In this chapter, I would like to share ways on how to achieve higher rental for residential properties. All landlords desire good rental income but most landlords who do not achieve it, fail to provide added value which tenants is seeking. Here are some tips you can use as landlords to command a higher rent.
Grab attention with nice photos
Best way to get good photos of your home is by first preparing the apartment for photography. You may want to consider doing some home-staging so you are presenting the best side of the property. If you do not have a professional camera, that is fine. Most current-day smartphones are equipped with very decent high definition camera which is sufficient to take listing photos.
3 simple tips for good listing photography are,
- Balanced – Make sure that the floor and ceiling are captured with the even amount of distribution.
- Lighting – Turn on the lights if the apartment looks dark. Bright photos stand out better.
- Spacious – Make sure each room category is captured to depict the entire property. (ie. living, dining, kitchen, bedroom, balcony etc.)
💡 Pro tip: Use filters and post-editing apps to enhance photos so it will not look dull and dark. Remember, the first thing people will see is the thumbnail-sized version of your listing so it will be better if you can stand out more prominently.
Consider Providing Nicer Amenities
Most tenants require furnishing to some extent. It is the in the landlord’s discretion to provide furniture and appliances that the tenant requires. The difference between a bare unit and a fully-furnished unit can be several hundred dollars even thousands depending on the rental value.
What is fully furnished?
There is no singular, proper definition as to what constitutes fully furnished but typically it is understood as having all the furniture that is essential for a home to be tenantable. I have come up with a list of inventory that fits the description of being fully furnished
- Living/Dining room set
- Kitchen Appliances
- Bedframe and Mattress
- Toilet Sanitary Wares
- Outdoor Furniture
- Day and Night Curtains
- Study/Dressing Table
💡 Pro tip: Tenants may request for additional inventory. It is up to the landlord to decide if they wish to provide.
Find out how much to position your listing
Say you have a 2-bedroom unit,732sqft in Echelon condominium and you are looking to rent it out. To find out how much rental it is worth, there are 2 things you need to look at before deciding how much.
- Past Rental Transactions
- Competitive Market Analysis (CMA)
Past Rental Transactions
You can retrieve past rental transactions through Edgeprop or SRX for private residential properties. Using the data, you can effectively know what is the market value of the transacted rental. For a more detailed report, do contact our lovelyhomes team or leave a message and we will be more than happy to assist you with a full detailed home report.
Competitive Market Analysis
I recommend doing a quick search on widely used property portals such as propertyguru to check what are similar properties is asking for. This will help you know how to position your listing by taking into consideration of what is the average asking price for this particular property.
💡 Pro tip: Be flexible, during poorer market conditions your property may be left vacant for a long time. It would make more sense to rent lower to secure a tenant rather earlier than wait perpetually for someone to give you your asking price.
Work with co-living management
Co-living is flexible, affordable and convenient. Turning your apartment to a co-sharing space, allows you to rent out individual rooms to working professionals and it is hassle-free because you will only need to lias with the agent to not only furnish your apartment but also add value to your property by subscribing for internet, housekeeping services and more. Millennials are open to this concept of co-living, it is a win-win situation as they get to have a nice place to stay with like-minded individuals at more affordable rates.
Thinking about renting out property for higher rental but do not know how to value add to your property? Contact our team at Lovelyhomes. We have a solution for you!
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