Increase Rental Yield: Tips to Rent out Your House

Renting out your house is a task that demands effort. For one, you have sentimental value attached to it. Secondly, you are mostly right in worrying about whether the tenants will keep it in a good condition. And finally, the thought of how long the tenant would last and how long you would want the tenant to last can be bothersome if you’re both not in agreement. Here are some tips to help you glide through the house renting process seamlessly:

First Things First - Ask for the Right Rent  

You must understand the house rentals in your area. If you have difficulty appropriating that, you could pose as a potential tenant and tour similar houses in the neighbourhood in person to estimate the right rent for your property. Portals such as NoBroker.com have a feature called “Know Your Rent” that help you determine the right rent of the property. You can also call and ask if certain houses are still available for rent. It would give you an idea of the price level that moves properties like yours in a given time.

Looks, Matter!

Make any improvements that need to be made to make your home look more appealing. Sometimes, even the most economical options such as adding a lamp or an indoor plant in the corner of a room can give it an exotic feel. You could additionally look at short-term value additions like cleaning carpets, touching up paint, and replacing broken window blinds.

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List Online, Save Brokerage

List your house on the portals that do not involve brokers so that you can be in complete charge of the renting process. You can mention the screening criteria for tenants as per your preference.

Time It Right

Consumer home search pattern indicates that rental ads posted on Fridays are visited more often than those posted on other days, maybe because people tend to do their house-hunting on weekends.

Who Do You Want as Tenants

While you may want to rent out to family or close friends because it gives you an assurance you’re your house is in good hands, it would be good to analyse who could be the right tenants for your place, whether it is pet friendly, or better for family or bachelors, etc.

The Top 4 Ways to Increase Your Rental Yield

In times like these, it’s important to find a tenant for your home as quickly as possible so that you don’t loose out on rental income. At the same time, you need to ensure you get a higher amount of rent so that you can live comfortably.

When you’re looking to get more rent you need to be willing to invest in your home and make a few upgrades and changes so that tenants see value in paying more for your home. These are the key changes you can make in your home to demand higher rent –

Ensure Your House is Well-Maintained

From the moment potential tenants enter, they look for signs to see if the home will be an easy one to live in, or it will give them trouble. They will look at leaky faucets, water stains on the walls, functioning furniture and amenities. If the house is looking worse for wear, the chances are you might not even get the rental amount you’re looking for.

Furnish Your Home

When you furnish your home, you are saving your tenant a lot of money. Now, they won’t need to buy or rent furniture, this means that they can pay you more for all the furniture you are giving them along with the house. This does not mean you leave old/unusable furniture for them. Give them furniture that you yourself will be happy to use. If you can’t give the house fully furnished, then make sure that the basics like kitchen cabinetry, cupboards, shelves and some storage space is available. If you’re asking for a basic rent of Rs.15,000 for example, you can increase it to Rs.20,000-Rs.22,000 or more if you furnish it! You can get your interiors done by professional, get more information here. 

Get Your Home Professionally Painted

When the old tenant leaves, it’s a must to get the home painted before the new tenant arrives. But it’s an even better idea to get it painted before potential tenants visit the house. This way you home will look much brighter and nicer, as well as well-maintained. You can even get experts to help you choose the right paint colour for your interiors, the right colours can make your home look warmer, more welcoming, brighter, and create an illusion of space. Wrong colours can have the exact opposite reaction and might drive away potential tenants. Hire professional painting services from NoBroker. 

Get Your Home Professionally Cleaned

Professional cleaners use the right cleaning materials and detergents when they clean. This leaves your home spotless and smelling great. Potential tenants will be more likely to pay more when they see a spotless home vs. when they see a dirty/smelly home. This way they will also understand the level of cleanliness expected from them when they live in your home. Hire professional cleaning services from NoBroker. 

We hope this makes the process of renting your home easier, and you can demand a higher rent with these tips.  If you need more help, or assistance to rent out your home just visit NoBroker.in or click below

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