Increasing Rental Yield On Your Investment Property
Increasing Rental Yield
Calculating rental yield is essential when you’re looking for properties with good investment potential. It helps you assess a property in comparison to similar properties in your area so you can determine whether it will bring in a consistent stream of high income. This gives you a better idea of what kind of ongoing return you can expect to earn on your investment after your costs are taken into account.
Is Your Investment Property About to Go on the Market?
Choosing the right property plays a key role in ensuring you have a high yield investment. But there are also a number of ways you can further increase the rental yield of your property if it is about to go on the rental market. By making the right kind of changes and marketing the property right, you can increase the rent and minimise vacancy periods.
With the warmer months just around the corner, this is the perfect time to get all your ducks in a row and ensure your investment is presented to the market in a way that makes you stand out from the crowd. Below are some tips on increasing your yield and reducing the time it takes to lease your property.
Cosmetic Upgrades and Mini Renovations
A fresh coat of paint, some new carpet, new blinds and updated appliances can all make your house look newer and significantly adds value to your property. It also attracts quality tenants who are more likely to respect the property and stay for a long time. Depending on how much you want to upgrade the property, you could replace some fixtures and fittings, add a new heating and cooling system, install a dishwasher or upgrade the whole kitchen or bathroom.
Making your property pet friendly is a cost-free way of increasing its appeal. Pet friendly houses are in high demand and can mean you can bump the rent up. You can establish some rules like that the carpets need to be steam cleaned every 6 months, the backyard needs to be maintained and the tenant responsible for any damage.
Make sure your property is neat and tidy before it goes on the market. Fixing all those little holes and cracks in the walls adds to the value of the place and attracts more potential tenants. Doing all those little jobs like cleaning out gutters, pruning shrubs and trees, mowing the lawns and re-mulching garden beds make a huge difference.
Ensure professional photos and a floor plan are used when marketing your property. Don’t underestimate the power of a floor plan and good photos that highlight the potentials of each room and sell the best features of the house.
People often have trouble visualising what a property would be like to live in when they are looking at photos of empty rooms. Digital furniture allows you to present an idea of how the room could look furnished. After taking photos of your property, your real estate photographer uses Photoshop and an extensive library of digital furniture items to add virtual but realistic furniture to your images.
Social Media Promotions
Promote your property to specific audiences using advanced targeting tools on social media platforms. This helps you get your property in front of more people and get a foot ahead of the competition. For unique, high value properties, a property profile video can be a great way to market your property.