Learning how to improve your rental property performance could see you achieve your dreams earlier than you thought. That is why you should be keen on anything about property performance improvement in Kenya.
This blog gives you the best and the most actionable tips that help you improve your income property.
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6 Ways To Improve Rental Property Performance
1. Ensure your property is in good condition
You should frequently renovate your property to upgrade it to the trending features. For instance, if your floor has no tiles, you can renovate it to include them. Adding new features also means you'll add rent, hence getting more monthly income.
In addition, ensure your houses are very clean because a dirt place pushes potential tenants away. You also make your property well-furnished and equip it with all the necessary amenities.
High-quality housing keeps tenants and draws tenants to your vacant houses. As a result, you'll improve its performance due to reduced vacancy rates.
2. Price your houses competitively
Pricing your rental property competitively ensures that people don't run because of high rent and that you don't get peanuts in the form of rent. You can research the neighbourhood to come up with a reasonable rental price.
You should not charge too much or too little rent for your income property in Kenya. You should also offer attractive discounts and incentives to tenants.
A good pricing structure for your property improves performance because you will have a high occupancy ratio if your houses are in good condition.
3. Do proper marketing
Indeed, don't expect to get tenants out of anywhere. You should invest in marketing your rental property to your potential tenants.
Ensure potential tenants know about your rental property by marketing it well. You can do this by listing it on rental websites, using social media, and placing flyers strategically. In addition, we still have alternative lead-generation ideas to help you get new tenants.
Ensure you advertise your property in the right places and using the proper channels. You should also use social media to reach out to potential tenants. Proper marketing will help you get tenants for your property, improving its performance.
4. Top-notch customer service
Good customer service will greatly help you improve your rental property performance in Kenya. Every client has a right to ask you questions, and you should be there to answer them. Therefore, being responsive to tenants' queries and concerns will highly maximise rental income because they'll stay.
In addition, providing your tenants with the necessary support and assistance will make them happy. As a result, they will remain on your property for a long time, and if they decide to move, they will refer their friends or sublet to them.
5/ Screen your tenants carefully
Screening your tenants includes running a credit check and verifying their income sources. Of course, you don't want to deal with a troublesome tenant who won't pay their rent on time. Therefore, you should ensure you rent to responsible tenants who will pay their dues on time.
In addition, look for a reliable tenant who will take care of your property. Remember that a tenant with a bad habit of destruction will draw you back because you'll keep renovating your house. As a result, your homes will be vacant whenever you are renovating.
Moving in with the right tenants improves your investment property cash flow.
6. Be flexible with your tenants
If you're flexible with your tenants, they will likely renew their lease. Be willing to work with your tenants on things like rent prices and move-in/move-out dates.
In addition, whenever setting up your house rules, ensure you consider your tenant's peace of mind. All your tenants should benefit from the rules you set. In addition, be flexible if anyone wishes to pay their rent in a lump sum for several months.
How is the Kenyan Rental Property Performance Market?
The Kenyan rental property market has seen significant growth in recent years. In most big cities, the demand for rental properties outpaces the supply. As a result, the competition among landlords and property managers has gone high, as well as higher prices for tenants.
Several factors drive the growth of the Kenyan rental market, including the country's strong economic growth, rapidly expanding population, and the rise of the middle class. The Kenyan government has also been supportive of the rental market. The Landlord-tenant bill is making it easier for landlords to operate and tenants to get their rights.
Despite the challenges, the Kenyan rental market offers several opportunities for landlords and property managers willing to work hard and be creative. By understanding the market and the needs of tenants, landlords can create rental properties in high demand and command premium prices.
The COVID-19 Pandemic's Impact on Rental Properties Performance in Kenya
The COVID-19 pandemic has significantly impacted rental property performance in Kenya. The most notable impact has been the decrease in demand for rental properties, as many people had to move back in with family or friends due to financial difficulties. As a result, it decreased rental prices as landlords tried to entice tenants back into their properties.
Another impact of the pandemic has been the increase in maintenance and repair costs, as landlords have had to deal with a surge in demand for these services. Since the Coronavirus pandemic, there has been a hike in prices of foodstuffs all the way to construction materials. As a result, landlords have struggled to maintain their properties, which may result in low rental performance.
As a real estate investor, you should follow the tips in this blog to make more money as a landlord in Kenya. In addition, you can sign up for our newsletter to get more fascinating tips on managing your property. Not only that, but you'll also get guides on how to buy or sell your next property in Kenya.
Frequently Asked Questions
How can I make my rental property better?
The best thing to improve your rental property is to remodel it to suit the current trends in the housing sector. In addition, include all essential amenities to make the houses more appealing to potential renters.
What is the 2% rule in real estate?
The 2% rule in property business insinuates that your monthly rental income should be 2% of your purchase price. That way, you'll be making profits from your investments.
What attracts renters to a rental property?
The overall design of your income property will likely attract more tenants. You can renovate the bathrooms and all rooms to make them of high standards.