About Time: You Secured the Highest Rental Return on Your Investment PropertyBy Angelica Malin
Buying property as an investment is still very popular. People, quite rightly, see it as an effective way to put together a financial nest egg for their retirement. However, as with all investments, the trick to getting the most out of them is periodically reviewing what you are doing to ensure you are maximising the return on your investment. This is certainly the case when it comes to rental properties.
Dress your property to rent for a higher price
You need to remember that you are working in a competitive market, which means that you need to make your property as attractive as possible. Firms like Emblem, the furniture rental company can really help you with this task. They provide high-quality furniture, soft furnishings and other items that you can use to stage your rental properties properly. You will be surprised at how much more rent you can charge when you take this approach.
In most markets, you do not have to provide furniture as part of the deal, so leasing what you need makes sense. The home staging firm does all of the hard work for you. They deliver and arrange the items you need and take everything away again before the tenant moves in with their own furniture,
Tailor your marketing to attract the ideal client
It is not enough to simply find a tenant. You need someone that can continue to pay the rent. That is why many landlords like to rent to professionals. Generally speaking, they have relatively well-paid and secure jobs, so do tend to make very good tenants.
However, you are going to attract this sort of person if you market your property in the right way. You have to advertise in the places they are most likely to look when they need a new home. It is also important to use the right language and include important details like closeness to the local station in your listing.
Get your rental agreement professionally written
One of the quickest ways to lose money in the property rental business is to get into a dispute with one of your tenants. Legal fees and the cost of not having the rent paid for months on end soon add up. Not to mention the fact that this situation is extremely stressful.
The best way to minimise the risk of long and costly disputes is to draw up a fair, clear and comprehensive rental agreement. It is usually best to have a legal professional do this or at least read through one that you have written. Often, you can use this document to quickly and clearly establish who is right in the case of a dispute. Usually, if a tenant feels they are going to lose their case they will not pursue things.
Don’t scrimp on insurance
It is also very important to have the right insurances in place. If there is an accident, a fire, flood or some other issue you want to be sure that you can get things sorted out fast. That way you will be able to keep the cash flow going.
If you are looking for more general advice about being a landlord, you can find it here. Once you click the link you will be taken to a simple, but comprehensive, guide to setting up and running your rental property.