Owning an investment property gives you the chance to earn more income over time but getting the most out of it is often difficult when you don't have the right market expertise. A real estate agent will use certain tactics to help you get the most out of your investment property.
Delivers Realistic Guidance On Rent Expectations For Your Property
You can easily miscalculate the amount of rent you should earn for your rental property simply because you don't know the local market well. In comparison, a real estate agent is usually well versed with the local market and can help you reduce your vacancy rates in the long run, while enhancing your rental return. The agent will also offer you advice on how to push up rental returns for the local market. For example, Internet access included in the rental agreement could result in tenants willing to pay a slightly higher cost for this benefit.
Follows A Specific Screening Strategy To Select Tenants
Selecting the right tenant is tough for most landlords because you don't want to end up with someone who doesn't pay rent on time or causes a nuisance to your neighbours. Experienced real estate agents use special tools to check and screen tenants, so you're assured of quality before making a final decision. Without these stringent tenant selection checks, you could end up making costly mistakes for your investment property.
Recommends Valuable Enhancements For Your Property
During rental inspections, impressions count. If a prospect finds your property run down and shabby, you'll find it hard to secure good quality tenants. Your real estate agent can recommend certain enhancements to make sure you put your best foot forward when it comes to showcasing your property. For example, an inexpensive paint job or the addition of an air conditioning unit can push up your rental price because tenants often look for these lifestyle amenities when renting.
Finds New Ways To Market Your Investment Property
Marketing your property to the right audience is key to earning higher rental income. While you may have access to regular channels, a specialised agent will utilise different marketing tools like large email network bases, exclusive advertising channels, social media engagement and website communication to market your property to a wider audience. This expanded reach can help you connect to high quality tenants, which you may not be able to do on your own.
Consider hiring an agent to get the best outcome for your investment property.