How to increase your rental income?
In modern times, it is considered wise to invest in real estate to maximize wealth. In order to do so, one must rent out their investment properties for as much money as reasonably possible. One of the generic ways to increase the rental income would be to renovate the property or increase the surface area. However, these could prove to be expensive. Meanwhile, some of the inexpensive ways in which one could choose to maximize income over the course of time are,
1. Long term tenants
One of the age-old strategies to increase rental income is to find a long-term tenant who would be willing to use the space for more than a year. The most effective way to focus on long-term tenants is by offering a price incentive, based on duration. However, when the situation of a vacancy comes up, the ideal thing to do would be to slash the turnaround time. One can do this by advertising the property as soon as possible.
2. Homes near holiday destination
The neighborhood always matters. The area in which you buy the property will also lead to the kind of tenants you are likely to attract along with your vacancy rate. In recent times, tourist destinations happen to be the most sought after. While the growth prospects of investing in a property situated in hills or beaches are robust, one should always conduct proper research before taking the plunge. In recent times the property rates in Goa have gone over the roof. People are increasingly looking to invest in plots or villas in and around this place.
If you are looking to invest in villa, Axis Yog Villas is a perfect option for you. It is strategically located near the upcoming MOPA airport and offers the best features that one can look for a modern day get-away home/villa. Those who are looking for a best sun view indoor pool will also fall in love with these villas.
3. Service Apartments on the rise
Recent trends suggest that working professionals now prefer Service Apartments more to the hotels. For those unaware, service Apartments are fully furnished spaces which generally come with housekeeping. They are easy to book and one can often find apartments with several bathrooms and bedrooms which branch off from one central living area which can work well for families, colleagues or groups travelling together. They are pocket-friendly especially from a long-term stay perspective. As a smart investor if you are looking for luxury serviced apartments then Axis Ecorp has you covered. Their upcoming project Axis Blues offer a range of service apartments.
4. Space matters
The most crucial aspect of renting out spaces is pricing. One needs to make sure they add some gravitas in order to make the pricing more effective. The price expectations must be set early so that the tenants are not caught unaware. It also saves one from following false leads. In addition, one trick to note is that it is better to price high than to price low, as you can always reduce your quote but you can almost never increase it after you have quoted a certain price.
5. Getting it right!
Lastly, similar to selling any other product, one must understand that real estate is also about convincing your target audience about your product which in this case happens to be space. Like selling any other product, real estate too is about convincing your target audience. Only when a potential client looks around the property and are able to visualize themselves living in the space is when the landlord can be assured that they have bagged the deal. Therefore, understanding the needs of the tenant and providing for the same could be pivotal.
