Boosting Your Rental Income
At MMJ, our Residential Management Department is always keeping an eye on the changing rental market, ensuring to advise when it could be time to conduct a rental increase, putting more money back into your pocket as the Landlord. With this considered, there are a few ways of boosting your rental income outside of the factors of a changing market.
It does not have to cost a lot to look great! Prospective tenants do judge a book by its cover, so it does make sense that the property needs to look great. Something as simple as a fresh coat of paint has a way to make a big impact on the presentation of a property and one of the first things that a prospective tenant will see is the exterior of your property, so it is worth making sure that the property looks it is best inside and out.
The exterior of a property is of course the first impression a prospective Tenant will have, so keeping the garden at a presentable but low maintenance state is extremely desirable to applicants when looking for a rental property as it’s less for them to worry about.
If you are looking to invest more time and funds into improving and rejuvenating your investment property, then the next two things that most prospective Tenants take notice of is the kitchen and bathroom areas. You would be surprised how much a new kitchen can make a difference in the feel of a property, not to mention the rental income boost it can provide you with as it makes the property much more desirable to have modern appliances, a nicer space to cook in, and ensuring there is plenty of storage space available.
It is also important to make sure that the property does have plenty of storage space in general throughout, this can include built in robes in the bedrooms or a linen cupboard for some added space and convenience.
As well, something as simple as adding in some additional security to windows and doors can give Tenants peace of mind for the property, particularly if the type of Tenants you are looking for are a family.
Recently one of our Landlord’s properties became vacant after having the same Tenant occupy it for close to 8 years. They decided it was time to carry out some renovations so went ahead with modernising the property. By putting in some time and effort they refreshed the property with a new floating floor which keeps in mind that some tenants may have allergies, meaning that carpet is not particularly something they are looking for in their rental. The Landlord then did a fresh coat of paint, replaced the old and outdated kitchen to now be revitalised and modern, even including a dishwasher.
These renovations luckily brought to light some safety issues with the old wiring of the property, so the Landlord was able to get this rectified before having a new tenant moving in. By completing these renovations and refresh on his investment property the Landlord was able to then achieve a weekly rent payment of almost $100 more than he was previously getting and have the peace of mind that the property is much safer for the new Tenants.
