PROPERTY MANAGEMENT
01
Increase rental income
Stay updated and aware of when rental escalations should take place , and ensure that you escalate your rent by enough . Remember , even if a tenant can find a slightly more affordable property nearby , moving is a tedious process with lot of costs involved , so they might decide to rather stay on .
payment fees , etc .
02
Cut back on expenses
Also , look at which services you are paying for . For example , you could charge fees such as electricity , water , and sewerage to the tenant . With estate properties , even the levies are sometimes charged to the tenant .
You could also consider changing the purpose of the property , for example , turning the property into a multi-let or short-term rental property ( e . g ., Airbnb ).
If you manage the property portfolio yourself , another option is to charge additional fees , such as contract fees , monthly admin fees , late
If you can ’ t increase your income , look at decreasing your expenses . List the expenses for your property portfolio and decrease or cut them out if possible . You ’ ll likely be able to find something to cut back on .
Some examples of how you can do this are pushing back when body corporates want to impose special levies or challenging
SA Real Estate Investor Magazine APRIL / MAY 2023 38