Property is safe right. A safe investment and through the ages, if you buy property you can expect the price to go up. Making instant returns is less of an objective when buying property but if it is sitting empty then you are doing something wrong. You should constantly be working your investment for the best yields. If you can be making a return on your investment from day 1 then you are a happy man! There is only one thing better than cash on paper, you guessed it… actual cash! So how to increase the yield of your property investment?
Great question. The simple answer would be to rent it out. Of course renting out a property can come with challenges but if you can get someone to commit to a six month / 1 year or even longer lease then you know that you have a steady income. Sure, if something breaks then you will have to fix it and you may have to deal with someone not paying the rent but it is a pretty safe way of getting a yield on a property. It is safe and guaranteed to a lesser extent but is it the best way? No! Of course not. The best way to maximise the return on investment for your property is to open it up to short term rentals.
Short term rentals enable you to run your investment like a hotel. You can decide the daily, weekly or monthly price and rent it for as little as a day at a time. Of course, with such a short turnaround sometimes it can be a challenge to get the cleaning done between guests but there are services which can help to advise and take care of the day to day handling of your property (cough *roomfilla* cough).
We have data on our customers and have managed to get some of them upwards of 12% yield for a year. Not bad at all and certainly something which you would not achieve with the banks at the moment. If you are looking to make more from your property and would like to try the short term rental market then have no fear. Get in touch and we will be able to offer you all the advice and help to get started. With our experience, we are sure we can get your property making a healthy return.