5 tips to generate a good rental yield

Keep your rented property occupied to generate a healthy rental yield. 

With a growing expatriate population in Yangon, there is more demand for rented properties. As a landlord this could be a lucrative business, but it is important to take time to understand the market to get the best out of your asset. Read through this simple guide to help you achieve this.

1. Research different lettings strategies.

Firstly you need to consider what you will be able to achieve in weekly rent on the property Do some sums for a both a short and long term lettings, but remember short term lets warrant a higher rent due to the additional running costs between tenancies such as cleaning, in addition to factoring in void periods between tenants. For a short let you will also need ensure that the property is fully furnished including bedding, teaspoons and towels for shorter terms but may not be not necessary for longer tenancies. Or consider combining the two to boost your rental yield, renting your property in peak seasons for short terms, and in low season for a longer term if the property is situated in a place influenced by tourism seasonality.

2. Eye up the competition.

Speak with local agents to find out the type of property that is in demand, rents quickly, and what the most desired location is. A good agent will be able to advise you of current market conditions to help you secure a property that will let quickly to immediately start generating an income.

3. Don’t jump the gun.

First impressions really do count. And this starts at the marketing stage of the letting of your property. Taking good photographs is key to entice people to want to come and view the property. It pays to be patience and wait until everything is just as it should be rather than starting marketing too early and for the property to become stale whilst its sits online not generating an interest.

4. Think about your market.

If you are aiming for professional tenants then they are likely to want a good location and are unlikely to want to provide their own furniture. If you are letting to a family, space and amenities are going to be the top of their priorities rather than apartment on the top floor without a lift. Speak to your real estate agent to consider your strategy and pick a property that is not already flooded on the market to minimise your competition to help generate a healthy rental yield.

5. Select the right mortgage product.

Should you have a loan on the property then consider what the best mortgage is for your situation. For example, fixed rates mortgages give certainly of the monthly outgoings so are preferred for some buy-to-let landlords enabling them to plan accordingly and calculate what offer they can accept on the property.