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Feb 8, 2019

Ways to keep more income from your rental property

 

The key to maximizing the rental value and income of properties is understanding how to attract tenants who will pay the most or finding a way to get more rent from property.

One of the first things landlords need to understand is the type of tenants who would be attracted to their type of property and location. Such as, if the property is near to college or University, then it's more suitable for students.

Whichever tenant type will maximize the rent for property in a given area, the likelihood is the most rent will be achieved by making sure it is in excellent condition. For example, the rent on a new-build will tend to be at least 10% more than on an existing home.

Here are some ways to keep more Income from your Rental Property:

  • Well maintained, easy to heat, have no damp or condensation issues, well lit (LED Lights) and clean exterior.
  • Upgrade kitchen appliances and Bathroom when its best time to do so.
  • Have proper documentation attached with each unit/property move in. Such as Walk through inspection, Notice to Tenants, Lease documents etc.
  • Communicate on time with tenants for early move outs and keep track of the unused lease as who's responsible for breaking the lease and collecting the payments.
  • Re check the property insurance and work out the premium which best interests you. i.e. sometimes higher deductible pays out well.
  • Keep close look to your Utility bills as they will add up more.

For more information on this topic, Click here to see the Facebook live video.

 

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