Rising costs, increased competition for new dwellings and falling returns…
It’s getting tougher to be an investor!
If your properties are making you less money than you’d like, read on! Below I’ve outlined several strategies that I’ve used to squeeze extra income from my properties.
#1: Decide on how to manage the property
Work out the cost of having a property manager manage the property versus managing it yourself. While agents often give you a flat rate, there are usually further costs on top of that fee, making property management incredibly expensive over a yearly period.
The upside to hiring a good property manager is that you will save a lot of time and effort in managing the property. They also aren’t emotionally attached to the property and can make more balanced decisions that will best suit you.
#2: Reduce maintenance costs
Minimise the maintenance required in the garden and other areas of the property. Many tenants do not look after gardens, which can have an impact on the look, value and rental income of your property.
#3: Get good insurance
Investigate all your insurance options and make sure you are covered for damage and loss of rent. Many a landlord has lost money on their investment property due to inadequate insurance.
#4: Check tax deductions
Make sure you are aware of what is deductible and claim wherever possible. If you are unsure about what you can claim, speak to an accountant.
#5: Investigate compliance
Last (but definitely not least), make sure your property is compliant with the latest legislation. If you want to avoid paying for your tenants’ water usage, make sure the property meets all the requirements for water compliance.
#6: Talk to the experts
If you want to know how to immediately and massively boost your investment results, get in touch with Adpen! We would love to guide you on your property investment journey.