5 Signs Your Investment Needs Your Help To Get Back Into Action

You had bought your second property with much fanfare, hoping to earn a good income as rent. As a matter of fact, you did. There used to be days when your tenant would not refuse any kind of raise you wanted in the rent amount. And if he did, there was always someone in the queue to rent the property at a higher rate. But over the years, the magic of your strategically located property, which provides renters good connectivity and easy access to key locations of the city, seems to be fading. The property is lying vacant because you cannot find a taker any more. When did this lucrative thing turn non-performing? Well, here are certain points for you to consider.

Has the rent gone too high?

Over a period of, say, 10 years when you first gave your property on rent, the rent amount has been consistently rising. You offered better amenities and charged more than the landlord in your locality. As it stands today, the property is comparatively old while the rent is high. In fact, it might have reached a point from here going upwards might not be an option. You might have to upgrade the facilities to justify the rent you seek. Alternatively, you might have to bring the rent amount to a reasonable point.

Also read: Real Estate Investment Mistakes You Should Avoid

Has the house lost its sheen?

What looks good to the eye often sells out for a better price. But after you put the unit on rent, you thought it was the tenant's responsibility to take care of the house. It's important to understand that the property belongs to you and a tenant is never going to treat it as his own house. He is only paying your rent to use the living space on a temporary basis. Ensuring that the property looks its best at all times happens to be your responsibility alone. Those who think long term must never overlook that fact.

Have the amenities turned outdated?

You got the best-quality geyser fixed in the bathroom. Apart from being aesthetically sound, all the electric plug points also have brand tags. You also used only the best bathroom and kitchen fittings.  However, a considerable time has passed now. These have turned outdated and need changing. Do remember that to keep earning a good income from your investment, you have to ensure that its functionality is not affected in any manner.

Are you still acting your own property agent?

You were lucky your neighbor helped you get your first tenant. After that, a colleague in your office proposed to rent your place. Basically, each time your property was up for renting out, word of mouth helped you get a tenant. However, times have changed now. From buying vegetables to purchasing property, people use the internet to do all sorts of transactions. Even if you have the best option to offer, your property is likely to lie vacant if nobody knows about it. It might be time to learn a few new tricks and get things clicking. There are a number of real estate portals that will help you do so.

How accommodative are you?

It might have been alright to knock at your tenant's door twice a day for a chit chat in the good old days. It might also have been ok with your tenant if you wanted them to cook only vegetarian food in “your” kitchen. Things have changed since. People these days are quite particular about their privacy and life choices. Your property will stay vacant if you dictate too many terms and conditions before renting it out. You, too, have to change along with the time to keep yourself and your property relevant.