Tips on Maximizing Yield

the cyclical nature of the property market dictates that this current tenants’ market will not last and momentum will eventually shift. But until conditions change, there are several things landlords can do to maximise rental opportunities and preserve their investment. Denial, ignorance or blind optimism are not options. If landlords do not accept the reality of the current market situation and take positive action, they could end up putting their investment at risk.

Here are five key tips for landlords in a tenants’ market:

1. Be open to negotiation

Landlords need to be open to negotiation to meet market demands. If a landlord doesn’t adjust by offering reduced rents or shorter lease contracts, they may expose themselves to considerable financial loss. Yes, returns will be lower, but a reduced weekly rental is infinitely preferable to a vacant property. Landlords should be prepared to negotiate, drop rents and offer more flexible contracts in order to attract or keep tenants. It’s also worth discussing contracts with tenants well ahead of the renewal date to ascertain their intentions and negotiate terms of a new lease.

2. Offer incentives

Zero vacancies are the holy grail of property investment and in order to make a property attractive to a greater pool of prospective tenants or make it more appealing to current tenants, landlords should be prepared to offer incentives. Accepting pets, adding extras such as garden maintenance and offering a week’s free rent are all ways that landlords can incentivise tenants and prospective tenants.

3. Treat tenants with respect

A good landlord will always treat tenants fairly and respectfully, but in the current tenants’ market, it’s worth going the extra mile. Respond immediately to any queries, pre-empt maintenance issues, offer unsolicited extras (having the carpets cleaned or paying for a garden tidy-up) and deal with any requests for a reduction in rent sympathetically and realistically.

4. Improve presentation

The appearance and presentation of a rental property is of paramount importance in attracting tenants in the current market. Well-designed properties with quality finishes and added extras like air-conditioning and parking are always going to be more sought after, and landlords need to think about what the property lacks and where upgrades and improvements could be done in order to make it more attractive.

5. Be creative with the marketing

In today’s challenging environment, landlords need to implement creative and far-reaching marketing strategies to promote their property, reach the widest possible audience and attract interest. All types of communication channels should be considered. It’s also worth engaging professionals such as an experienced property management company in order to get a favourable outcome.

Removing the Hassle from Sales & Rentals Brisbane Wide

 

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About ljgrealestate 据联大

Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
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