Ways to a Successful Renting - Prettily Rare

Thursday, 18 October 2018

Ways to a Successful Renting

As the demand of property rental is uprising in 2018, the supply of property rental increases as well. Properties such as condominium, shop-lots or landed houses are now in huge supplies that you can just simply get information from newspaper or even social media. Nevertheless, the quality of property to rent varies from low to high, where this will affect the rental fees of a property. As a landlord, here are some ways to follow not only just to successful renting, but to make your property in Damansara Heights more presentable to your potential tenant.



Location

The location of a property plays a majority role when it comes to rental. A home with extremely low rental rate most probably it is located in a less-desirable neighbourhood, probably not favourable to people because of high crimes rate or inconvenience. Therefore, in order to successfully renting out your property in a neighbourhood, you will need to perform research on a particular neighbourhood for their safety and convenience.

Also, different niche of people may have different perspectives on their home location. For instance, people who work in office or college students tend to prefer locations which are near to public transport stations; housewives with families prefer safer neighbourhoods with schools and parks; retired elderlies prefer locations which are near to the emergency rooms just in case of accidents. Hence, it is important too to select locations based on your potential tenants.

Vicinity to public transport is one of the most sought after factors by your potential tenant


Rental rate

Of course, low rental may help in securing long-term tenants, however it doesn’t mean that it is not subject to raise the rental gradually. Lower rents come in a few advantages such as lower the competition with other landlords and increase the rate of renting out your property. However, the rental rate should be within the market rate to prevent lowering down your revenue; also the rental rate should be sufficient to support utilities such as appliances maintenance.

Nevertheless, raising up rental fees strategically can be done by communicating with tenants that there will be an upgrade in such as utilities or amenities which they might enjoy. With raised rental fees, you may have more revenue; you can also make use of the extra fees to invest yet another property to rent out or other investment. 

If you are not planning to expand your properties, you may use the revenue to upgrade your current property to make it more presentable to potential new tenants. Bear in mind that rental raising should be done in-between lease terms or under a month-to-month rental agreement, other else it would be illegal. You may notify your tenants via writing such as e-mail; clearly stating that the new rental rate and the percentage of raise. It would be preferable if the tenants are informed 30 days prior the effective change if the raise is less than 10%; else tenants should be informed 60 days prior.



Keep tenants happy

Tenants are the key to revenue to property renting, thus you would like to keep your tenants happy and satisfy throughout their tenancy. 

First, for potential tenants who approached you for rental information, it is preferable to meet these
tenants face-to-face for further discussion such as rental rate, location, utilities et cetera. Promptly discuss about these concerns by the potential tenants in a professional way like you are running a business. 

Treat every potential tenants equally and attend them without discrimination. With this attitude, your potential tenants will feel comfortable to have a landlord who is understanding and professional. Provide moving services to your tenants once they have signed the tenancy contract to ease their moving procedure. 

Keep your happy tenant for a longer landlord-tenant relationship
Also, you may provide free cleaning service to their rent house or room before they move in your property. You will need to attend to them promptly if there is any faulty utilities or appliances. Be sure to stay in touch with your tenants from time-to-time throughout their tenancy, checking whether they have a request or any dissatisfactions. With these ways, you will observe less turnover rate and more long-term tenants.

Presentation


Apart from amenities, your property should leave a good impression to your future tenants. Your property should have a presentation to make look as comfy as possible. You may use light or neutral colours to your walls and floors to make the rooms spacious. Spend on quality furniture which can last longer and nice-looking.

Check lighting system in the house regularly and you may invest some in long-lasting LED lights to save more electrical power in the house property. You may also decorate the vertical spaces with floating cabinets or d├ęcor. You may re-paint your property annually to change its appearance, but bear in mind to use long-lasting or weather-lasting paints. If you feel that normal painting is boring, you may try texture painting or wall paper indoors.  

The main goal is to create a comfortable environment for your tenants throughout their tenancy. To achieve this, you might not need a major renovation to your property, there are few DIY renovations indoors or outdoors can be found online easily, just pick those you would like to improve to your property.

Who can say no to a well-decorated and comfortable environment that simply spells HOME?

In a nutshell, these are are some of the tips that could be mutually beneficial to you as the landlord and your tenant. Happy tenants tend to rent longer and thus, keeping you and your cash flow positive. For the sake of long term investment, it is necessary to allocate some of your income to upgrade your property.

If you do have any other useful tips for successful renting, please do drop your suggestion in the comment box below.

Da~~

Sincerely
Prettily rare

1 comment:

  1. for me, location tu penting! kalau jauh dari semua tempat including kedai runcit mesti takbest

    ReplyDelete