There are some proven strategies you can implement to improve the rental yield of your investment properties.

Blogger. Sam Saggers, CEO, Positive Real Estate

The following ideas are proven strategies investors use to improve their rental yields. Choose the ones that make the most sense for your investment property.

1.    Make the property pet-friendly

It’s common knowledge that renters have great difficulty finding accommodations that allow them to bring their furry friends with them. While damages are a concern, there is definitely a benefit to offering a pet friendly environment.

• Reduced vacancy time
• Increased rents
• Pets, such as larger dogs may actually act as a deterrent to break-ins.

Use your own best judgment when deciding whether or not a tenant can bring their pet to your home. A case-by-case basis is a good option as it allows you to screen for any potential problems. For example, if you have a small courtyard you can accept a tenant with a cat or small dog rather than a large one.

Ask to see the animal. Pay attention to its behaviour and physical condition. Ask to see its medical and vaccination certificates and check with your landlord insurance to see if animal damages are covered.

2.    Outdoor appeal

Offer to keep up the garden and lawn for the tenant for a set monthly fee, which is tacked on to the rental.

Enhance the appeal of an outdoor area by adding a deck or paved area. Ideally, this area would be under a roof, however a shade sail or pergola would cost less.

3.     Security

Tenants will choose a secured property over one that is much less secure and they are often willing to pay more for the added peace of mind. Consider the following changes to make your investment property more secure:

• Install a steel security door with a strong deadbolt. If you choose one with windows make sure they’re located up high, far from the handle.
• Add an alarm system.
• Put up solid fencing together with a secure locking gate.
• Eliminate and/or light up areas which can potentially be used for cover for an intruder
• Install motion detectors.

4. New mailbox

A new mailbox or one redone with a fresh coat of paint delivers a lot towards street appeal. For added benefit consider installing a secure mailbox — a plus when advertising your investment property.

5. Give your tenant a ‘wish list’