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5 Ways to Maximise Rental Income on Your Apartment
Apr 26, 2021
Letting out your property in Mangalore on rent is an excellent way to ensure steady income. Rent yields fixed income at predictable intervals. The commercial transaction is legally secured with a short term or long term lease agreement and a security deposit. However realising good rental income is often a big challenge as the rental industry largely functions as an unorganised industry. The rent amount and the terms of agreement are fixed based upon negotiation between the landlord and the tenant. Often brokers and real estate agents in mangalore play the role of matchmakers. Newspaper advertisements, social media posts and signboards posted outside the property are some of the means of attracting tenants.
With some planning and smart moves, you can maximise the rental income on your property without paying broker fees. The following tips will help you to attract high value tenants and realise better revenue on your apartment in mangalore.
1. Tap the Online Market
Today online connectivity has proved to be a boon for the common people to do business on their own without the need for third parties. The internet is the first source of information for the present generation. Enlisting your house on popular real estate rental websites will generate good results in the form of serious enquiries. You can advertise your apartment in portals like Housing.com, 99acres, MagicBricks, etc. Alternatively, you can also post a brief advertisement on your Facebook page or in your WhatsApp groups giving a short and clear description of your property, along with appealing photographs and your contact number. Including details like the rent expected, the number of bedrooms, bathrooms, etc will be helpful as most of the people would like to know these details in advance.
2. Make your Property Attractive to Tenants
Remember that renting is basically a business activity and marketing plays an important role in it. So think like a good businessman and make your property as attractive as possible to the tenant. Even if you don’t intend to live in the house, it makes good business sense to invest some money and effort to do up the interiors. Prospective tenants have numerous options to choose from. Before checking out your place, they would have seen many more and would be comparing the advantages and disadvantages. So if your home looks beautiful, it will be a big plus point for you. You could add some essential appliances and furniture and make it fully furnished. Furnished homes have better demand as many tenants don’t want to make permanent investments when their job is transferable. Well maintained properties, with fresh paint and functional facilities never fail to get better rental value.
Decorating your house need not cost much. You will find creative ways to improve the marketability of your apartment with simple changes and moderate budget by simply browsing the net. Just type in key words like ‘Home Decorating Ideas on a Budget’ or ‘Home Decorating Ideas For budget Apartments’ and you will get hundreds of ideas to choose from.
3. Talk Facts
True, advertising is an art. But it’s also a science that relies on facts. Customers initially get attracted by beauty but they take decisions based on facts. So make it a point to highlight what your product has to offer in terms of facts. Speak about the unique features of your home. Is it the location? The proximity to schools, airport, railway station, hospitals, shopping centreds? Or other features like in-house amenities, quality of materials used, interior finishing, maintenance services, nearby attractions? Providing clear and precise information about the apartment features will attract the right tenant. The more details you add to the listing, the better the chances of getting more enquiries. As price is determined by the Demand Vs Supply equation, greater demand will help you to get better rent.
4. Be Fair
As the rental market is an unorganised sector, rent fixation can pose a bit of a dilemma. While you would wish to get more out of your investment, overpricing can keep tenants away. So while deciding on the rent, don’t be hardcore on a particular amount. Instead keep a flexible mental range, say Rs. 12,000 – Rs. 15,000/- Before you arrive at these figures, do some research on the local market trends and find out the appropriate rental price for your property. Make use of tools like Rentometer or other property portals to check the rental rates of similar apartments in your area. Once you get an idea about the prevailing rental rates, note down your monthly expenses including loan EMI, maintenance charges, utility charges, tax, etc and compare it with the rental income. Based on the result, you can decide on the rental price range. At the end of the day it should be a win-win for both you and your tenant.
5. Maintenance Makes it Happen
A neat and well-maintained house wins hearts like nothing else. When prospective tenants visit your house, they do so with the idea of living a quality life there. They will look into every detail and check out if there are any defects. So house maintenance is never a trivial issue; it is in fact a crucial point that influences tenants in their decision making. Home owners who take the responsibility of keeping their home in good condition definitely enjoy an edge over others. Be it repair works, structural defects, painting, cleaning or any other routine maintenance work, take care to address these issues before inviting prospective rental visits. Routine maintenance is also important as it ensures that your property remains in great condition for long years.
At Land Trades, we offer rental assistance and home maintenance services to homeowners. We help you find suitable tenants for your apartments. To know more about our after-sales services, please can get in touch with our team.