4 Easy Ways To Get The Best Rental Return From Your Investment Property

4 Easy Ways To Get The Best Rental Return From Your Investment Property

When buying a investment property it is important that you consider, not only ways you can manufacture growth into that property, but also the best ways you can generate cash flow from that property, and how to get the best return on investment.

Todays article discusses 4 easy ways to get the best rental return from your investment property.

  1. Renovate

Renovating is a good way to help with rent return and help your property generate more cash flow.

This can be done simply, or it can be a more major project.

By making a few small changes and upgrades you could be adding much needed value to your property.

See Pumped On Property’s Guide To Renovating. 

The value you add may be as simple as a coat of paint or installing ceiling fans. These small changes can drastically improve the property’s ability to be tenanted.

By presenting your investment property in one way or another it will also affect the caliber of tenants that are interested in that property.

For example, if you leave a 40-year-old property in original condition, it is going to attract a different quality of tenant, as opposed to if you modernize the property slightly, to attract a different class of tenants.

  1. Have A Good Property Manager

There is nothing more important when owning an investment property than having a great property manager.

A good property manager will help advertise your property in a favorable way. They will also provide services above and beyond the norm so as to attract a good tenant, and keep that tenant in place long term.

Looking for a property manager? Learn more about how we can help you here…

  1. Watch Vacancy Rate Trends

It is important when buying an investment property that you keep an eye out for the market trends. You want to be advertising the property in peak season to get the most out of the rent return.

Whether it be in a coastal town, advertising at the beginning of summer is going to help you get more rent for that period. If you live near a university, advertise at the beginning of semesters to get the highest rental amount.

Being aware of these trends is going to ensure that you, as an investor, are making the most of the property and generating cash flow to the highest ability for that property.

You don’t want your property to be vacant for any more than 2-6 weeks per year, and where possible get extended leases signed from good tenants so you never have the property vacant.

  1. Advertise Well

This is the “cherry on top of the cake” and ties each of the above factors together.

If you have renovated your investment, got a good property manager, and watched trends to ensure you know the best time to have your rental property on the market, it only makes sense that these things will help with the way your property is advertised.

The photos are important, the timing is important, the placement of the advertisement is important. Making sure your property is advertised in line with market value is also important.

Making sure your property has the highest level of exposure to the RIGHT market is the best way to have the property tenanted fast, and for a good price.

It is no pint listing it online for $600 per week to attract a higher class of tenant, when the property is only worth $450 per week.

The faster your property is tenanted the less money you have to spend on marketing and advertising and the less time your property is left vacant. Advertising to the right target market for your property type is imperative.

 

The information contained in this article is for general information purposes only and should not be regarded as a substitute for professional legal, financial or real estate advice. The information is provided by Pumped On Property and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained in this article for any purpose. Because every persons needs and financial situations are different, the information in this article are intended as a guide only. Any reliance you place on such information is therefore strictly at your own risk.

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Kristal Everingham

About

Kristal Everingham is a Property Acquisition Manager at Pumped On Property. Her mission is to show you how to replace your income through property investing so you can do what you love…full time.