Keeping Vacancy Rates Low
Getting the highest return on your investment property is the end goal for a property investor trying to make a living off the real estate market.
But what good is a return if our vacancy rates are low? Even if we have renovated the home and got a higher rental price for it.
Keeping good tenants is a challenge that many landlords face. And this is for a number of reasons.
Landlord Gets Too Personal
It is generally not advisable for landlords or investors to meet with their tenants. At the end of the day leasing out properties is a business, and should be managed by a professional property agency.
You could argue that our property management team at Hill & Viteri are friendly with all our clients, but this is because we are the customer service arm of your rental property too.
Increasing The Rent
A common mistake many landlords make is increasing the rent too much. Yes sometimes we need to increase the rent. But this is all depends on the circumstances.
But if you are the type that raises the rent at every chance you have? Then you could probably bet your chances that you will have a high turnover of tenants and longer vacancy periods.
Our Property rental agency will advise you on how much rent you should be charging your tenants, and when and why you should increase the rent.
Get yourself a FREE property appraisal, by requesting an appointment here with one of our agents.
Not Being A Good Landlord
Bad landlords can potentially chase good tenants away, never to be seen again. And we feel this falls under the “getting too personal” with your tenants mistake above.
No tenant wants their landlord snooping around or dropping in unannounced. It only creates animosity from the tenant towards their landlord.
This is why it is best to use a property management agency to handle your real estate affairs.
Being Lazy During Vacancy Periods
Vacancy periods should not be seen as a negative, but as an opportunity to get some work done on your property.
This is a great time to add new fittings, fresh paint and if the budget allows maybe some renovations to add more value to your investment.
Being lazy and doing nothing during vacancy periods can potentially shorten your property investment yield.
Trying To Manage It Yourself
Trying to lease out your properties yourself is the ultimate mistake new investors make when trying to build their portfolios.
Unless it is your full time job as a property manager, forget about DIY It will only cost you more in the long run.
There is a reason why top investors use agencies like Hill & Viteri. And that is because a good investor understands how to delegate tasks and achieve maximum results, by hiring the use of a professional Real Estate Agent.
If you are a landlord or property investor don’t let yourself get caught up on DIY property management.
Only to leave yourself stressed out and worse off financially. Engage with a property manager that can provide you with a seamless solution, so you can get on with the more important things in life.
Our property management team will show you a real estate experience like none you have experienced before.
Feel free to drop by our office. We are conveniently located in the heart of the Sutherland Shire at 1/29 East Parade, Sutherland NSW 2232.