In this edition of Top Tips Tuesday, we’re sharing valuable insights on how to maximize your rental income and reduce vacancies for your investment properties.
As a property investor, you know that vacancies can be costly, so it’s essential to take the necessary steps to attract and retain high-quality tenants.
Here are my 5 tips on maximizing your rental income and minimizing your vacancy days with your investment property.
1. High Quality Property Presentation.
The first impression that potential tenants get of your property can make or break a rental deal. Therefore, it is essential to make sure that your property looks its best.
If the current tenants have vacated the property, have the yard cleaned up and the lawns done. Having the property looking its best is especially important if you are having photos taken of the property.
2. Don’t have clutter in the photos.
When taking photos, it’s not a great look if there’s clutter in the background. Therefore, it’s important to declutter the rooms before taking professional photos. This tip can make a significant difference in the number of inquiries and the potential rental income you will achieve.
3. If the property is vacant use professional photos with furniture.
When advertising a vacant property, have professional photos taken and see if they can insert furniture into the rooms. This can help potential tenants envision themselves living in the home, resulting in better inquiries and potentially higher rental income.
4. Have the property advertised before the current tenants move out.
By advertising the property early, you can start taking inquiries and showing potential tenants around the property without disturbing the current tenants. Most people find rental properties through an online portal, so it’s essential to have your property listed online.
5. Be flexible on tenant terms.
By allowing small pets, you may be able to increase your rental income. It’s important to have a conversation with your property manager and set strict guidelines about what sort of pets are allowed and what size. This can help you maximize your potential income while still ensuring that the property is well taken care of.
In summary, maximizing your rental income and minimizing your vacancy days is all about communication, good presentation, and having a good conversation with your property manager.
Remember to ask your property manager about the market rent in your area and if there is potential to increase your rent. Always be looking for ways to maximize the potential income or yield of your property.
If you need any personal tips or advice on how to maximize your rental income and minimize your vacancy days, feel free to book a time in my calendar by clicking here. We are always here to help you achieve your investment goals.
Thank you for reading our Top Tips Tuesday newsletter, and we look forward to sharing more expert advice with you soon.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
