Tips for Increasing How Much You Earn From Rent

It used to be a lot easier for investors to make money from their rental properties. As long as their properties were structurally sound and offered the basics, usually there would be demand for the property. However, times have changed. Today, a lot of renters want to get the most they can for the money they pay to you. You can already see a lot of investors adapting to this changing market. Many have carried out extensive renovations to ensure their properties have all the mod-cons that tenants want. Unsurprisingly, they enjoy higher rental incomes than those who neglect their properties and fall behind the pack. You might be at a disadvantage if you allow yourself to fall into the latter group. There’s a lot of competition in the real estate market and your competitors are always looking for new ways to attract tenants away from you. Match them step for step with these tips for improving your rental income.

Tip #1 – Keep the Property Clean

You may not think that keeping your property clean is all that important. After all, if the property is great in every other respect, who is going to care about some dust? However, you need to remember the importance of first impressions. Potential tenants will look at everything when they view your property. A stain on the carpet here and a dust-covered windowsill there will sour their first impressions – and make it less likely they will want to rent your property.

Tip #2 – Touch Everything Up

We’ll get to renovations in a moment, but let’s look at the little things you can do to make your property more attractive first. A lick of paint on the walls will freshen your property up. There’s a reason why real estate agents recommend painting when you’re advertising a property. The home looks newer, which draws the eye of tenants. Apply the same line of thinking to the floor. If a carpet looks threadbare, replace it with something more attractive. Also, consider the type of tenants you’re trying to attract. Some may prefer a traditional carpeted look, whereas others may want wood or laminate flooring. There are other little things to consider. For example, you could replace any fluorescent lights with spotlights or pendants. Both have a more modern feel than the fluorescent option. Even switching out curtains for blinds can make your property look more attractive to tenants.

Tip #3 – Do Some Renovations

You can’t improve every investment property with a lick of paint and some new carpet. Sometimes, you’re going to have to carry out extensive renovations. This is even more likely if you have an older property.You will have to spend a lot of money to get these renovations completed. You may even have to adjust one of your other home loans so you can access any equity you’ve built in other properties. However, that initial investment often pays off down the track. You’ll be able to command higher rents because you provide what tenants look for. Need a home loan?uno. The new way to get a better deal. Get Started ###

Tip #4 – Install Air Conditioning

Remember that the summer months in Australia aren’t mild. In fact, a lot of potential tenants will turn their noses up at properties that don’t have air conditioning. Installing a system will allow you to charge more for rent.

Tip #5 – Offer Storage Options

Your property may look great when it’s empty, but what about when somebody moves in? All their stuff has to go somewhere, otherwise each room will look like a mess. That’s why tenants look for storage options when they view properties. Consider what you can do to help your tenants make the property tidier. For example, you could install built-in wardrobes in the bedrooms. This means that your tenants don’t have to pay for their own storage. A few storage options can have a positive effect on the amount of rent you can charge.

Tip #6 – Provide Security

Your tenants need to feel safe when they’re in your property. As such, you need to invest in security features for your property. Alarms, motion lights, and security doors all make your tenants feel safer. A safe tenant is a happy tenant.

What to Do Next

Succeeding as a property investor requires much more than a basic knowledge of real estate. You need to understand what tenants want and how you can deliver it to them. Do the following before making any changes:

  • Read more of our advice for investors
  • Figure out if you can save money to spend on your investment property through refinancing
  • Live chat with a uno home loan consultant to learn about your options. This information is general in nature and you should always seek professional advice when making financial decisions. Book a call in with UNO
Book Call Now

Book Call Now

UNO home loans

Need help with your home loan?

UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule

Get Started

Related Articles

TESTIMONIALS

What our customers are saying

A M
June 21, 2024
I only have praise from my Uno experience! I was a broker sceptic, having done all of the hard work myself for my first two property purchases and sale. I'm now a proud broker advocate having used UNO (Karis Churchill) for two refinances and purchase. The value add Karis brought cannot be underrated! Not only has Karis got me the best rate, with a bonus cash back (nearly unheard of in this climate), she has done it with the least back-a-forth and with the least administrative burden on me (the thing that can deters people from refinancing to begin with). Karis is always on top of everything. Karis knows her stuff. She is the most responsive of any professional service provider I've ever used (my banker never text with an update at 7pm on a Sunday) without being overbearing. You know she's got your back and in my experience the value speaks for itself. Thank you to the whole UNO team, thank you especially to Karis.
Read more
Leanda Cawdry
June 8, 2024
Very pleased with the outcome of this process, Michael Parsons and his team at UNO were helpful, communicative, and took all the stress out of the process of finding me a refinance deal that met my needs. Would definitely recommend Michael and UNO, and I already have!
Read more
Glen Matthews
May 29, 2024
Regarding UNO Home Loan services. I had great experience with uno home loans, Michael parsons was my broker for UNO Home Loans we had excellent communication throughout the whole home loan application. If I had any questions on home loan application which were many were answered in great detail. He had the time to assist me in filling out endless application forms at anytime through the day or night which made the application process stress free. So I would strongly recommend Michael parsons from UNO Home Loans to try his services you will not be disappointed. Thanks to Michael parsons I have the lowest home loan interest rate I could ever hope for which I particularly ask for. It’s was a pleasure working with him. And will be using his services in the near future.
Read more
Gillian Anderson
May 28, 2024
Thank you to Michael and UNO for their help in securing our home loan. I like the way they break everything down in simple terms to ensure that you can make the right decision. Michael was polite and very patient to help us get things across the line. We are now sitting in our first home away from rental circus. Can't recommend them enough. Thanks Michael and thanks UNO
Read more
Andy Song
May 17, 2024
Amy has been absolutely wonderful as a broker. I would not hesitate one bit in recommending her services.
Read more
Troy H
May 13, 2024
Scott Wilkinson did a great job as my broker. He was very patient and always happy to answer my numerous questions throughout the considerable period of time that it took to secure a suitable property. Would certainly recommend Scott and the team at UNO for anyone seeking a broker.
Read more
Elvin Singh
May 10, 2024
First time I have used a Broker and I must say Andrew Wyers and his team were amazing to work with and handled my refinance from a Big4 bank. He was able to understand my needs and find a lender that will be able to help me grow my investment portfolio. Andrew and his team kept me updated as part of my refinance journey and made the process super easy and I was able to refi to new lender in under 2 weeks. Would highly recommend Andrew.
Read more
Nadine Steffens
April 19, 2024
Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.
Read more
Andrew
April 16, 2024
Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.
Read more
Liam Sugiono
April 15, 2024
Amy and her team were efficient and knowledgeable as our broker. They were easily contactable and ensured all our needs were met.
Read more
Mike Vincent
April 10, 2024
Andrew is the best broker I have worked with and one of the few people who understands the investment journey from both a personal and professional standpoint. Andrew is an asset to anyone from a first home buyer to a seasoned investor.
Read more
Yu Su
April 9, 2024
Amy was very help and quick respond when I have questions. Really recommended.
Read more