Here are some great tips to ‘bullet-proof’ your income.
Pets Please
Yes we know it’s scary to allow pets, but there’s rewards for the courage. A “Pets on Application” statement can attract up to $20 increase/week and make your property in hot demand…a “no brainer’ really when you consider 60% of Aussies are pet owners and a third rent. The icing on the cake is your tenants stay longer (especially if they’ve struggled to find a pet-friendly rental).
Renovating Right
The easiest way to get your rents higher is to undergo a light reno. Light doesn’t mean wrecking balls and structural mayhem! Keep it cosmetic and keep it simple…new paints, carpets and kitchen tiles or laminate maybe. It’s even worth letting your property manager organise the reno for you – they usually ‘know people’.
The ‘Ol Backyard Shed
Always popular with tradies and in bayside suburbs where backyard boats are common. One of our investors popped a $560 tin shed in the backyard…voila upped the rent by $35 per week. His shed was paid off in some 12 weeks and continues to increase his rental yields!
Room-by-Room Letting
This is not one of our services but we’re all for ‘great for your back pocket’ ideas. If you’re prepared to be more hands-on with management, the growing trend of room by room letting may appeal. Find tenants seeking a single room (yes there’s plenty out there!) and charge a 20 – 30% premium for leasing the rooms separately.
Fab Four Furnishings
We’re not suggesting a full house furnishing; the fab four would be a good start – dishwasher, washing machine, dryer and microwave. These simple luxuries will dial-up your rental income and add appeal.