How to ensure a steady income from your real property

In the world of today a good plan is key. To plan well, you need to know the inflow of resources expected at a particular period of time. A lot of property owners have found themselves in a situation where they cannot make a reliable plan ahead due to irregular flow of income from their property. We shall look at those things that can be done to ensure a steady income.

How to ensure a steady flow of income from property

1. Get a nice property - the very first place to start is to get a nice property. Don't just buy a property buy the one located in a strategic place. If you intend to generate a steady income from rental property, you must ensure your property is strategically located in a choice area.

2. Keep your property within the market value - another way to ensure a steady income from your property is to keep it within the market value. Tenants are people who interact with others in the society and if your property is above the market value you can be sure that they will pack out of the property sooner than expected. When people are moving in and out of your property you can't guarantee a steady income.

3. Get the right tenants -  what causes irregular flow of income often is the tenants inability to pay or to pay at the due date. The solution to that is to know how to attract responsible tenants who have the capacity to pay and to also know how you can retain him for a long time.

4. Advertise ahead of vacancy - when your goal is to have a steady flow of income, you must ensure the property is fully occupied. Therefore, you must not allow any vacancy to occur without a tenant on standby. Once you anticipate that the current occupant is about to leave then the time is ripe to start looking for a new tenant.

5. Make rent renewal certain - have a provision in the tenancy agreement that makes rent renewal certain. In it there will be provision mandating the tenant to inform you ahead of the expiration of the tenancy whether he intends to renew or not.

6. Shorten the duration of statutory notice - statutory notice like quit notice is a legal prerequisite before one can effectively evict a tenant therefore you can't avoid it but you can shorten the duration. To ensure steady income, you have to reduce the duration and also ensure a timely service of it on the tenant when necessary.

7. Know how to make your tenants pay rent at the due date - you can't have a steady flow of income if your tenants don't pay at the due date. You must ensure you learn how to get them to pay regularly and at the due date.

8. Engage the service of a property management firm - there are reputable property management firms you can engage to help you manage your property. With the right agreement, you will be paid the agreed sum regularly.