4 Ways To Maximise Your Rental Income
Category Rental Income
Renovate:
This does not mean spending hundreds of thousands of Rands however a simple new paint job can work wonders.
Replace dark colours with light colours that invoke good energy and open up the property.
There are some simple renovation techniques that can work wonders like replacing old carpets with simple laminate flooring or tiles, sprucing up a kitchens cupboards with new doors and handles.
Don’t be fooled into thinking small finishes are not important like new plug points, handles, light switches and skirtings. Small changes with big impact and minimal cost implications.
Make it stand out:
Check out your competition in the direct vicinity and do what you can to make your property stand out from the neighbours.
This means marketing correctly up front with good quality photos. You don’t necessarily need professional photos but your photos should have enough light, depict each aspect of the property and the accompanying description should be clear and concise with a breakdown of what is included and what is not in the rental. Human beings are very visual so let your marketing paint a picture.
Furnish the property:
Furnished properties will always attract a higher asking price.
Its important to first check if there is a demand for furnished properties in your area and then furnish accordingly.
Keep your furnishings simple, modern and useable. Don’t spend money unnecessarily on items that don’t have real use, break easily and clutter the property. Start with the basics like beds, living room lounge suite, TV and tables/chairs.
Timing to market:
Seasonality can have an impact on the demand for rental properties and the Cape Town market is a perfect example of this.
If you are planning on renting out your property, try time it for the summer months when demand is high and supply is low. As soon as the influx of holiday makers and visitors start to diminish going into winter, so do many short term properties suddenly become available making the supply switch in favour of tenants who then have a lot more options to pick from at competitive prices.
Don’t get caught in the ‘winter trap’ !
For more tips and insight, feel free to contact our team on info@kinesisproperty.co.za
Author: Cesar Alexandre
