7 Steps to maximise your rent on a horrible rental market.


7 Steps to maximise your rent on a horrible rental market.

As an asset manager, we are required to try and maximize returns on investment, this is very challenging on a downward trending market. To do this we must minimise length of time vacant and maximise the rent.

Step 1,

Thoroughly research, realestate.com.au and domain.com.au and see what your competition is on the market. As agents, this is important information as it is the same information renters are using to scope out the best deals

Step 2,

 If you have a good tenant drop your rent to be just under current market sentiment to sign another year, look after your tenant. Bear in mind the loss you incur if the tenant leaves like wear and tear costs as well as advertising costs etc etc

Step 3

If your place is empty, list it below your competition, be the juiciest bait in the pond

Step 4

Drop your rent slowly over the period of 2 weeks until you start getting enquiry

Step 5

Be more flexible with your expectations, isolate the objection and overcome it

Step 6

Be nice to good tenants they are the life blood of your investment,

Step 7

If you are looking after a property on your own Just give it to an agent. It is not worth the money you are saving once you consider the tax deduction on the service.

An agent can safeguard you. We have all the corresponsive forms and regulations at our fingertips along with experience. When The tenants from hell strike you don’t want to be on your own.

 

Peter Agapiou

Principal Mr Realty