WANT YOUR TENANTS PAYING MORE RENT?
1. Are you at market value?
Get a CMA (Comparative Market Analysis). You would have seen one of these when you engaged your agent however regular CMA’s ensure your investment properties revenue is on point.
A CMA will compare your property with others in close proximity and with similar characteristics and serves as a guide to help decide on what amount of rent you could apply to your investment property.
The True Power team provides market analysis as a routine so that you can be certain your rental income is always at a premium.
2. Add Value
SECURITY: The feeling of being safe in your home is paramount. Tenants want that feeling, and a home that presents more than just the basic door and window locks is likely to attract a higher rent. Sensor lights or security screens could be good additions.
AIR CONDITIONING or a DISHWASHER: In an ever increasingly busy world the conveniences like a dishwasher is something tenants will embrace. Similarly if on those hot humid Queensland days (or nights) the air-con can be flicked on your tenants won’t blink at paying a few extra dollars a week (pending they wanted this feature).
OUTDOOR LIVING: We live in the state of outdoor living so a property that presents this opportunity v's a like for like property that does not will deliver greater value for tenants and greater returns for property owners
These are just a few suggestions, others could be lawn mowing, pool cleaning and so on. Adding value is in the eyes of the receiver and it is important to consult with the end user (current tenant). If they do not see value in the improvement, the opportunity of a rent increase significantly reduces. Consult with your property manager for advice and remember to compare homes against yours with the improvement you are considering to ensure the returns delivered are at or above your expectations. (CMA).
Home improvements also add capital value to your property and help drive increases in your returns now and in the future.
Short term cost, long term returns.
3. Be flexible
Allowing pets could be a great option. People get pets for many reasons and for some they make a family complete. Your existing tenants could be happy to pay a little more and extend their term for the joy of a pet in the home.
A true investment grows in value, otherwise it is more like a forced saving plan. There are plenty of opportunities to attract a higher weekly rent without the need to inject large some’s of money.
We recommended at least twice a year having a conversation with your property manager on how your investment property is performing and what is the plan for growth?
Call Andrew or Jodi for more details.