How do I maximise my property rental?

October 20, 2022

As a landlord, you want to get the most rent possible for your property while still making it attractive to potential tenants. Here are a few tips to help you maximise rent for your rental property:

1.   Start with a fair market rent assessment.

Before you set your rental rate, it's important to find out what similar properties in your area are renting for. This will give you a good starting point for pricing your own rental. You can use an online tool like Zillow's Rent Zestimate tool to get a rough idea of rents in your area.

2.   Make your rental property attractive.

If your rental property is in good condition, it will be more attractive to potential tenants and you'll be able to charge a higher rent. Be sure to keep up with basic maintenance like painting, repairs, and yard work. You may also want to consider making some cosmetic updates to really make your rental stand out.

3.   Offer amenities that tenants want.

Tenants are willing to pay more for rental properties that offer amenities that they value. If your property is in a desirable location, has parking, or is pet-friendly, you can charge a premium.

4.   Be flexible with lease terms.

If you're flexible with the length of your lease, you can usually charge more rent. Tenants who are only looking for a short-term lease will be willing to pay more for the flexibility.

5.   Raise the rent gradually.

If you've been renting your property for a while, you may be able to get away with gradually raising the rent over time. This is especially true if you have long-term tenants who are happy with the property. By raising the rent gradually, you can avoid turning off potential tenants with a too-high rent price.

6.   Review your rental rate regularly.

It's a good idea to review your rental rate every few months to make sure it's still in line with market rates. You don't want to miss out on potential rent increases because you're not keeping up with the market.

7.   Use a professional property management company.

If you're not interested in managing your rental property yourself, you can hire a professional property management company. They will handle all the details of renting your property, including setting the rent price. This can take a lot of the work off of your hands and help you maximise rent.

8.   Screen your tenants carefully.

Be sure to screen your tenants carefully before renting to them. This includes running a credit check and verifying their employment. The better your tenants are, the less likely they are to default on rent or damage your property. Good tenants are worth the extra effort to screen and will help you maximise rent.

9.   Be prepared to negotiate.

When it comes to setting rent, be prepared to negotiate. Tenants will often try to get you to lower the rent price, and you may be able to counter with a higher rent if you're willing to negotiate. It's important to be firm but fair when negotiating rent so that you don't lose potential tenants.

10.   Have a backup plan.

Even if you do everything right, there's always a chance that your rental property will sit vacant for awhile. It's important to have a backup plan in place so that you're not losing money while your property is vacant. One option is to offer a rent-to-own option so that tenants have an incentive to rent your property.

By following these tips, you can help maximise rent for your rental property. By keeping up with maintenance, offering amenities, and being flexible with lease terms, you can make your rental more attractive to potential tenants. Screening your tenants carefully and having a backup plan will also help you maximise rent and avoid vacancy.

For further insights, take a look at the Chimni Dashboard.

The Chimni Dashboard

Chimni is the simplest, fastest and most cost-efficient way to analyse postcodes and suburbs across Australia.

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