Maximise Rental Profits: Tips to Optimise Property Rentability
Are you looking to maximise your rental profits? From property management to rental optimisation, there are many strategies that can help you increase your rental income. In this video, I will provide you with tips to optimise your property rentability.
In this video I cover the essential aspects of property rental, while showing you a project I am focusing on. I will go over things such as rental improvement, property management, and rental optimisation. We will discuss the benefits of property rental and help you identify areas of improvement. Additionally, I will provide you with strategies and tips to help you maximise rental profits.
To give you a rough guide on how to budget for a project like this I'll break it down here:
Materials for suspended (lowered) ceiling and labour: £2,000
Kitchen materials and labour: £2,000
Bathroom materials and labour: £2,000
Painting & Decorating: £800
Electrics: £700
Furniture: £1,000
Waste: £250
Miscellaneous material & labour £250
Total £9,000
Project Management Fee charged at 30% of total costs £3,000
Total £12,000 + VAT = £14,400
I really want to educate those that don't work in the industry, what amount you will be looking to pay, for a certain type of work being carried out. Many people find the word educate patronising, but I say get over it. Most customers rely on the method of getting three quotes to work out the going rate. What if all three quotes are all over inflated? What if in one or all three of the quotes, there has been a misunderstanding on the scope of the job? I'm not going to do this in just one video, but my hope is over time I can teach people in general how to get a rough idea of how much you should be paying for certain works and conversely, how much a tradesperson should be charging. With the latter, it all depends on skill level. You pay for quality not speed. If a man/woman can do a job in half the time it doesn't me they should charge you less. More of this to come in the future.
By the end of this video, you will have gained valuable insights on how to maximise your rental profits. From rental optimisation to property management, you will have the tools and knowledge to optimise your property rentability.
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Thank you for watching and I'll endeavour to keep them coming.
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