Turn That Unoccupied Property into an Income Creating Investment

Do you have a property that is sitting idle and needs to be generating income for you? In a market where there is steady, continuing demand for good residential properties and tenants with excellent personal and credit references, to have an income generating property unoccupied doesn’t make financial sense. If you have been thinking the same thing, you may have also been considering the best way to go about getting the property ready for occupation.

The first thing that you as the property owner should consider is the location of the property. What type of neighborhood is it? Is it an affluent area where homes are large and well kept, set back in large tracts of land. Is it an average sized home in a typical suburb or perhaps a smaller, basic home in a lower socio-economic setting?

These are not questions that are meant to offend or create divisions in society. Their purpose is to create an understanding that the location should determine the amount of money that needs to be spent to bring the property up to a standard that suits the area. In an affluent area, the tenants likely to be looking will expect a more luxurious look to a rental property, with top quality fittings and additional bedrooms and bathrooms as a given. In a working class suburb a basic renovation and clean-up will attract the type of tenant who will be looking to live in that neighborhood.

As an owner wanting to turn an unoccupied property into a profit centre, it would be foolish to over-capitalize the dwelling, since the amount of rent that could reasonably be charged may not cover the cost of getting the property into a rentable condition. If you are an owner doing this for the first time, it’s time to call in the experts, and there is no more expert property management Christchurch agency than Harcourts Grenadier Accommodation Centre.

“I have used Harcourts Grenadier Accommodation renting services for over 20 years without any problems. The staff is pleasant and friendly and communicates on all pertinent issues, freely giving advice when needed. They are to be recommended for their services,” says Kevin Gwatkin.

Not only will you get advice on how to present the property, and how much you should spend on the upgrade, but the agency staff members are experienced marketers who know the best approach to take to attract the attention of prospective tenants. Their recommendations will include setting the weekly rent, backed up by comparisons with other similar properties in the area. Too high and there will be no interest; too low and the owner will be leaving money on the table.

“I am a first-time landlord who really had no clue. All I wanted to do was get some cash flow happening, but I hadn’t thought much about how I would do it, other than to get some rent in. Since I spoke with Harcourts, I now have some direction. I have handed the management over to them and I am confident they’ll look after my tenant, and my investment,” said Ray.

As a property management agency with a reputation for delivering excellent service to both owners and tenants, Harcourts Grenadier Accommodation Centre negotiate over 1,500 tenancy agreement annually. The agency appoints both a Property Manager and a Tenant Management team dedicated to the care of

your property. The agency itself has the most efficient business systems to collect rental income, organize repairs and account to the owners at the end of the accounting cycle.

If you are serious about turning that unoccupied dwelling into a solid rental investment, contact Harcourts today. They will insect the property and give you their best advice so that you can organize what needs to be done to secure a good tenant, and get some cash flowing in.

http://www.assetmanagers.co.nz