In a competitive rental market, experienced property management professionals will tell you that there are a number of ways to ensure that your rental is performing well. Below are 5 industry secret’s to ensure that you are getting the best out of your investment property.
Tip 1: Quality Advertising
In a competitive market, with thousands of ad’s that can be used to compare to your listing, taking measures to having your rental stand out is the first step to demonstrating ‘value’. Telling a story that includes all of the wow-factors of a particular property will peak greater interest in the home and most importantly, when a viewing appointment comes through, sell it…. don’t just show it.
Tip 2: Screen your Tenants
In our opinion, there is no better way towards protecting your rental and ensuring it gets the top market price than thoroughly vetting prospects. This is your most valuable investment and taking calculated steps towards placing great tenants who will rent respectfully and treat your home responsibly can save thousand’s …even, ten’s of thousands of dollars in repairs, arbitration and potential vacancy.
Tip 3: Annual Rental Increases
The government of BC allows for a nominal increase to be applied to a rental every 12 months. The last few years have shown us that this can range from 1% to 4% on the monthly rental rate. Allowed increases such as this are aimed at keeping in line with inflation and/or rising costs for managing a rental property. This can, if communicated appropriately with tenants, be a relatively easy way to ensure that your property remains tenanted while increasing costs are supported.
Tip 4: Preventative Maintenance
At Sycamore Property Management our belief is that ‘a dollar saved, is a dollar earned’ and one of the best ways to increase returns is to lower expenses. Preventive maintenance can do just that. Tenants can’t be relied on to perform such maintenance as they’re investment in the property is limited. In addition, we often find that tenants can sometimes be unaware or oblivious to small leaks that can often result in thousands of dollars worth of damage. It is important to have a plan and a team in place to ensure that your home is functioning as efficiently as possible. The bottom line is that regular maintenance will ensure that units are working as efficiently as possible and extending their lifespan tremendously.
Tip 5: Communicate, Communicate and Communicate
Perhaps one of the most underrated financial tips. Simply put, communicating consistently and being responsive to your tenants has the following side-effects; a longer healthier landlord-tenant relationship, rent will be timely and consistent, potential risks to the home will be made visible at the earliest and above all your tenants will appreciate you and care for the home to a deeper degree. A little gesture can go a long way to protecting your rental.
BONUS TIP – Connect with Sycamore Property Management – RE/MAX Masters Realty to experience many more best practices aimed at maximizing the rental potential on your property. We don’t just tell you…we show you.