When you own a rental property the intention is for it is to be a money maker, not a money drainer. So when it comes to running your rental property you want to do everything you can to increase its income potential. With the experience and expertise of a qualified real estate agent you can expect to draw the best income possible.
Presentation is everything, even where property is concerned.
It won’t matter if your investment is in the right location if it looks run down and is not taken care of. Ensure that your garden is well tended to, and even easy to tend to and that all maintenance that needs to be done is taken care of. If you want tenants to respect your property, then respect if yourself.
Appeal to the rental crowd
When the real estate knows the demographic that will be more inclined to rent your investment, they can advertise in a way that will attract their attention by selling the high points that will appeal to them. If you wish you can even use an extra drawcard such as not asking the tenants to pay for excess water usage, within reason. Consider adding an alarm system as this may make feel tenants feel more secure and therefore more likely to apply.
Be realistic with your rent pricing
From the very beginning, be realistic about the rent you ask for, your real estate agent will be able to advise what the current market rental price is. Don’t ask for too much and you won’t have to reduce your price. Be competitive but be fair. Fair rentals tend to attract more of the long term tenants and this is a good thing. If your tenant stays on a while then this can reduce any extra costs that can be incurred with tenant turn over’s occur. Treat your tenants well, when repairs are required, get them done.
When a new tenancy agreement is signed make sure that the wording allows for you to make reasonable rent increases where necessary. Costs to you for owning an investment will no doubt increase and you don’t want to miss out on being able to pass a small amount of the cost on to your tenants.
Your rental agent should be able to advise on some more tips for maximising rent and their advice should be taken into account. Afterall, renting homes is ultimately their business and accepting professional advice will only put you in front.
Looking for a Bribane area property manager? Contact us for a FREE rental appraisal.
There are many reasons why you may find yourself in the position of becoming a property owner who enters the world of property management. It may be that you have received a job transfer and do not wish to sell your property so in the interim you have chosen to rent it out.
The more likely reason is that you are using the real estate property market to build wealth. If this is the case then you will definitely be in the market for someone to manage the leasing of that property.
Whatever the case may be, it is important to employ the correct person to correctly manage your property on your behalf.
100% Focus on Property Management in the Brisbane Area
Whilst it has certainly been an acceptable norm for the local real estate agent to manage the leasing of property, more and more, investors are waking up to the fact that traditional real estate agency staff are trained and geared to sell property and not to rent or lease it. As a real estate agent this makes perfect sense as this is where 85-90% of their total income is produced.
The leasing or renting of property requires a different mindset and range of skills. The negotiation between property owner and tenant can be a tenuous one. It takes a completely different personality to tackle this line of work. This realisation has created a whole new industry that focuses 100% of its energy into the efficient management and maintenance of a property from a lease or rental point of view. At Eproperty Rentals, employees, whilst having been trained in the real estate industry, have chosen to specialise in the property management market and offer the best possible service in maintenance and management.
Finding the right company to manage your property is an important step. You will want to select someone who has a desire to look after your property like it was their own. This spot on team will not only ensure your home is properly maintained but they will also be able to offer helpful tips and suggestions to ensure the property is always kept profitable. If you are using the real estate industry as your wealth building tool it is imperative that your assets keep up with the times. Their keen eyes will always be on the lookout for anything that may date or detract from the value of your property. They will let you know when you need to update your fixtures or fittings or when the carpet needs replacing.
When considering expert real estate property management, Eproperty Rentals should be the first name that comes to mind.
Looking for an experienced Brisbane Property Management Company?
Contact us today for a FREE rental appraisal.
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