A lot of people have rental properties in Accra, unfortunately, they are not getting their Money’s worth when it comes to rental income. Quick Fix property management has researched into the 5 top strategies to maximize your rentals in Accra.

1) Minimize vacancies by finding a long-term tenant so that you don’t have to deal with turnover. In the event that your tenant must move, vacancy can also be minimized by keeping turnaround time to a minimum. Every month of vacancy costs you 8.3% of your potential yearly revenue, so you would be better off renting every property one month faster for 5% less rent, two months faster for 10% less rent, and so on.

2) Find quality tenants that take care of your property and pay consistently. When you find these people, do what you can to keep them! Some people will inevitably leave because they are moving across the country or buying a home, but the last thing that you want is to lose your best tenants to the landlord down the street, dealing with the expense of acquiring a new tenant and lost revenue in the vacancy. This brings us to our third point.

3) Make sure your tenants are treated with respect and professionalism, whether you personally manage your properties or have a property manager. Let them feel that their concerns are valued, and matters are dealt with urgently and to their satisfaction. A good tenant/landlord relationship keeps tenants from thinking about moving. To assess whether your property manager is performing in a way that fosters good tenant/landlord relationships, send a postcard soliciting feedback from your tenants, letting them know their opinion is valued and they can contact you directly if they are dissatisfied with their manager.

4) Increase rent strategically. Tenants may be more loyal if they can’t find lower rent elsewhere. But this doesn’t mean that you should never raise rents when you have good reason to do so. Moving costs tenants money too. If the value of their current rental is significantly better than the value of a new rental plus the cost of moving, you still have the upper hand.

5) Establish beforehand, a method for collecting rent each month. This will make it easier to keep track of which tenants are current with their rent and which ones are behind on their rent. There are several different ways you can collect rent from your tenants. These methods include personally collecting the rent, as well as outsourcing rent collection to a third party. Collections are not the most enjoyable part of being a landlord.