If you've got an investment property that you'd like to start renting out, there are a number of things you need to do to make sure it's ready. Some of these tips could actually make a difference in the demand for your property, and can increase how much you can charge for rent, or how easily you get tenants in the first place.
While renting out a property isn't always straightforward, it's still a viable investment that beats many others in the current economic climate. In the right location, a good investment property can make you between 5-8% yield each year. Not only that, but the value of the property could also go up over time.
That's why location is important when choosing a rental property. You want somewhere that you can afford, but that also has the potential to go up in price. As well as that, you'll want a healthy rental market so you can get your property filled with tenants reasonably quickly and get a good rental price in place. So what do you need to do to get your property on the market?
Use multiple realtors
Make sure you use multiple realtors to try and promote your property, unless they can offer you an excellent deal to go exclusive.
Find the right price
Every property sells or gets let out at the right price eventually. So if you're struggling to get enough interest, you might want to consider lowering it.
The right investment property strategy normally matches a growing property market with a healthy rental yield. Make sure you’ve got your property sorted so you can start earning on your investment.
Get professional photos
Almost everyone checks for properties online these days, or at the very least, in property magazines or realtor windows. That means the most important factor in getting high demand for your property is good quality photos. So many great properties go un-visited (and therefore un-rented) because the landlord put up poor quality photos that don't do the place justice.
If you want to get a lot of interest in your property - get professional photos.
Make sure your gas and electric are sorted
You don't want to start encountering problems AFTER you've rented out your property. Make sure you fix your gas and electric so that you don't have to be called out at additional cost.
Fix any minor issues with the property
Fix every minor issue with your property. Again, if something breaks and you have to be called out, it's going to cost you more. Not only that, but a property that's in good shape will demand more on the market.
Even if it's just a new lick of paint, make sure your property is in reasonably good health. This'll make it worth more and increase demand from renters.
Install a quality boiler and appliances
You don't want things that break so you have to keep buying new ones. Make sure to get a boiler installation that is of good quality and is built to last, along with any other appliances you're providing.
Get good-quality furniture
Not only will high-quality furniture make the property more popular with potential renters, it'll also last longer and suffer less from wear and tear.