Smart ways to maximise your rental income
November 19, 2021|Posted in: real estate
So, you are the proud owner of a flat in Kerala and wish to rent it out. Being an owner, getting a quality tenant and earning a continuous rental income is your goal. The consistency of the rental income depends on many factors, ranging from a good tenant to the optimum utilisation of online technology. Here’re some smart ways to maximise your rental income.
Use technology and social media to advertise
In the competitive real estate market of today, having an online presence for your luxury flat in Kochi will be crucial in the long run. Skillful listing in real estate portals like luxurykeralaflats.com and social media platforms help you to reach a wider target audience and also earn improved rentals. You may use Facebook, Instagram and Whatsapp, among other platforms to advertise your flat in Kerala to reduce the vacancy period and get new leads.
Maintain the property in good condition
Preventive maintenance should be done to keep your flat in good condition. It pays off in the long run. Fix repairs like leaks right away as the problem may spread and increase the cost of repair over time. You can replace old flooring and appliances with new ones to increase the value & rent price of your flat in Kerala. Apart from that keeping the flat in good shape also encourages your tenants to do the same.
Keep track of the current market trends
To ensure that the quoted price is in line with the prevailing rates, smart owners would keep track of the present rental trends in the market. Online property listing portals like luxurykeralaflats.com can help you in this regard. Apart from this, the provision of rent revision can be kept in the rent agreement for better earnings every year. Net banking or online money transfer is good for efficient management of financial records of rental income.
Minimise vacancy
A long-term tenant for your luxury flat in Kochi can ensure a steady rental income; but to retain a timely paying tenant is not so easy! You can offer some price concessions on a one-time payment or reduce the monthly rentals for this. If a tenant ends his lease, try to reduce the turnaround time. In the notice period itself, you must start advertising in real estate portals like luxurykeralaflats.com. Doing so you can shortlist the prospective renters without much delay.
Smart pricing
As the owner, be very clear about the price expectations well in advance and communicate it to the prospective tenant in time. This will save you from wasting time on superficial leads. Quoting a higher price at first is good as after negotiations; the amount would only reduce. A customised rental agreement signed by both parties helps you to mitigate legal risk and set financial expectations.
In addition to the above hacks, place some temporary furniture in your flat in Kerala. It will help the potential tenant to envision himself living on the premises.
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