Here are a few tips from the Homzhub manual, which should help you get the most out of your investments.
- Quote higher rent so you have room for negotiationEven if you get no offers, it is still easier to fix a property priced too high, but it’s hard to fix one priced too low.A few tips that should help you increase your asking price –
- Clean the property before any viewing, dirty corners and bathrooms attract the most attention.
- Improve the lighting, fix broken handles – such small repairs leave big impressions.
- Click good pictures – no substitute for this.
- Put up decent quality advertisements – hire professionals if you need.
- Screen, screen and then again screen prospective tenants
As a thumb rule at Homzhub, we always recommend a good tenant who may pay slightly lower rent over a doubtful tenant ready to pay more. Paying for repairs and answering neighbor/society complaints can quickly eat up the extra income and your time. And then if the tenant decides to leave early, you’ll be in the market quicker than you thought, trying to find a better tenant this time. Drop a mail, to know how homzhub screens tenants.
3.Decrease turnover – Draft longer lease agreements
Finding new tenants is a costly endeavour. There are advertising costs involved and the cost of repainting and cleaning can quickly make your pockets lighter. But most of all, for every day a property is vacant you are losing on its potential rent earning capacity. That’s why point no. 2 becomes even more important.
4.Much like your car a well-maintained property can save you troubles down the road.
Lower what you spend on your property by doing periodic inspections and fixing issues as they arise. You cannot always rely on the tenants to remove termites, clean A/C compressors, or fix leaky pipes. But these small timely repairs can save you thousands of rupees later.
5.Increase rent on lease renewal
These increases will at least keep your rent adjusted for inflation and will often improve your bottom line. However, it’s also important to let the tenants know about the increase in advance. Hope these tips help you. Is there any other tip that has proved particularly helpful for you in the past?
If you are an NRI investor looking for advice on real estate matters, get in touch with Homzhub today!