Below we outline some different ways you can maximise the return on your investment property.

  1. As we all know, first impressions count! This is no different for your investment property.  A well-presented, clean property attracts interest and potentially creates increased competition among prospective tenants, leading to higher rental return.
  2. Nothing turns prospective tenants off a property more than an untidy, unloved property. Consider you are the prospective tenant. Would you like to live in a home with dirty walls, stained carpets or a mouldy bathroom?
  3. Ensure the property and its fixtures/fittings/furnishings are working correctly and well maintained. This includes appliances, electrical fittings, hot water services, tap washers, window locks, fly screens, cracked glass etc. The outside shouldn’t be overlooked either, since that’s what the prospective tenant sees first.
  4. Improvements such as new paint or carpet, if required, right up to renovations such a additional bedrooms, new kitchens etc. can add substantial appeal and return on your investment. Remember to strategically carry out these works considering the demographic, market wants/needs & standards to ensure you don’t overcapitalise. Be sure to pick colours and designs that are relatively neutral and appeal to the largest possible audience to maximise demand for your property. Speak to a professional to gain advice on the likely benefit of carrying out your proposed improvements
  5. Keep the property maintained in A1 condition throughout a tenancy period. This means regular inspections from your property manager to ensure any items that need attending to are taken care of in a timely manner. This increases the chance of keeping tenants long term as well as reduces the likelihood of having to spend large sums of money down the track to bring the property back to its original condition.
  6. Having a good property manager seems like an obvious one but it is often overlooked. A good property manager will not only ensure you secure a suitable tenant but they will pro-actively manage that tenant and your property to ensure your property remains in top condition, you are receiving at least market rent as well as minimise vacancy rates by keeping tenants satisfied long term.

7. It is important that Investors/Landlords remain realistic about their properties rental value. Being stubborn and holding out for an extra $10 per week can take a long time to recover if your property sits vacant for an extra week or two. This is again where a good property manager will come in. They will advise you on the market rent for your particular property and ensure that it is tenanted in a timely manner.