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Real Estate

How to turn your vacant property into a rental property?

Feb 21st 2015 at 2:42 AM

Do you have a property that is currently vacant? If yes, then you should consider taking advantage of the asset. Make it an earning member of your family. It can earn money that you can use for maintaining the property, pay outgoings and the remaining money is profit.

Rental income

It is considered additional income, if it is continuous and there are no disputes with the tenant. Your home that is lying vacant can be used for earning rental income and you can find quality tenants for your vacant home. Advertise your property for tenants and rent out the property for a fair market rent.

How to rent out your property?

In earlier times, homeowners used to lease the property themselves. Now it often requires a professional and an agent is best to find a tenant and ensure all of the relative legislation is adhered to.

A real estate agent has access to many websites for internet property marketing.

Ensure your property is visible online for tenants: The first step in renting a property is to make it visible to attract the best tenants. There are various websites which will get the most number of inquiry. Many of the best property sites are restricted to licensed estate agents via a subscription.

If you choose to self manage your property your property may sit vacant for longer. Calculate the loss of rent due to property vacancy versus the expense and less headaches encountered by using an estate agent.

An agent will do a thorough condition report and ledger of all payments received. A licensed estate agent can help in Brunswick property management.

There are many real estate websites that focus on rental properties only. These sites list rental properties and highlight the properties for tenants. The sites promote themselves in locations where tenants are likely to find. The sites charge a fee for their services but they provide a great return on investment. Every week your property sits vacant you have lost approximately 2% of your revenue for the year.

Speak to your accountant or financial adviser about the cost deductions of using an agent. At the end of the financial year the cost is considered a tax deductible expense and costs less in real dollar terms. In many cases the cost is usually negligible due to the increase in rental yield.

Brunswick property management is a job of a professional. It is full time job and not a part time work that anyone can manage from home. Tenants like to deal with an agent rather than having that personal relationship which if not managed correctly can lead to conflict and potential VCAT hearings.

In summary the few dollars you save in the beginning often costs a lot more in the long run. Leave it to the experts.

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