Being in a position where you have worked hard to buy property as an investment and it’s not living up to your expectations is an uncomfortable and painful place to be. Owning property is a privilege and has the potential for a healthy passive income.
So what do you do when you find yourself thinking twice whether it was a good idea to get into property in the first place and the reason being your rental property is failing? Let’s take a look at a few scenarios that YOU might face.
My property is failing because it’s not profitable
It might be the case that your rental fee is not reasonable and you feel you can’t pay the costs or that it’s just not worth it. Your rental fee might be too low or your property maintenance costs are too high. Whatever the case your property shouldn’t make you feel you made a mistake, but rather that you are creating wealth.
Doing proper research to determine a fair rental fee which can include looking at location, size, features and more will make a big difference towards your property truly becoming a long term investment.
My property is failing because tenants don’t pay and leave without notice . . .
or short notice. Probably one of the very worst things can happen to you as a landlord is when tenants suddenly leave and don’t pay their rental fee. It hits hard at your bottom line which is to make a profit in the long term on your property investment.
The best way to have some security about your rental property is firstly to have tenants pay a security bond, that way you can at least cover one or two payments with their bond. Then, and this is one of the most important things that you have to get in place is the Tenancy agreement whereby the tenant signs and is bound, legally, to certain obligations.
Tenancy agreements are of the utmost importance for any rental property.
My tenants don’t pay and they are damaging my property.
Any landlord knows the value of good tenants who diligently pays their agreed upon rental fee and that looks after the proerty. To get good tenants you need to screen multiple applicants and qualify the best. A good screening process goes a long way to get the best tenants possible every time.
Screening tenants is a tedious process where you have to look at the applicants history regarding previous property rental experiences and track record of payments. It might be tedious but will be worth it in the end.
My property doesn’t get rented
This could be due to a couple of things; one of which could be its exposure or marketing and reach. You could have a great property with amazing features and a great rental price but very few people know about it. Your property is competing with a bunch of others as the marketing is filled with many property rental options for anyone, so how do you get noticed?
A solid marketing strategy is what you need to get good tenants and get them fast. This is no easy task and takes some work, luckily a company like The Rent Shop – Auckland city is experienced in this field and will make sure that no property stays empty for long.
And finally, the best and fastest way to save a failing rental property . . . GET A PROPERTY MANAGER.
A property manager will take care of all of the above and turn things around so that you can have a profitable property in a few months. The team at The Rent Shop City know the industry inside and out, have done the miles, gained the experience and know how to approach the different tasks to get, have and hold highly profitable property investment.
Start with an appraisal here – CLICK HERE
and we’ll join hands on your property investment success journey.