investment in itself. A tenant that pays their rent on time and maintains the condition of property is worth rewarding.
Repairs/Improvements – Making minor repairs and improvements will keep your property competitive with the new properties that continually hit the market. A property becomes difficult to lease when the rent is increasing but the product remains the same.
Being Competitive – When renting is a competitive market, although hard to digest, it can be beneficial in some circumstances to advertise slightly below the market rate e.g. $5-$10. This strategy can increase demand and allows for more quality tenants to apply, but can also reduce the vacancy period to improve cash flow.
Professional Photos - A small investment with long term benefits. Present your property in the best light to attract a greater number of potential tenants. Professional photos will last for several years.
These are a few ways in which you can maximise your rent and make the most of your investment.