Buy to rent Strategy- Avoid vacancies
A fundamental Buy to Rent strategy is to avoid vacancies as much a possible.
Any buy to rent strategy requires continuous and increasing rental payments by your tenants.
Vacancies are very expensive, as there is no rental income to balance your monthly expenses – your bond, levies and rates.
Include these 5 Essential items in your buy to rent strategy to fill your vacancies quickly follow;.
- Condition of your property. Especially in these economic times in South Africa where buy to rent vacancies are higher than usual, you need to be as competitive as possible. Prospective tenants have plenty of options to look at, so make sure your unit is freshly painted, clean and everything is in proper working order.
- Rental – Market Related rental are essential . Do your homework and ensure that the rental you are asking is in line with current rentals of similar properties in your area.. R100 makes a difference, And keep an eye on those price points! eg Rather advertise your property for just below R 7000 than just above it.
- Advertise make sure your property is advertised on multiple sites and in the most popular websites. If your property is in Northgate, simply Google "to let Northgate" and see which websites come up first.
- Choose your agent carefully – If you are going to use an agent, choose your leasing agent carefully . The agency you use is not as important as the individual you will be working on your property. The agent must have good track record of local experience with properties similar to yours..
- Access – make is super easy for your agent to show the property. Give him a set of keys and remote. You want him to be able to drop everything and show your property without having to get hold of you to open up for him.
To make your buy to rent strategy works for you, apply these tips and avoid unnecessary vacancies.